L I T E P A P E R
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 (NFT) and Semi-Fungible Tokens (SFT) that complement the project main utility token ($PLATA), we incentivise not only just racing fans, but also crypto enthusiasts, investors, collectors, and gamers to discover and participate in DeFi liquidity pools, staking, trading, and earning rewards through the available games and quests. Our development aims to provide a transparent and unchangeable record of motorsport history through its digital assets on the blockchain – assets that cannot be lost, destroyed, or altered. With these unique crypto collectibles, significant moments and milestones in racing are immortalised. Our team has a proven track record of success, being pioneers of the MultiversX blockchain, and is still very committed to building a vibrant community that embodies the spirit of racers, innovation, and collaboration. We are dedicated to promoting the benefits of blockchain technology and advancing DeFi adoption among both the motorsports world and the wider crypto ecosystem. This project represents the intersection of motorsports and DeFi – merging two dynamic worlds while preserving racing history on the blockchain. Race for $PLATA
The Plata Network is a unique blockchain project aiming to bring motorsport fans into the world of blockchain and crypto. One key problem the project aims to solve is preserving motorsport history through creating various racing-themed NFT and SFT collections. These crypto collectibles immortalise significant moments, milestones, legends, cars, and other motorsport related content on the immutable MultiversX blockchain – forever protecting them from being lost, altered or destroyed.
For motorsport enthusiasts new to blockchain, our team is committed to providing a secure, efficient and easy-to-use platform. We build on MultiversX, a high-performance public blockchain offering transparency, security, immutability and interoperability. This makes it simple for fans to engage and enjoy the benefits of DeFi through trading, staking, and available games and quests.
Beyond preserving history, we also provide staking rewards, NFT/SFT DeFi interactions campaigns, and other benefits to users. By merging racing and blockchain, we drive innovation and adoption in both worlds. Join our mission to advance DeFi and crypto among the vast motorsport community while honouring the sport’s heritage on the blockchain.
2. Market Analysis
The $PLATA token has a maximum supply of 314,159,265, 8 decimals, and its identifier is PLATA-9ba6c3.
The majority of the total supply of $PLATA tokens is held by the community, with the project wallet holding under 5% of the total supply, and the project DAO vault holding approximately 5%.
Plata Network has released four NFT/SFT 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 exchanges, is made simple with the xPortal dApp, a user-friendly, non-custodial wallet that includes your complete crypto portfolio coins (eGLD, BTC, BNB, etc.), ESDTs (UTK, SUPER, etc.), and NFT/SFT.
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 (eStandard Digital Token) and earn rewards in the form of $PLATA tokens. This feature is now standard on the MultiversX blockchain
• NFT/SFT Staking: Our smart contracts also allowed 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 NFT/SFT: 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.
Our smart contract functionality provides a secure and reliable way for users to interact with the Plata Network ecosystem, and the use of Rust programming language ensures the highest level of code quality and security.
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 NFT/SFT on our platforms and/or several MultiversX marketplaces.
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 verified exchange listed 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/SFT collections provide a transparent and unchangeable record of motorsport history. Racing fans can own a piece of history by collecting NFT/SFT of legendary drivers and/or 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 available games and quests allows users to earn $PLATA. This adds an exciting new dimension to the world of motorsport-themed DeFi.
• Staking benefits: Users can stake their ESDT and LP to earn rewards in $PLATA and other tokens. This provides an additional incentive to hold onto their tokens and participate in the ecosystem.
• Buying and selling NFT/SFT: Plata Network’s smart contract allows users to buy and sell NFT/SFT using $PLATA, providing a seamless and convenient user experience through our platforms or via MultiversX marketplaces.
The Plata Network project is governed through its Decentralised Autonomous Organisation (DAO). The project’s DAO enables $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 10,500,000 $PLATA tokens to be validated. As a community project, all token holders have a 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.
Plata Network offers a unique combination of motorsport-themed NFT/SFT 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.