W H I T E / L I T E
Project Lite Whitepaper v.03.23
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ABSTRACT
Plata Network is bringing a scent of the thrill and excitement of the racing world to the blockchain, while driving adoption and innovation in Decentralised Finance (DeFi). By creating motorsport themed Non-Fungible Tokens (NFTs) that complement the project utility token ($PLATA), we incentivise not only just racing fans to discover and participate in DeFi liquidity pools, staking, trading, and earning rewards through our Play-to-Earn games. Our development aims to provide a transparent and unchangeable record of motorsport history through its assets, which cannot be lost, destroyed, or altered on the blockchain. Our team has a proven track record, and is still very committed to building a community that embodies the spirit of racers, innovation, and collaboration, while promoting the benefits of blockchain technology and DeFi adoption. The intersection of motorsports and DeFi. Preserving racing history. Race for $PLATA
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1. Introduction
The Plata Network is a unique blockchain project that aims to bring adoption among motorsport fans to the world of blockchain. One of the key problems our project is solving is the preservation of motorsport history through the creation of various racing-themed NFT collections that cannot be altered. Pictures of racing legends and data attached to them, as well as pictures of racing cars and other motorsport related content are stored safely and for eternity on the MultiversX blockchain.
Our team is committed to providing a secure, efficient, and scalable platform for those who haven’t had previous crypto blockchain experience. We operate on the MultiversX blockchain, which is a high-performance public blockchain that offers benefits such as transparency, security, immutability, and interoperability. This makes it easy for motorsport fans to engage with our platform and enjoy the benefits of DeFi.
In addition to preserving racing history, we also offer various benefits to our users, including staking benefits, play-to-earn benefits, and more. Join us on our mission to drive adoption and innovation in the world of motorsports and DeFi.
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2. Market Analysis
The $PLATA token has a maximum supply of 314,159,265 with 8 decimals, and its token identifier is PLATA-9ba6c3. The total supply was reduced to 190,000,000 during the crypto winter of 2022 through several token burns to maintain a healthy scarce supply.
The token distribution mechanism, Tokenomics v1, involved a private sale of 25% of the total supply in Q4 2021 and a public sale of 25% in Q1 2022. However, the public sale was halted (18,328,367 were acquired by community holders) due to the possibility of listing the token on the native MultiversX decentralised exchange which was accomplished on the 7th of February of 2022. The private sale price was 1 $PLATA for 0.00001 $eGLD, and the public sale price was 1 $PLATA for 0.00005 $eGLD. The MultiversX Exchange listing price was 1 $PLATA for 0.00006 $eGLD.
The majority of the total supply of $PLATA tokens is held by the community, with the project wallet holding under 1% of the total supply, and the project DAO vault holding approximately 10%.
The initial Tokenomics distribution included a 25% private sale, 25% public sale, project treasury 10%, liquidity safe 7%, staking reward 7%, loyalty program 8%, charity and education 4%, advisors and marketing 4%, racing and NFT investments 10%.
Plata Network has released four NFT collections: Genesis, V8, Drivers, and xPLATA. The Genesis, V8, and Drivers collections are hand-drawn, in addition the Drivers collection is a generative collection with hand-drawn traits. The xPLATA collection is AI-generated. The Genesis collection has several variations that can be easily identified and found on the official links section on our website.
The underlying blockchain network, MultiversX, is a last-generation decentralised blockchain network with 3,200 nodes worldwide and an exclusive secure proof-of-stake protocol. Runtime verification audits the protocol to ensure quality and security in each code line. Its scalability starts with a speed of 15,000 transactions per second at a cost of $0.01 per transaction, with the capacity to increase bandwidth as the markets require.
Accessing all the network’s features, including the decentralised exchange, is made simple with the xPortal dApp, a user-friendly, non-custodial wallet that includes your complete crypto portfolio including coins (eGLD, BTC, BNB, etc.), ESDTs (RIDE, SUPER, etc.), and NFTs.
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3. Technical Overview
Plata Network is built on the MultiversX blockchain, using the Rust programming language. We were the first MultiversX project to introduce several groundbreaking features, including:
• ESDT Staking: Plata Network’s deployed smart contracts enable users to stake their ESDT (MultiversX Standard Digital Token) and earn rewards in the form of $PLATA tokens. This feature is now standard on the MultiversX blockchain
• NFT Staking: Our smart contracts also allow users to stake their NFTs (Non-Fungible Tokens) and earn rewards in $PLATA. This feature was also introduced for the first time by Plata Network and is now standard on the MultiversX blockchain.
