Hackernoon logoOTN Distribution Update — what to expect next? by@otncoin

OTN Distribution Update — what to expect next?

image
Open Trading Network Hacker Noon profile picture

@otncoinOpen Trading Network

Open Trading Network (OTN) — the blockchain cross-chain platform offering crypto traders more convenience than ever before is in full force. One of the most interesting and attractive features of the platform and its crypto token — the OTN Token — is that they are distributed freely as rewards and that the company behind OTN are not pursuing a typical ICO to raise capital.

OTN Purpose

The OTN has been designed to distribute commissions among trading participants — this is specific to fulfilling the OTN mission of facilitating ease of trading and acting as an important motivator for network participants. This rewards-based model works as the main driver of growth.

How are OTN Tokens distributed?

OTN tokens are distributed as rewards for trading cryptocurrencies and crypto CFDs on the IQ Option platform. The distribution structure is very simple — the more trading an individual completes on the platform, the greater share of the reward OTN tokens they will receive. The amount of OTN tokens received is proportional to the amount of commissions paid in trading.

These reward OTN tokens can be converted to OTN coins on a ratio of 1 to 1 and these OTN coins can be used as payment towards trading commissions on IQ Option, to pay for transactions on the Open Trading Network or withdrawn and traded on an external exchange.

What’s the latest?

Distributions of OTN tokens are referred to as “emissions” and will take place weekly every Monday. The first emission took place on October 16th, 2017 and will continue for 104 weeks over which a pre-determined number of the OTN tokens will be issued.

OTN tokens are distributed among IQ Option traders who traded on crypto instruments during the week prior to each emission. Three emission weeks have now completed distributions successfully and 69,208 IQ Option users have become OTN token holders. As of 3rd November 2017, there are 41 million OTN tokens left for emission from a fixed supply of 100 million OTN tokens.

image
Next Upcoming Emission — Monday 6th November 2017

Exchange Accessible

Holders of OTN tokens are free to sell and buy OTN tokens on external exchanges. OTN tokens are traded on crypto exchanges under the OTN ticker. Only weeks after launch of the ground-breaking OTN platform, OTN Tokens have become available to buy on exchange — specifically with Livecoin.net and Cryptopia. Over the next year it is anticipated that many more major crypto-exchanges will list the OTN Tokens — allowing for more free and liquid trading.

Learn more and subscribe for news from OTN here: https://goo.gl/XpfK5M

Warning: investing involves a high degree of risk.

IQ Option is a brokerage company and does not provide OTN tokens to clients. All tokens are provided by the OTN foundation. The OTN foundation confirms that it does not sell OTN tokens and that the activity is non- commercial.

Tags

Join Hacker Noon

Create your free account to unlock your custom reading experience.