Quiz Quick Details
|Binance Learn & Earn STPT Quiz||Details|
|Quiz about :||STP Token|
|Quiz Date :||21st July 2022|
|Quiz Time :||2022-07-21 07:00 (UTC)|
|Number of Questions :||10|
|Number of winners :||1st come 1st serve|
What is STP STPT in Binance
Foreign STP is an ecosystem optimized for decentralized autonomous organizations (DAOs). DAOs are community-led, transparent, and fully autonomous entities that run on the blockchain. However, due to scalability limitations of layer 1 blockchains that most DAOs are built on, activity on DAOs can often be slow and expensive.
STP aims to address these inefficiencies through Verse Network and an all-in-one DAO tooling suite. Verse offers native tools and infrastructure that facilitate more efficient decision-making for users, communities, and organizations in a decentralized environment.
One of their goals is to streamline DAO creation and management, allowing anyone to start a DAO project easily. Verse also helps to lower transaction fees incurred by activities like voting.
The STP team also designed the dApp Click, a tool for DAO curation and management available on Verse Network. Using Click, on-chain governance activities can be conducted for existing DAOs running on Ethereum and other integrated chains to take advantage of lower gas fees.
Click offers cross-chain governance capabilities on polygon. It takes a snapshot of the tokens held by each user and determines the voting power according to the number of tokens they hold. This voting power allows users to vote or create proposals for voting.
The cross-chain governance solution is made possible using STP’s Data Bridge. It serves as a cross-chain synchronizer to communicate data and voting results between the DAO’s original chain (Ethereum or an EVM compatible chain) to Polygon chain.
EVM compatible chains allow Ethereum smart contracts or decentralized applications (dApps) to be deployed on them, improving scalability as well as lowering transaction speeds and costs.
As for communities who want to develop their own DAO, they can do so with the no-code DAO curation tool Click offers. Users can create a highly customizable DAO and issue their own tokens. Some types of DAOs utilizing Verse include gaming, investment, and social DAOs.
The native token of STP is called STPT. Token holders can use STPT to vote on governance proposals related to its ecosystem and future development. STPT is also used to access the full suite of tools on Verse, including Click and Data Bridge.
Important Notice: Please be aware that the information provided here does not constitute financial advice. The cryptocurrency market is known for its extreme volatility, with prices subject to rapid and unpredictable changes. It is essential to perform comprehensive research and consult with a certified financial advisor before making any investment decisions.