In this paper, we investigate the structure and representations of the quantum group . We will present a realization for , following Beilinson–Lusztig–MacPherson (BLM) \cite{BLM}, and show that the natural algebra homomorphism from to the infinite -Schur algebra is not surjective for any . We will give a BLM type realization for the image and discuss its presentation in terms of generators and relations. We further construct a certain completion algebra so that can be extended to an algebra epimorphism $\tilde\zeta_r:\hat{\boldsymbol{\mathcal K}}^\dagger(\infty)\to{\boldsymbol{\mathcal S}}(\infty,r)$. Finally we will investigate the representation theory of , especially the polynomial representations of .

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