Switzerland, 11th June 2020
Swiss-based crypto platform Eidoo has today burned almost one third (1/3rd) of the total supply of utility token $EDO as they prepare for its June 18th token upgrade, in collaboration with sister company Provable Things. In one of the largest-scale token burns in the history of cryptocurrency, this burn of 28 million $EDO will see the Eidoo project remove approximately 80% of their company-owned tokens.
The upgraded $EDO token will be relabelled as $PNT and upon launch will have a total supply of just below 60 million tokens. This $PNT token will power an industry-first DAO, and can be used to stake, vote and earn interest via the new pNetwork ecosystem – the decentralized network powering the pTokens solution.
Provable Things are the main development team behind the pTokens solution, which enables cryptocurrency to “move” across different blockchains. The first of the pTokens series to launch was pBTC, making Bitcoin compatible with Ethereum and EOS DeFi ecosystems, without users having to sell or trade their Bitcoin.
The upgraded $PNT token extends the utility of $EDO, providing access to services within the pNetwork (pTokens) ecosystem, as well as continuing to power Eidoo’s industry-leading features such as the Eidoo Card cashback program.
The token upgrade will begin on June 18th and will take a few days to complete.The first step is to take a snapshot of Block #10289700 with all Ethereum addresses holding EDO tokens. This will happen on June 18th around 11am UTC time. For more technical details on how this works please refer to the Eidoo blog.
The upgrade is supported by a number of exchanges which already list $EDO on their platforms, to be announced shortly. All $EDO token holders will see the upgraded $PNT token appear in their accounts soon after the upgrade.
“We’re excited to kickstart a new token economy which allows different DeFi communities to unite, demonstrating the potential of a truly democratic DAO,” says Thomas Bertani, CEO of Eidoo and founder of the pTokens project.
When launched as a governance token, the circulating supply of approx. 60 million $PNT will be distributed across more than 7000 blockchain addresses. This will make it one of the largest DAOs in the DeFi space when launched in the coming weeks; majority control of the project will be in the hands of the community, achieving a truly decentralized governance system.
Anyone holding $PNT will be able to join the pNetwork DAO, and can vote on different improvement and development proposals. For example, members can vote on which new pTokens “bridges” should be developed next, such as pLTC on Ethereum.
All those who stake and actively vote using their $PNT will receive an interest rate of 42% in the first year, and 21% in the second year. This reward incentive is designed to give back to the community and grow the network in its initial stages. Up to 28,350,000 $PNT tokens are dedicated to this initiative, which are generated through an inflation mechanism.
pTokens is a cross-chain solution which enables Decentralized Financial DApps to be compatible with any crypto asset. pBTC was the first pTokens to be released, a 1:1 pegged ERC777 Bitcoin representation on Ethereum. designed to move any asset into any blockchain. The main development team behind the pTokens solutions is Provable Things, founded in 2016 in London. Provable uses cutting-edge decentralized and Trusted Computing technologies to provide services for modern DApps. The first Provable product to launch has become the longest-running blockchain oracle service industry-wide.
Eidoo is your gateway to the exciting new world of decentralized finance (DeFi). As an app for mobile and desktop devices, it’s the easiest and most secure way to participate in the blockchain economy. A Swiss-based company founded in 2017, the Eidoo ICO raised more than $20 million and was one of the few projects to launch with an already existing product. Eidoo is part of Poseidon Group, a blockchain innovation leader in Switzerland, Italy and across Europe. Poseidon’s team is made up of world-renowned consultants, lawyers and executives with backgrounds in Big 4 business, asset management and emerging technologies.