#Sidrabank KP = KYC Points
Question 1: Use of KYC Points (KP)
Purpose and Utility: KYC Points will be introduced as rewards for participants in the KYC process. They play a role in the crowd KYC P2P and gamification process.
Conversion to Sidra Coin: KYC Points will have a conversion value to Sidra Coin. The specifics of this conversion will be announced at a later stage of the project.
Question 2: Withdrawal/Selling/Swapping of Sidra Coins (SC)
Conversion of Sidra Token (ST) to SC: Each Sidra Token will be convertible to Sidra Coin on a 1-1 basis. Sidra Token is used as a Layer 2 validating reward to reduce Layer 1 transactions on the mainnet.
Using SC After Conversion: Once converted to Sidra Coins, users are free to use them immediately as they wish.
Sidra USD (SUSD) and SQAR: SUSD is tied to the Qatari Riyal (SQAR) for regulatory purposes, as the platform is regulated in Qatar. The conversion rate is approximately 3.6-3.7 SQAR. There will be options to convert SUSD to other local currencies after the mainnet launch.
Withdrawal/Selling/Swapping Process: Details on how to withdraw, sell, or swap SC for fiat will be provided, likely after the launch of the Sidra launchpad. This process will ensure that users can manage their SC in relation to fiat currencies.
These answers provide clarity on the utility of KYC Points, the conversion process of Sidra Tokens to Sidra Coins, and the handling of SUSD and SQAR. For more specific details and updates, stay tuned to official Sidra communications or reach out directly to the Sidra team.
