While we're heading to the new year with skying prices of crypto assets, the importance of blockchain adoption becomes more clear. In the beginning, most of us see this new kind of financial asset as only a type of money transfer tool, but soon after we understand that the revolutionary idea behind it is more important than the numerical value. Anyway, following the increasing price and adoption, we see lots of new places to utilize new assets on different chains to decentralize.
Until now, the major cryptocurrencies such as Bitcoin, Ethereum, or Ripple was used to pay the monthly/yearly school fee. But none of them could achieve to make one step further. Even though the education sector has grown over the years, the tools remain the same. Today, the Student Coin project wants to bring the decentralized and tokenized world into the education sector by utilizing the universities all around the world as the first step. Now, please read on to learn the basic information about the Student Coin project and how they want to fill the gap towards blockchain systems...
What is the Student Coin project, briefly?
The Student Coin project aims to become the gap filler between students and blockchain idea. Preferably, the main idea behind this is to teach every single member of schools about finance, the monetary systems, and the blockchain idea. I used the member word instead of students because STC is a global project and everyone has the right to learn while living in the education sector. The academic system's needs are growing with the increasing population all over the world and we need better solutions. The data storage space increase, the data and/or value transfer between units, and creating independent relationships between other countries are constituting the main problems of today's universities, respectively. But don't worry, if you have such a problem as I stated above, the Student Coin team is here to help you to overcome these situations.
Under the leadership of CEO & Founder Wojciech Podobas, the core has over 50 members from 15 different universities all around the world. For example, CTO Caesar Tabota is from Kozminski University or COO Peter Barbachowski is a member of Krypto Holding Ltd. It shows the collective work of the team to tokenize the academic sector in the decade of cryptocurrencies. The team is working hard since January 2018 and they are still at the half of total work (according to the roadmap phases stated on the official Student Coin WhitePaper).
No, you don't hear wrong! They are still at half of the development or in other words, they completed the first 3 phases and there are 4 more to reach the final solution. the phases are I use are the timeframes stated in the WhitePaper and they wary between 3 and 30 months of time periods. Today as of the 5th of January, 2020 we are in Phase 4. The main developmental steps of this period are being listed on some major exchanges and organizing IEOs, distributing the STC tokens to various leading universities including Harvard University, University of London, and many more. In addition to all those steps, the team is working hard to develop STC Terminal, STC App, and STC Exchange.
From the paragraph above, you understand that the Student Coin project has a native token called STC, and they have some unique tools to utilize in different areas such as mobile app and asset exchange. Now, let's start with STC tokens...
The Native Token: $STC
Since the launch of the Bitcoin Genesis Block mined 12 years ago, we faced with lots of projects. Sometimes the inflationary tokens are on the top of the trend list sometimes the deflationary ones took the trophy. Sometimes the privacy coins şead the market, and lastly, we see the DeFi projects constitute the main use case of the cryptocurrency ecosystem. When we think of all these previous and current projects, the only similar feature is having a native token or coin. Also, the Student Coin team has created a native token called STC to tokenize the education!
STC token runs both on Ethereum and WAVES chains at the same time. Apart from all other goals, STC aims to be the main bridge between WAVES and Ethereum chains. So we see STC on both chains since the launch date 02.12.2019. The total supply is set to be a maximum of 10,000,000,000 but STC has the burning feature. So in the future, we see lower total supplies instead of 10 billion tokens. The exact dates or mechanism to burn the STCs are not included on the WhitePaper but it will be announced if a burning happens from the Twitter account or official Telegram chat.
The graph above shows you the final allocation of STC token distribution. During the promotion period of the Student Coin project among all members of universities, a total of 2,4 billion tokens is allocated to raise awareness globally. It equals 24% of the total supply. The other 24% of the total supply is for development. STC Development Wallet part is for tokens proposed on IEOs and other crowdfunding purposes after Phase 4. The remaining 5,2 billion STC tokens are allocated for STC Backup Wallet. This part represents the main reserve of the Student Coin team but it's not allowed to trade or move.
Student Coin Foundation’s main wallet with the backup funds, not permitted to move or being traded. Funds from this wallet cannot be realized to the market, STC is reserved only for strategic partnerships and universities’ holds. The funds may be used during IEO performance.
According to the WhitePaper, the team wants to create STC's own chain to run in the future. This native chain is supposed to have the Proof of Stake consensus mechanism. Please stay up to date not to miss any news about the native chain.
The Main Products to Utilize in Near Future
As you can understand, none of the projects with no real applications can live such a long time as Bitcoin or any other crypto assets. The team realized that issue has decided to make it easy to reach STC with 3 main applications. They are STC App, STC Exchange, and STC Terminal respectively.
STC App is designated a mobile application that includes 2 main chains STC runs. They state STC App as ''the first international student wallet''. For today, you can store your STC tokens on any ERC20 supported Ethereum wallets such as MetaMask or TrustWallet while you have the right to own WAVES based STC on WAVES wallet.
STC Terminal is designated as the main tool for future creations of university tokens. Every academic member will have the right to create, own, and even get crowdfunding for their project using a one-click application, STC Terminal. It's expected to be released in Q3, 2021. So please keep your eyes open not to miss the launch of STC Terminal.
You can understand that anyone can create his/her own token on STC Terminal. After the creation of a unique, university-based token, it will be available to trade on STC Exchange. So any investor won't have a fear to sell his/her tokens anymore. The launch of the STC Exchange is also expected to happen in Q3, 2021.
Until now, over 500 universities are under the roof of the Student Coin project. There are lots of universities from Europe, America, and Asia continents. You can check all registered universities until now, here.
Don't forget to join the Discord channel to join the conservation and follow the Twitter page. Also, be aware of a new huge event coming in February.