• Buying an NFT with an ESDT: Plata Network’s smart contract enables users to buy an NFT with their ESDT ($PLATA) tokens, providing a seamless and convenient user experience. This feature was pioneered by us and is now standard on the MultiversX blockchain.
• Music NFTs: We introduced Music NFTs for the first time on the MultiversX blockchain, opening the path for musicians and artists to monetize their work and connect with their fans in new ways.
All of these features are functional and have been in use since their deployment on the MultiversX blockchain. Our smart contract functionality provides a secure and reliable way for users to interact with the Plata Network ecosystem, and our use of Rust programming language ensures the highest level of code quality and security.
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4. Token Use Cases and Incentives
The $PLATA token is integrated into the MultiversX ecosystem and has several use cases. It can be staked to earn rewards, used to buy NFTs on several MultiversX marketplaces, which can be Staked, used in the Play-to-Earn game to acquire boosters for your team and to open new circuit zones, or on different MultiversX platforms.
Holding $PLATA also provides incentives through token staking, adding liquidity to the $PLATA and $eGLD pair pool to obtain the liquidity provider token (LP), which can be further staked in a dual farm to earn two different ESDT tokens. Overall, the $PLATA token provides a diverse range of use cases within the MultiversX ecosystem, with holding and staking offering further incentives for token holders:
• Motorsport history preservation: Plata Network’s NFT collections provide a transparent and unchangeable record of motorsport history. Racing fans can own a piece of history by collecting NFTs of legendary drivers and iconic cars.
• DeFi participation: Plata Network incentivises its users to participate in DeFi liquidity pools, staking, and trading by offering $PLATA rewards. Users can earn rewards while engaging in the exciting world of motorsport-themed DeFi.
• Play-to-Earn: Plata Network’s Play-to-Earn game allows users to earn $PLATA by the ESDT and NFTs in a lite racing-themed game. This adds an exciting new dimension to the world of motorsport-themed DeFi.
• Staking benefits: Users can stake their ESDT and NFTs to earn rewards in $PLATA. This provides an additional incentive to hold onto their tokens and participate in the ecosystem.
• Buying and selling NFTs: Plata Network’s smart contract allows users to buy and sell NFTs using $PLATA, providing a seamless and convenient user experience through their platform or via MultiversX marketplaces.
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5. Governance
The Plata Network project is governed through its Decentralised Autonomous Organisation (DAO). The project’s DAO enables all $PLATA token holders to make proposals and vote on the direction of the project. To make a DAO proposal, a token holder must possess at least 500,000 $PLATA tokens. The proposal must then receive a minimum vote of 5,500,000 $PLATA tokens to be validated. As a community project, all token holders have an equal say in the future of the project, depending on their holdings. The governance structure is represented by the token holders, and all project operations are transparently visible through the blockchain, providing a high level of transparency and accountability to all stakeholders. Through the DAO, Plata Network aims to provide a fair and democratic governance structure that allows the community to steer the project towards its desired future, with mechanisms in place to ensure the governance model remains relevant and effective as the project grows and changes.
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6. Roadmap milestones
Please see the Manifesto for detailed information
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7. Disclaimer
Nothing on the plata.network website, its affiliated websites and/or its social media channels is an offer to sell, or the solicitation of an offer to buy, any tokens. Plata Network is publishing this website solely to receive feedback and comments from the public. Nothing on this website, its affiliated websites and/or its social media channels should be treated or read as a guarantee or promise of how Plata Network’s business, services, or the token will develop, or of the utility or value of the token.
The plata.network website outlines the current plans, which could change at its discretion, and the success of which will depend on many factors outside Plata Network’s control, including market-based factors and factors within the data and cryptocurrency industries, amongst others.
Plata Network’s utility Token $PLATA is not a “stablecoin” nor a security and may be volatile and/or may lose value. No recommendation is made herein as to the advisability of purchasing $PLATA. Do not purchase $PLATA if you cannot bear the loss of the entire purchase price.
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8. Conclusion
Plata Network offers a unique combination of motorsport-themed NFTs and DeFi, driving adoption and innovation in the blockchain space. By providing a transparent and unchangeable record of motorsport history, we offer racing fans a chance to own a piece of history. Our platform is user-friendly, secure, and scalable, making it easy for those new to blockchain to participate in DeFi. We are committed to building a community that embodies the spirit of racers, innovation, and collaboration, while promoting the benefits of blockchain technology and DeFi adoption.
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