Ottó AMA questions recap May 2023
May 2023 Ottó hosted an ama live on Twitter spaces, in this article we will cover a full recap of all the questions answered by Ottó founder Jeffrey McDonald.
What are the benefits of the Ottó Bridge Mutual Partnership?
BMI has a focus on research and development for smart contract insurance and we are hoping they can develop more decentralized insurance tools so people can apply them on Ottó. With the tools they are developing, they are working to offer communities ways to offer insurance/risk mitigation to each other vice how major insurance corporations do it today by charging premiums and selling those risks to other financial organizations.
When it comes to partnerships, do we stay exclusive? Will we allow other projects of similar nature to existing partnerships to operate on Ottó?
We want to welcome lots of businesses to come on board and these decisions will be left up to community governance and will go through the following stages before being allowed to operate on Ottó.
Stage 1
Team Documentation — Identity confirmation(KYC)/Legal docs for the organization and protocol being delivered.
Stage 2
Code Review/Audit — Provided by an independent party, the protocol must pass strict guidelines and stay within risk thresholds. Audit documentation will be public and written in everyday language for people to review and understand.
Stage 3
Governance process — Once completing 1&2 a proposal with all documentation will be drafted, and put up for a vote where holders of Ottó Token can choose to allow the protocol on the Ottó network.
Coin Market Cap is not updating the PLUG Circulating supply can we get an update on what the Circulating supply might be?
CMC displays the Circulating supply at the time it was listed by them and they need an API in order to update the information. The current circulating supply is hard to tell because most of the so the tokens were sold at a token-generating event to qualified investors back in 2018 and those investors have had the right to withdraw or draw down their tokens. There were three stages to the sale Plug A, B and Plug Main sale. Over the last year, we’ve seen an increase in the number of those which are drawn down. When I look into the Etherscan account, I can still see that approximately 3 billion tokens haven’t been withdrawn.
There seems to be a natural pull-push with the Ottó circulating supply because on the one hand as more catalyst tokens get minted that would sort of increase the Ottó emissions but obviously to mint catalyst tokens requires Ottó so, therefore, there’s also sort of a destruction of Ottó as the Ottó emission rate is increasing however with the Plug Fair Value event that strikes me as an outcome where the emission rate will increase because more catalyst tokens will be created but there isn’t that sort of like naturally offsetting destruction of Ottó because people are using plug rather than Ottó. So I was kind of curious about how we should think of the Ottó circulating supply both now and after the fair value event and does that sort of throw the balance out of whack at all?
Ottó was designed so that it will always be reestablishing “Balance” Currently the only activity going on is staking at the moment, so Ottó and CATA are deeply intertwined with no 3rd party involvement. In a time when more Activity is on the Ottó Blockchain, it will have more uses and more things that could give Ottó value. At the moment the only thing giving Ottó Value is CATA.
It is important to invite the Plug Community to grow the community and ensure decentralization. Plug community members that participate are sacrificing something of value (PLUG) to be a part of the future of Ottó, and are not able to switch to the Ottó token only to the CATA token which is the store of value securing the chain. And I think it, I think it’s a good thing as well because it progresses the chain into a slower growth phase because we’re still in a very fast growth phase right now, and if we stay in a fast growth pace for a very long time you never get that stabilization. You never get that genuine discussion of whether the value is all banked in the future or whether the value is being received today. And if all value is banked in the future, it can sometimes look like something’s overpriced today. This can be a barrier of entry for people to get into. But let’s just say when it costs 4000 Ottó to mint a catalyst. You’re going to be starting to think about actually, what’s the value, what’s the real value that’s here right now. Well, those are really sensible things to think about. And that’s what we want people to think about. We want them to have those good questions that really. Help them learn how to make smart decisions. And how they’re investing.
If I am hearing about Ottó for the first time today and I want to get some exposure to it how would I go about it and what are those first steps to get exposure to the ecosystem/network?
1st Step — Join the discord
2nd Step — Go through our Medium Articles and the Ottó Education channel in Discord to learn about the project.
3rd Step — Ask the community the best place to get PLUG Token, which is currently MEXC and UniswapV2
4th Step — Create an Ottó account and learn the interface.
5th Step — Bring your Plug tokens onto Ottó and participate in the PLUG CATA Redemption.
If you can do that then you will be at the early stage of the blockchain and be able to start earning Ottó tokens from your CATA and start engaging and doing things on the Ottó Chain. At this point, you will be all caught up with everyone else, and be ready for the next phase where we’ll be releasing the asset onboarding which will allow you to bring your assets in and start participating in DEFI, which is the very start of real utility on the Ottó chain.
