Guest: CEO — Jerry Yuan / COO — Jeff McDonald / Product Director — Cairan Laidlaw
Hello everyone, welcome to today’s AMA. Today, we are going to talk about Ottó Pre-mining, which will start on December 27th. Thank you all for sending in your questions, we’ve had a great number of questions and suggestions from the community.
Some of these questions were repeated by different people, so we have covered your answers in the questions here to avoid duplication.
Let’s get it started!
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I have Plug. How can I get Otto?
Jeff: If you have PLUG token you are already a big supporter of our vision and the future of the responsible decentralised web3 finance world we are building.
We are creating the opportunity for PLUG token holders to receive a large allocation of Otto token which is designed to be very limited in supply. This will enable our community of real believers to be the decentralising power behind this vision of a more equitable future. To be part of this all you need to do is commit your PLUG tokens to the pre-mining contract until the end of the event and you will be able to claim your portion of the Otto tokens on Otto Blockchain.
I don’t know anything about otto blockchain. I would like to know how it relates to PLUG. I’ve heard that you can test PLUG before you put it on the internet.
Cairan: Thanks for the question.
PL^Gnet is designed to provide a decentralised smart finance blockchain to exchange customers. This is a key strategy to enable exchange customers access to DeFi without leaving the exchange.
Intrinsically all exchange customers who would participate in PL^Gnet are KYC verified by the exchange. PL^Gnet becomes a valuable service to all of their clients and reduces the risks associated with moving assets around open blockchains.
Otto is designed to provide Web3 users a decentralised smart finance blockchain where they can be confident that their multichain assets are safer, other participants pose no counterparty (KYC) risks and the available DeFi protocols are appropriately curated.
We truly believe that Otto blockchain and PL^Gnet work together hand in hand.
I give out PLUG with OTTO in pre-mining, but don’t you think Burn was better than giving out PLUG again?
Jeff: It is very important for a protocol or Blockchain to have a widespread distribution of tokens and holders. Without this there will be too few participants who benefit from the utility of the token. It was clearly communicated within the PL^Gnet white paper that 1 billion PLUG tokens have been set aside for this purpose. To date 500 million PLUG tokens have been made available and in this Pre-mining event a further 250 million PLUG tokens will be made available.
If you are going to lock up your assets for another 6 months, please do some marketing to attract new investors. Please make this industry aware of PLUG. What do you think?
Jerry: As you can see from the recent media coverage, the unique technology we are releasing starting from Q1 2022 is very exciting to the Web3 community. We have a big marketing and community engagement project planned and a target to bring in our 1st 10,000 users on-chain before the end of the Otto Pre-mining event.
Will the Otto tokens and PLUG tokens distributed by Otto Minting be distributed in ERC-20? Or will you be distributed in a new chain?
Cairan: Thanks for your question.
The PLUG token rewards will be distributed in ERC-20
Otto tokens will be awarded on mainnet; you will need an Otto Blockchain address registered to claim these rewards.
Will the mainnet be up and running during the pre-mining period, and if so, where will the tokens needed to run the POS come from and by whom will the node be run?
Cairan: Otto’s mainnet is set to be up and running by Q1 2022. Our partner pinknode will host Otto’s core validator nodes on behalf of our partner network. As users gain Otto tokens, decentralisation will take place. Through Dex liquidity, Exchange listings and holders staking Otto tokens in the nodes.
Initially you will be able to obtain Otto tokens by participating in DeFi onchain
Major decentralisation will take place when the PLUG community pre-mining rewards are shared out
The explanation to our investors is that Otto tokens will not be distributed until the 25 weeks of pre-mining is over, and I believe it was also explained that Otto tokens can only be obtained through pre-mining at first.
If Otto’s mainnet is going to be up and running during the pre-mining period, then I think Otto tokens will be needed to run the POS. Where will this Otto token come from?
Jeff: Otto tokens will come from the core node validators; the Partner Alliance hosted by Pinknode.
The PLUG token holders have the only opportunity to pre-mine Otto tokens. This major opportunity is available to strengthen the community and support already provided by PLUG token holders to the future of this decentralised Blockchain.
Or will Otto’s mainnet not be up and running until the pre-mining is finished?
Cairan: Otto’s mainnet launch date is Q1 2022. Our partner Pinknode will be hosting our core validor nodes on behalf of Otto’s partner network. Once you acquire Otto tokens you can then stake these tokens to earn more Otto from a validator node.
Will it be listed on the exchange after the mainnet? Also, like Centrality, are there any plans to be listed on a big exchange?
Jerry: We have created the Otto token to be as easily integrated as possible for exchanges. The architecture of Otto Blockchain is engineered to ensure all participants are genuine KYC verified parties. This means that you will need a verified Otto account to deposit your Otto on an exchange for trading.
