- Suez Token (SUEZ) is a new token that launched after the massive blockage in the Suez Canal, aiming to ensure it doesn’t happen again in the future.
- The blockage cost the global economy $54 billion as the Canal is critical to East-West trade, a huge cost that SUEZ will help prevent and as a result, it will shoot to the top of the cryptocurrency charts.
A blockage in the very busy Suez Canal grabbed headlines globally. The blockage lasted six days, cutting off one of the busiest routes in the world. In 2020, over 50 ships passed through the canal daily. Experts claim that the blockage cost the global economy $54 billion, roughly $6.7 million per minute.
Governments and private institutions are already developing systems and solutions to prevent a similar occurrence in the future. However, none is more innovative than the Suez Token. Trading under the ticker symbol SUEZ, the token is seeking to power efforts to restore the Suez Canal back to its former glory, prevent a similar challenge in the future and empower its holders in the process.
A cryptocurrency with a difference
The cryptocurrency industry has become clogged with projects that solve no real problem and rely purely on speculation. The Suez Token sets itself apart from these projects by targeting a multi-billion dollar real-life application that has received global attention in the past week.
SUEZ is an SRC-20 token that will power the Suez Chain once it launches. The cryptocurrency is presently running on the Suez Token Protocol as the development team works on launching the Suez Chain. It’s mined through the Proof of Dredging (PoD), a new and unique consensus mechanism developed specifically for such a use case. Currently, 50 Suez Tokens are being distributed for every ton of silt cleared from the Suez Canal. This reward is halved every four years, just as with Bitcoin. The team has set the maximum supply of the token at 20,210,401.
Once the Suez Chain launches, it will initially operate as an interoperability protocol based on Polkadot. The ultimate goal is for Suez Chain to become a Polkadot parachain, an area that has received massive interest in the cryptocurrency ecosystem.
Suez Token has been distributed to the team reserve which got 20% of the supply, marketing and ecosystem construction got 15% and the private sale took 5%. The majority of the tokens go to the public, with the miners getting 60% of the Suez Tokens.
Why Suez Token is the hottest asset in the market
By targeting one of the world’s most trending challenges – the Suez Canal blockage – the Suez Token already has an edge over most projects. However, it goes beyond this to include non-fungible tokens (NFTs), the hottest sector in cryptocurrencies today.
The Suez Token Protocol will launch an NFT Minting Platform for the public. Already, three tokens have been minted on the platform
The proceeds from these NFTs will go towards the Suez Canal ecosystem to ensure that it continues to develop and in return, benefit the Suez Token owners. According to the team behind the project:
- 50% of the proceeds will go to improving the environment of the Suez Canal and the surrounding areas.
- 30% will go back to the NFT platform, with the team pledging to set up an NFT fund to support upcoming projects.
- 20% will go to the Suez Token holders – just one of the many rewards they’ll get for holding the token.
The primary use of the Suez Token will be as a payment method powering the Suez Chain ecosystem. However, it will go beyond this to power other use cases. These include renting excavators to remove any future Suez Canal blockage.
The holders will also get to enjoy a number of benefits. Those who hold more than 6 tokens will get a daily bonus which will come from the daily toll revenue from the Suez Canal. Those holding more than 10,000 SUEZ can enjoy a 20% discount on the toll levied to cross the Suez Canal.
Once it launches, the token’s primary listing will be on the KuCoin Trading Bot, starting from April 1.