For the associated strangeness production process pp→KYN, we want to measure total and differential cross sections, the mass spectra of all subsystems and the hyperon polarization. The latter is related to the polarization of the strange quark. The data should shed light on the dynamics of ss¯ quarkpair creation. They should be compared with results from pp¯→YY¯ and &ggr;p→KY experiments, where the ss¯ creation is embedded in different hadronic surroundings. The experimental setup, on an external COSY beam with a LH2target, will consist of a highly granulated scintillation counter time of flight spectrometer and wire chamber for precise track and decay vertex reconstruction. The on line trigger will make use of the delayed decay of Y→N&pgr; or K→K+&pgr;−. Full solid angle coverage will be achieved. This will allow for complete kinematical reconstruction of each event. This experiment further profit from a polarized beam.