PLUG Chain Stablecoin $ECO is officially launched!
Dear Plug Chain fans,
Plug Chain is excited to announce the launched of our stablecoin $ECO based on the underlying architecture of Plug Chain (PRC20).
Ecological Bridge (Ecological Bridge) is a DAPP independently developed by the PLUG ECO Foundation of South Korea, referred to as ECO. It is the world’s first DAO stable token DAPP. The Korea PLUG ECO Foundation is committed to assisting PLUG CHAIN, PLUG ecology and more PLUG partners.
Rebranding From $QIAN to $ECO
Korea PLUG ECO Foundation is officially renamed from PLUG QIAN Foundation on July 1, 2022. The new company name will help the internationalisation of the brand layout. The PLUG ECO Foundation is determined to lead the global blockchain industry and build the world’s largest DAO stable token.
How does $ECO works?
The stable token ECO issued is minted by the destruction of $PLUGCN.
Unlike USDT, TrueUSD, etc., the operating mechanism of ECO is open and transparent, based on the underlying technology of the Plug Chain public chain, DAPP smart contract operation and decentralisation
Different Types of $ECO Stablecoins
In all transparency, everyone has the right to mint coins! In the future, the DAO stable token of the decentralized coinage will be more than that.
In addition to $ECO, there are also $ECOS (SGD Singapore Dollar), $ECOH (HKD Hong Kong Dollar), $ECOJ (JPY Japanese Yen), etc.
Key pointers of $ECO
1. The world’s first decentralized minting rights
2. The world’s first DAO stable token
3. DAPP smart contract operation
4. Github open source code , open and transparent
5. Destroying $PLUGCN is equivalent to minting $ECO
6. $ECO will soon be available in CosmoSwap and BTC.so
Information about ECO Token
1 ECO Token = 1 USD
Access via CosmoSwap by keying in the DAPP Address: https://plugecotoken.com/#/
ECO TOKEN PRC20 contract address: gx1kvt00nmypxzkd75qdadrzyqxakzusu3kqy96jj
ECO DAPP Smart Contract
1. 0.05% smart contract fee for transfer on ECO chain
The transfer fee is 0.05% of the transfer amount in addition to gas consumption.
2. Destroying $PLUGCN to mint ECO
Whenever a user submits coins to mint, a 1.5% fee will be generated in the plugin paid by the user (for the basic operation and construction of Plug Eco). The remaining 98.5% will be destroyed to the black hole wallet, black hole address: gx1qqqqqqqqqqqqqqqqqqqqqqqq999qqqq8rta3w
3. ECO DAPP uses CoinMarketCap’s API interface
CoinMarketCap is the most authoritative cryptocurrency Data Aggregation Agency in the world. ECO DApp uses CMC to obtain $PLUGCN prices in real time.
Transaction Per Second — Accuracy in Minting
TPS: The price used for minting is the price when the actual minting occurs. Suppose the user submits at 10:00, but the minting occurs at 10:01, and the price of CoinMarketCap is updated at this time, then the actual minting price is the price at 10:01.
Latest Market Updates for Plug Chain
1. All ecosystems (Tianfu Panda, SOFI Club, Planet World, PPPT, etc.)
running on Plug Chain will be soon open to ECO trading pairs;
2. PLUGCN/ECO trading pairs are open
3. Users are able to mint ECO using PLUGCN in CosmoSwap.
4. ECO is able to be used for financing, stake income, OTC trading.
Stay tuned for more exciting news, as our next medium article will cover the full tutorial on how to navigate $ECO!