The Basics of the Platin PTNX Token
Please note that this is a supplemental overview of our utility token. For a detailed token economics explanation please refer to the Platin whitepaper. This post is also bound to the legal disclaimer that can be found at the beginning of the token economics section of the Platin whitepaper.
What’s The PTNX Token?
If you’ve heard about our TGE that happened on October 28th, then you probably know that the PTNX token is now officially real. Platin’s private sale participants have received their tokens, and Platin’s bounty participants will be receiving theirs in the near future.
The PTNX token is a protocol token that enables Platin signal harvesting functionality and incentivization. Platin created this ERC-20 token to begin to involve the community and future stakeholders in Platin’s decentralized location proofs and secure location verifications. After the intended future launch of Platin’s own blockchain, the Platin Plexus™, this ERC-20 PTNX token will undergo a one-to-one swap with the native Plexus token, referred to as the “PTN” token, enabling a much richer scope of secure location proofs.
So, What’s the PTN Token?
You might be wondering if there is a difference between the PTNX and the PTN tokens. Here’s an overview:
- PTNX is the ERC-20 token that Platin created to launch the Platin project and focus on initial incentivization of signal harvesting, which will be launching to the general public in the very near future.
- PTN is the native token of the Platin Plexus™ blockchain.
Once the Plexus goes live, PTNX holders will receive one PTN for every PTNX they hold.
What Are the Benefits?
Early adopters are rewarded for partaking in Platin signal harvesting and demonstrating their active their interest in the project, helping our ecosystem to grow during its initial phase. Still, you are probably wondering what you’ll get out of it. Early stakes are more valuable and early location proofs will earn more as the system grows.
How Can I Use The Tokens?
Platin tokens fuel the proof of location system in a number of ways. The first and most important is signal harvesting. We will share more details on signal harvesting, stakes, and how to create location proofs in coming posts. These all might seem like abstract concepts, but what they add up to is the potential to create strong ways to verify location claims by other nodes and network participants.
What About Using Other Tokens?
Why can’t you use ETH/BTC/EOS or any other token? Platin is a protocol devoted to geospatial services. As such, it is highly optimized to geospatial and location-based operations. As the network develops, this specialized nature of the token will supercharge the system, eliminating any friction, and costs, involved in using tokens not devoted to the process of geospatial services.
Will You Need PTNX to Capture Geospatial Tokens via AR?
No. But you will need them to create geospatial or geobound airdrops (i.e., sending money to a location). Participating in a geospatial claim with or without the AR experience does not require you to own PTN or PTNX tokens, however, if you wish to later send any digital asset to a location for the purpose of incentivization, foot traffic generation, geographic donations, or more, then the gas for such geospatial activity will require payment using Platin’s PTNX tokens, initially, or PTN tokens once the Plexus™ is live.
If you have more questions, let us know! We’re happy to answer in the comments and create more posts on the topics you want to learn more about.
Platin™ (platin.io) is a secure Proof of Location™ protocol based on activity recorded and exchanged by means of ordinary smartphones or more specialized devices. Platin™incentivizes nodes at scale by means of its own blockchain-based cryptocurrency ‘PTN’. The result is a secure location protocol that is ubiquitous, stackable, reliable, and suited for integration with any business based on location such as supply chain, money and location verifications, LBS-enabled commerce, token geofencing, KYC+AML, and more. Platin’s™ union of secure location and cryptocurrency at the protocol level is disrupting industries across the world. Location is Everywhere™.