The pre-mine will facilitate the creation of a trusted network of blockchain nodes via the distribution of 250 million PLUG tokens and 10 million Ottó tokens to staking participants

Auckland, New Zealand, Dec. 09, 2021 (GLOBE NEWSWIRE) --

Multichain synthetic asset network PLUGnet has announced that Otto Blockchain will be holding a 25-week-long pre-mine scheduled to begin on December 27. During this period PLUG token holders can stake their holdings with the ability to withdraw tokens anytime. In all, 250,000,000 PLUG tokens and 10,000,000 Ottó tokens will be available for distribution to stakers at the end of the 25-week pre-mine.

Users who have their PLUG tokens staked at the end of the 25 weeks will be eligible to claim both PLUG and Ottó tokens. Staking rewards will be directly proportional to the percentage of the PLUG token pool the user contributed to and the duration for which tokens were staked. By providing the PL^Gnet community with the opportunity to stake tokens, participate in the pre-mine, and earn airdrop rewards from staking, PL^Gnet will expedite the creation of a network of trusted code validation nodes for decentralised block and transaction processing on the Otto PoS blockchain right out the gate.

“Since the Ottó token is designed to be released slowly in limited quantities as the blockchain grows, rewarding those who bring value to the platform in the form of decentralisation and security via staking makes intuitive sense. This approach will strengthen PL^Gnet’s already strong and supportive community and will help the Ottó Blockchain become the platform of choice for trusted and verified Smart Finance Applications,” said Otto Blockchain Co Founder Jeff McDonald.

Ottó Blockchain is the first KYC-compliant, Curated Smart Finance Blockchain. It addresses regulatory and security challenges that prevent institutional players from deploying capital in the digital asset and decentralized finance industries. Using innovative, blockchain-powered identity and security technology, Ottó ensures privacy and allows developers to build applications that keep underlying digital assets safe and secure with a custodian. This will help attract new users who previously were unable to participate in the Smart Finance space and will also bring more liquidity, innovation, and value to Ottó.

The team’s vision is to use Ottó Blockchain to create a decentralised, socially responsible, and community-controlled Proof of Stake (PoS) blockchain that supports smart contracts. The platform will provide trusted and verified smart finance solutions and is scheduled to formally launch in Q1, 2022. At present, Ottó has been deployed as a launchnet with exceptional throughput and scalability. It can handle as many as 60,000 concurrent users and 2,000 transactions per second and has been built to support the creation of new and exciting decentralized applications.

About PLUGnet

PLUGnet is an advanced multi-chain synthetic assets protocol, designed to enable asset custodians to leverage any asset from any network in its synthetic form as well as innovative DeFi services. It is a public PoS network that allows anyone with the PL^G token to take part in decentralized governance of the network and get connected to a range of partnered exchanges, custody providers, asset managers, and staking farms in the PLUGnet Partner Alliance.

Media Contact:

Robert Penington

robert@thronepr.com