In its latest salvo to fix the world’s most concerning problems, Kucoin is adding a brand new coin to its exchange platform. Designed to keep the world’s key waterway open and prevent future trade blockages, the innovative Suez Protocol will reward owners in smiles. Too soon?
Determined to Help Fight Future Trade Blockages, Kucoin Unveils Suez Listing
With all eyes on the Suez Canal after a near-weeklong blockage that interrupted global trade and spiked container shipping rates, one crypto project is pioneering a way to ensure these disruptions can quickly be remedied.
Titled Suez Token (SUEZ), this new initiative is being hailed by industry evangelists and global trade experts alike as the silver bullet to resolve all future canal blockages magically. Set for a primary listing on Kucoin, renowned for bringing up and coming projects to its exchange platform, this multi-purpose blockchain will be perfectly placed to tackle the next Suez incident.
Interacting With This Uncanny New Project
This highly interoperable blockchain works on a proof-of-dredging consensus mechanism. When the next boat blocks global trade, this coin’s sustainable efforts will effectively ensure that dredging and digging operations can be incentivized to react, keeping the flow of crucial goods intact. Dredgers who remove one ton of silt will be rewarded with 50 SUEZ coins.
SUEZ operates as SRC-20 utility tokens, and the anonymous team behind the project plans to eventually transfer them at a 1:1 ratio to the forthcoming Suez Chain once the mainnet is live. Moreover, in keeping with current trends, the platform will also feature an NFT minting platform, with three commemorative NFTs already minted and ready for auction.
Kucoin’s exchange platform will handle the token auction through its primary listing service. The Suez Token team has outlined that 50% of auction proceeds will be allocated to improving the Suez environment, with another 30% heading towards an NFT fund and the remaining 20% distributed to token holders.
Token holders with more than six SUEZ coins in their wallets are entitled to a slice of 50% of the canal collects’ toll fees daily. Better still, holders who amass more than 10,000 tokens will receive a 20% toll discount when traveling by slow boat through one of the world’s most vital yet unkempt waterways.
Is the Suez Token destined to be the next Dogecoin? Let us know what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.