Eidoo and pNetwork launch their DAO

en.cryptonomist.ch 2020-08-01 04:00
Reading time: ~2 m

pNetwork has launched its DAO (Decentralized Autonomous Organization) to gradually become an increasingly decentralized platform.

To encourage participation in this DAO, users will be able to use their PNT tokens for voting and staking.

In this case, there is an APR of up to 42% and users will be able to comfortably use the Eidoo ecosystem to take advantage of their tokens and then vote and participate in the governance of pNetwork.

From the second year, the APR will become 21%.

The whole system is based on Aragon, a platform that hosts the management of communities specifically to manage the DAOs. 

It will consist of 3 main elements:

  • A staking app for the tokens;
  • A voting app to vote on the various proposals;
  • A reward app to receive all the compensation.

In addition, almost half of the PNT tokens will be staked. These tokens come from the team, from the Eidoo card’s staking program.

The circulation supply can be used by the various users to participate in the whole ecosystem.

The token will be PNT, and can be used to enter and exit the DAO.

When staking, daoPNT will be generated that will be used to vote and, to prevent abuse, there will be a lock period of 7 days.

The daoPNT tokens will also be used to receive interest earned over time by actively participating in the DAO.

The relationship between Eidoo and pNetwork

A few months ago, Eidoo announced a change in its token economy, integrating pNetwork and changing the ticker of the EDO token to PNT, the crypto at the basis of the pNetwork ecosystem.

pNetwork is a system created by Provable Things, an English company that belongs to the holding company Poseidon, of which Eidoo is also part.

In fact, who held EDO tokens ended up owning PNT, with an exchange rate of 1 to 1.