Switzerland, 11th June 2020. Swiss-based crypto platform Eidoo has right this moment burned nearly one third (1/third) of the entire provide of utility token $EDO as they put together for its June 18th token improve, in collaboration with sister firm Provable Issues. In one of many largest-scale token burns within the historical past of cryptocurrency, this burn of 28 million $EDO will see the Eidoo challenge take away roughly 80% of their company-owned tokens.
The upgraded $EDO token will likely be relabelled as $PNT and upon launch could have a complete provide of slightly below 60 million tokens.This $PNT token will energy an industry-first DAO, and can be utilized to stake, vote and earn curiosity by way of the brand new pNetwork ecosystem – the decentralized community powering the pTokens resolution.
Provable Issues are the primary growth crew behind the pTokens resolution, which allows cryptocurrency to “transfer” throughout completely different blockchains. The primary of the pTokens collection to launch was pBTC, making Bitcoin appropriate with Ethereum and EOS DeFi ecosystems, with out customers having to promote or commerce their Bitcoin.
The upgraded $PNT token extends the utility of $EDO, offering entry to companies inside the pNetwork (pTokens) ecosystem, in addition to persevering with to energy Eidoo’s industry-leading options such because the Eidoo Card cashback program.
The token improve will start on June 18th and can take just a few days to finish.Step one is to take a snapshot of Block #10289700 with all Ethereum addresses holding EDO tokens. It will occur on June 18th round 11am UTC time. For extra technical particulars on how this works please discuss with the Eidoo weblog.
The improve is supported by plenty of exchanges which already listing $EDO on their platforms, to be introduced shortly. All $EDO token holders will see the upgraded $PNT token seem of their accounts quickly after the improve.
“We’re excited to kickstart a brand new token financial system which permits completely different DeFi communities to unite, demonstrating the potential of a very democratic DAO” says Thomas Bertani, CEO of Eidoo and founding father of the pTokens challenge.
The pNetwork
When launched as a governance token, the circulating provide of approx. 60 million $PNT will likely be distributed throughout greater than 7000 blockchain addresses. It will make it one of many largest DAOs within the DeFi house when launched within the coming weeks; majority management of the challenge will likely be within the palms of the neighborhood, reaching a very decentralized governance system.
Anybody holding $PNT will have the ability to be part of the pNetwork DAO, and might vote on completely different enchancment and growth proposals. For instance, members can vote on which new pTokens “bridges” must be developed subsequent, comparable to pLTC on Ethereum.
All those that stake and actively vote utilizing their $PNT will obtain an rate of interest of 42% within the first 12 months, and 21% within the second 12 months. This reward incentive is designed to present again to the neighborhood and develop the community in its preliminary levels. As much as 28,350,000 $PNT tokens are devoted to this initiative, that are generated via an inflation mechanism.
Study extra at p.community and pTokens.io
Media contact
Savannah Lee
slee@eidoo.io
About pTokens
pTokens is a cross-chain resolution which allows Decentralized Monetary DApps to be appropriate with any crypto asset. pBTC was the primary pTokens to be launched, a 1:1 pegged ERC777 Bitcoin illustration on Ethereum. designed to maneuver any asset into any blockchain. The principle growth crew behind the pTokens options is Provable Issues, based in 2016 in London. Provable makes use of cutting-edge decentralized and Trusted Computing applied sciences to supply companies for contemporary DApps. The primary Provable product to launch has grow to be the longest-running blockchain oracle service industry-wide.
About Eidoo
Eidoo is your gateway to the thrilling new world of decentralized finance (DeFi). As an app for cellular and desktop gadgets, it’s the best and most safe technique to take part within the blockchain financial system. A Swiss-based firm based in 2017, the Eidoo ICO raised greater than $20 million and was one of many few tasks to launch with an already present product. Eidoo is a part of Poseidon Group, a blockchain innovation chief in Switzerland, Italy and throughout Europe. Poseidon’s crew is made up of world-renowned consultants, attorneys and executives with backgrounds in Large four enterprise, asset administration and rising applied sciences.
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