Can you provide any approximate timelines for we could see Ottó on a CEX?
- For Ottó specifically, there are 2 Hurdles we need to overcome for this, one being we need to have a whitelist for MEXC for Deposits, and 2nd for withdraws anyone that would like to withdraw will need to have an Ottó Account to send to.
- An alternate option could include if the demand is there would be to offboard Ottó onto mainstream open blockchains where users could onboard back for Ottó Chain participation. This likely won’t be an option until after full custodial asset onboarding is in place and a proposal is put up, voted on, and approved by the community.
Do we intend to have CATA listed on any CEX’s and what challenges do we face with trading in whole numbers?
- The same rules apply as above similar to Ottó, as for the whole number challenges this is only enforced on Ottó Chain and would not apply for CEXs or open blockchains. However, if you were to come back onto Ottó you would have to do so in whole number values.
- Alternatively if someone/business would like to have fractionalized CATA on the Ottó Chain they could put up a proposal to be voted on by the governance structure to create a new token and contract that receives CATA in and issues a fractionalized CATA to the holders. (This fractionalized CATA can not be used for staking)
After the PLUG:CATA event will there be future PLUG Utility?
Other than the pre-mining event, the Fair Value event is the best utility so far. But there is no doubt unlimited possibilities for PLUG in the future we just cannot specify or guarantee what it is or that it will be a better choice. We encourage PLUG holders that want to convert their PLUG to CATA to participate in the Fair Value event this is the best way to do it, knowing that the way the protocol works the OTTO:CATA mint costs will rise after the event closes.
Can you share any Initial Dapps launching on Ottó Chain?
We cannot at this time, We really love our partnerships, We really love the Defi community and we really love the ones that want to work with us, but we want to do their announcements as a special announcement and we want to do them at a time where we know it’s integrated and we know it’s ready to go and we know that there’s an A call to action to take so that people can actually not just hear about it and do nothing, they can hear about it, learn about it, get involved and participate.
Can you share any Partners and Custodians Joining the Ottó Ecosystem?
Can’t share any of the new ones for the same reasons as above, but to touch on some of our current partners we are lucky to be working with the following to name a few:
- MEXC is still a really strong partner and we’re lucky with them that they’re still willing to work with us and to build out a solution that does things both ways it brings Defi to their customers and also brings our community on board with them.
- Pink node is exceptional for running and operating nodes on behalf of people
- MoonStake who manages a large amount of staking-style tokens
We would also like to note that we are a Futureverse Project and our chain is very aligned with the Root Network. Nothing is confirmed but we hope to get more aligned with the XRPL Network and see what kind of innovation can happen there. Lots of opportunities, but for now we want to focus on the actual product and avoid speculation, it is not appropriate when talking about responsible investing.
Any Dev updates on DAO Mechanics/Launch date?
Launch date unknown, Ottó is not a DAO it’s a community owned and decentralized in its nature rather than its structure. The governance protocol is there and anyone can look at it if you are a developer and know what you are looking for. We are looking for the soonest opportunity possible to start community voting on stuff.
Any Plans to release a tool that can see each transaction’s details like EtherScan?
Yes, we plan to launch a user-friendly transaction viewer directly viewable from your dashboard. We are also regularly updating the console with added functionality and tools. Many of these tools already exist but we continue to make them easier to use for our community.
Cross-chain integration from Ottó to other blockchains (PinkNode progress on a Parachain to be the first goal?)
Ottó Blockchain is already parachain compatible which is a massive achievement and speaks volumes of the technical abilities of our team. Pink node enables people to run reliable nodes and we are happy to have them on the team.
How many Core Validator nodes are running?
5 Nodes are currently running
What is the current OTTO:CATA Liquidity Ratio and what did it start at?
At the time of the AMA the ratio was ~562:1 not taking into account slippage and with low liquidity in the pool it can swing a bit. The DEX started at a 1:1 Ratio.
Where was initial liquidity sourced for OTTO:CATA?
a community member, whom we believe may have made a miscalculation with the console when adding liquidity.
About Ottó Blockchain
Ottó Blockchain is the first KYC-compliant, Curated Smart Finance blockchain. Ottó Blockchain leverages NFT identity attestation, and Multichain functionality, vouching for you to service providers, custodians, and other market participants while allowing users to maintain privacy.
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