How many partners have you formed new alliances with? I would like you to start announcing the second alliance partners. What do you think?
Jerry: Quality is more important than quantity and timing is very important as well. You won’t be disappointed when the timing is right..
Please use social media more and more to communicate about PLUG and OTTO. What do you think?
Jerry: We hear you, during the pre-mining event will be increasing our communication on the progress of Otto. Telegram has become less important to the new phase in Web3 so we will have several events which will encourage account creation and progress through KYC verification. Our plan is to have a discord server for the Otto community along with the Website and Twitter where we can share announcements and keep up engagement with the community.
When will the otto blockchain be complete? Will there be staking? And if so, will I receive my staking reward in otto or plug?
Cairan: We are going to bring the mainnet of Otto live in Q1 2022. We will then have events where we release the ability to create an Otto account and claim your genesis Otto NFT. Regarding staking, during the pre-mining event you will be able to stake Plug to earn both Plug and Otto rewards.
Staking in the Otto blockchain after our official launch will revolve around staking Otto tokens. Otto being a proof of stake blockchain will allow holders to stake Otto tokens and then be rewarded with Otto tokens by acting as node validators.
We have some exciting announcements to be made about PLUG token but we can not announce these until the right time.
Please don’t use “Soon”. I don’t want to have to wait for a long time with a vague time frame. Please make it at least within a week or a month. If you can’t do that, please stop using the “Soon” announcement itself, as it would be a useless announcement. If you can’t do it, please stop the announcement itself.
And
If possible, please tell me the exact Otto Blockchain release date. Throw a countdown event as well.
Jeff: Our team has been making great progress with technology and partnerships. Our blockchain is live and functional ready to be launched. The key to success now is building the community. We appreciate that some members have waited a long time, but the truth is that this is not easy and building new technology takes time and a huge investment.
Our goal for the next 3 months is clear:
- Launch the Otto brand and build the community
- Launch the Otto Blockchain and begin the sign up event.
- Launch the Otto smart finance NFT with early adopter benefits.
- Assist our partners and community in growing on Otto
Our Goal for the next 6 months is also clear:
- Grow to over 10,000 verified users on Otto Blockchain.
- Build a thriving economy within the Otto Blockchain for all the users and DeFi Protocols.
- Establish a fully decentralised governance and management layer.
We will keep the community informed and have events leading up to the official launch. There will be a lot of exciting benefits for being an early Otto user.
Is there any talk about listing with Japanese exchanges?
Jerry: Not at the moment, We have spoken with some Japanese Exchanges who are interested in the idea and we are open to all valuable collaborations. If you have any contacts in Japanese exchanges, please let us know.
I would like to have stickers, hoodies, T-shirts and other goods. Please sell them. What do you think?
Jerry: We will have awesome brand design done by the new year, and we are going to share with our communities for sure ;) Look forward to a very focused brand and community engagement process starting from Q1.
Now let’s answer some PL^Gnet and PLUG related questions
When I search for PLUG, many different PLUGs come up, which I think is not good. It’s the same with Google Trend. Are you thinking of changing your name when you migrate to the mainnet?
Cairan: No, we’re not going to change the name. We have registered trademarks in major markets around the world. If we find that someone is using our trademark in the future, we will take legal action to resolve the issue.
Don’t you see the selling pressure after 6 months?
Jeff :Yes we do see the selling pressure after 6 months and have seen some price discovery and a significant volume in trade of the PLUG token. All these things are very positive for the future when on-chain utility is realised for the PL^Gnet blockchain.
I think it’s easy to see the price now. Don’t you have a strategic brainiac on your team?
Jeff: It is the community who hold PLUG tokens that decide the price they sell for and as a project it is our role to build value in the technology, partnerships and community. It is important for the project to have a very widespread decentralised community of PLUG holders for it to become successful. However, there can be no value from utility until the product can be used. This is our strategy to launch this Blockchain and the technology as soon as possible for our partners and community.
There is a lot of building and growth needed before the price can reasonably increase for any other reason than speculation.
What do you have events leading up to PLUG’s token swap and what is their schedule?
and
I hope you don’t take too long to migrate to the mainnet, because when CENNZ came out, those who swapped early lost out. I would like to see swaps done at any time without locking. What do you think?
Cairan: The PLUG token migration will be processed through the exchanges who partner or directly through a cross-chain 1 way bridge. This swap will be instant,
PL^Gnet Blockchain will need PLUG tokens to ensure nodes and transactions are secure, so migrating to the mainnet will be encouraged and rewarded.
As CEO, what are your thoughts on listing on Binance?
Jerry: Binance is a very admirable company. What I can tell you is that I had good contact in Binance, we (team & community) have to work together to make the PL^G and OTTO token trading community grow before Binance listing.
