The first of its kind, the Proof of Lock wallet. Users can receive a 2.4% reward for blocking $ OOT on blockchain within 120 days
We are pleased to announce the launch of a beta version of the Utrum Hold Wallet of the Utrum project.
Users can now participate in the Proof of Lock program, keeping their OOT from using the CLTV function for a certain period of time, thus helping the Utrum ecosystem and getting rewarded for it.
Simply put, you block the amount of money you choose for the period of time you choose using your own private key. No one will be able to manage your funds, as they will not be held anywhere else, but on Blockchain.
For example: If you hold 10,000 OOT for 60 days, you have 10100 OOT at the end of the period.
If you hold 10,000 OOT for 120 days, you have 10240 OOT at the end of the period.
Learn more about the Proof of Lock program and how OOT Holding Reward (OHR) works here:
How does OOT Holding Reward (OHR) work?
Proof of stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed…
So, to participate in the Proof of Lock program and receive rewards, you need to perform the following steps:
Download your Utrum Hold Wallet for your OS: https://github.com/Utrum/utrum-wallet/releases
Run the installation file by opening the wallet’s startup screen
We generate a secret phrase and save it on removable media (you can also save it in a notepad)!
Your backup passphrase is used to access and restore funds in your Utrum (OOT) wallet.
On the next screen you will see a set of 24 random words that you will need to write down with pen and paper. Please keep this backup phrase in a safe place and do not give it to anyone who should not have access to your funds.
By creating a backup phrase, you confirm that the Utrum Foundation is not responsible for translating, protecting or maintaining the backup phrase and/or digital currency associated with your wallet.
Next, enter the phrase in a special window using the keyboard.
A window opens with OOT, KMD and BTC addresses. You can also store and manage your coins on this wallet.
To hold OOT coins at the address provided (your new address), you will need to transfer the desired number of OOT coins. After the funds are transferred, you will see your balance and we will proceed with the withholding process.
- Press the HOLD button and select the desired time interval, 60 or 120 days.
- In the LOCK AMOUNT field, enter the number of coins you have decided to hold for the award.
- After that you just have to click on LOCK FUNDS and confirm your decision.
You will be notified by a message in your Utrum Hold Wallet about the time of receipt of your reward.
This completes the OOT withholding process. Wait for the stated date and get rewarded!
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