As per the latest reports, KuCoin has shared its concerns over the ongoing problems that are currently affecting the entire world. This is the reason why KuCoin has announced that it is going to launch a brand new coin through its platform. However, this coin is going to be unique and one of a kind as it has a huge purpose and motive behind it.
According to reports, the token will be introduced in order to achieve a new mission or a goal. It has been revealed that this coin will be used to prevent blockages in future trades through the oceans. On top of that, it will make sure that the waterways are always open in the entire world.
If you still haven’t gotten a clue then do not worry because KuCoin has a solution for any future Suez Canal-like incidents that may strike the world trades again.
It was towards the end of March when the massive Ever-Given ship got stuck in the Suez Canal. This resulted in trades being delayed for almost a week and resulted in billions of dollars in losses.
As a result of the above incident, the trades from all over the world were affected. Another side-effect of the incident is that the shipment and the shipping rates have also spiked after the incident.
This is where KuCoin has come in and is aiming to provide a solution to this problem so it can be handled way faster than it was dealt with in the case of the Suez Canal and Ever-Given incident.
At present, the global trade experts, as well as the experts from the cryptocurrency industry, are talking very highly of the Suez Token (SUEZ) initiative. According to the experts, SUEZ will prove to be the perfect solution in handling the blockage issues at the Suez Canal.
KuCoin is considered to be one of the most innovative and entertaining cryptocurrency exchanges in the entire crypto-verse. It is known for always giving a helping hand to new and small projects in the cryptocurrency industry. KuCoin has confirmed that it will be listing the new Suez Token (SUEZ) through its exchange platform.
KuCoin has revealed that the new SUEZ token will be based on the proof-of-dredging consensus protocol. According to the protocol, if any other ship ends up blocking the way, this token will come into play and will ensure that the problem is solved as quickly as possible.
According to the protocol, once a ship gets stuck, the operations and companies working to take the ship out of the problem will be incentivized on the basis of their work and their reaction time.
KuCoin has revealed that every Dredger will be rewarded with 50 SUEZ coins for every ton of silt it removes in order to free the ship.