Market cap on CMC is still “self-reported”. When will this value be fixed?
Cairan: The way CMC works is related to their own process. We have provided them with all the information and it is their choice to keep things as they are. Our relationship started with CMC in 2018 however since Binance acquired ownership it has changed significantly.
I think the plug team had an exchange with the jasmy team in Japan a few years ago, can you tell me what you talked about? Do you think there are any opportunities to work with the jasmy team in the future?
Jerry: PL^Gnet and Otto blockchain are open to any partnerships with protocols, If Jasmy would like to build any protocol on PL^Gnet or Otto Blockchain they can go through the application process and be voted by the community into the curated applications on these Blockchains.
The Jasmy token can already instantly be integrated into PL^Gnet and Otto Blochchains and be traded or collateralized in the DeFi protocols.
There have been a number of partner alliances announced, but I don’t know what’s so great about them because I can’t picture what will happen in the future!
Can you please explain to me in simple terms what is so great about it?
Jerry: If PL^Gnet and OTTO are The Tsukiji Market, all the partners are either vendors selling seafood in the market or tour groups that take tourists there. Simply said, they can provide either applications or liquidity.
Are there any concessions that can be made by continuing to own a plug?
Jerry: PLUG token holders are the core of our community, as we grow we grow with you.
There will always be concessions for holding PLUG tokens this is the way the ecosystem is designed.
What role does plug play in the metaverse and NFT-related matters?
Jeff: There are many derivative and token projects which relate to the Metaverse, these are a way of providing financing to all the players or investors in this future experience layer of technology. Plug provides a place where every multi-chain asset can participate in a financial ecosystem.
Regarding Otto, we plan to use NFT’s in a unique way. An Otto NFT has a special metadata structure allowing websites access to web3 transactions over multiple chains and multiple brands. Imagine using your metamask to buy an asset on Ethereum while paying with ADA. or using a decentralised token to pay your Power bill through a credit card transaction.
NFT’s will also be part of our attestation process to custodians. When depositing funds with a custodian, the verification process will check that the NFT metadata matches the user’s account data, if this verification succeeds you can deposit funds with a custodian and then receive synthetic assets in your wallet which can interact with the Otto blockchain.
Since plug is a New Zealand project, are you working with New Zealand and Australian central bank digital currencies as well? Will it be used for digital IDs etc?
Cairan: One of the Centrality portfolio companies called Power Finance were working with regulators re digital currencies, and we have a very good relationship with them.
Please tell me what otto blockchain and plug net are trying to do in the world of the future! It’s too hard for me to understand much of it, so I need you to bite the bullet and tell me in plain English!
Jerry: Great question, regarding Otto. We are seeking to create a responsible blockchain where users can interact with DeFi protocols in a safe environment. By ensuring all funds that enter and leave Otto are KYC verified, we are looking to give participants confidence in their DeFi interactions, removing much of the risk in dealing with anonymous parties directly. Our goal is to have many of the leading DeFi protocols on Otto when we launch. We are enthusiastic that this responsible approach will encourage larger financial institutions to participate in the Otto blockchain.
Will the plug mainnet migration take place after Otto pre-mining is finished?
We will distribute 250 million plugs at the end of the pre-mining period, and considering that the value of plugs will be diluted, it is possible that the price of plugs will drop as more and more people will give up their plugs during the lock period. If the plug mainnet migration will take place after Otto pre-mining, the price of plug may continue to fall for the next six months, and I think holders will be taking a big risk. In addition, the risk of being outperformed by rivals and the possibility of the market for plug mainnet shrinking as the current technology takes hold will be high. If it is already possible to migrate to plug mainnet, I think it would be better to do it during the Otto pre-mining period, what do you think?
Jerry: We understand that some token holders may have doubts about the future of the technology we are building. We believe in what we are doing and have been committed to building this for a long time.
Compliance and regulation is absolutely going to be a huge part of the future of Blockchain technology, self regulation is what we believe will truly set us apart from those who are fighting against it.
We see the evidence of government movements against irresponsible blockchain activity and know that standing against governments is also standing against large public investors and socially responsible organisations.
We see the evidence of government movements against irresponsible blockchain activity and know that standing against governments is also standing against large public investors and socially responsible organisations.
We endeavour to make this future accessible to the genuine good people and companies who want a better world.
We will use the technology that has been created in web3 to provide more efficient, more financially viable protocols than what is possible in any centralised structure or financial provider.
We will make it decentralised so that it is owned by the community that supports it.
Our goal is much bigger than even we can imagine, and we thank those who support us all the way through this process.
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Alright, I think that’s a wrap!
Thank you all for coming to the AMA today, and I wish you all a wonderful Christmas and New Year!
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