PLUG has undertaken very successful presale and first main sale token generating events so far in 2018, securing US$65m to continue developing our framework for building business-driven, blockchain-based applications and services.
Over 2500 individuals have participated in the token sale so far, allowing them to benefit from an active role in the network’s consensus mechanism.
How will the PLUG token be used?
PLUG is an ERC-20 token that you’ll be able to convert into validation tokens when PLUGnet launches. Token holders with validation tokens will also be able to participate in the consensus process.
To participate in the consensus you will need to set up a PLUG node – PLUG software will handle the rest. During each block window, nodes communicate with each other to vote which transactions should be in the next block. The more validation tokens you’ve staked, the more weight your node’s vote will carry, and the greater proportion of the usage token you’ll receive.
What is a Token Generating Event?
The primary difference between an Initial Coin Offering (ICO) and Token Generating Event (TGE) is that an ICO regularly involves an exchange of tokenised equity of ownership of the organisation, whereas a TGE generally involves the pre-purchase of a tokenised software license relating to a product or service.
Another difference between an ICO and a TGE is the level of due diligence that both the project, and potential token holders, need to undergo before the token is launched. Unlike an ICO, a TGE requires each potential token holder to undergo extensive Know Your Customer (KYC) and Anti Money Laundering (AML) accreditation before they can participate – ensuring a safe token sale for everyone.
The project members are required to present their project ideas, an outline of how they intend to use funds collected, the mechanism for distribution, usage of cryptocurrency and necessary legal documentation.