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USE CASES

Where is PLKX used?

PLKX is the coin used as the main currency in the PLAAK Phaeton blockchain. PLKX is built for independent payments and not only limited to use for dapp transaction fees in sidechains for medium & large scale enterprises.

Payments

As any other cryptocurrency, PLKX can be used for low fee payments worldwide.

DApps

Phaeton DApps use PLKX for paying the cost of transfers & transactions.

Purchasing

PLAAK will soon allow you to use PLKX for purchasing PLAAK Hardware wallet, and memberships.

Trading

PLKX will enable higher speed trading on all exchanges focused on decentralized exchanges.

Hyper Fast

Utilizing the 1mil tps including the sidechain transactions, phaeton blockchain will be one of the fastest.

Scalable

Utilizing dPOS & sidechains, PLAAK Phaeton can scale horizontally and in layers allowing nested sidechains.

Highly secure

Phaeton uses the blake2b as the hashing algorithm which is well optimised for security & speed.

GETTING PLKX

How to buy PLKX?

PLKX is the coin used as the main currency in the PLAAK Phaeton blockchain. PLKX is built for independent payments and not only limited to use for dapp transaction fees in sidechains for medium & large scale enterprises.

To allow easy purchasing of PLKX, PLAAK Phaeton Web wallet will soon introduced with a new feature of buying PLKX coin using ETH/BTC/XRP, supporting over 1000 cryptocurrencies. No need to signup anywhere, just use your web wallet!

How to exchange PLK with PLKX?

PLAAK will support 1:5 buy back program held in Q4 2018 & Q1 2019. The instructions and duration of this program will be released soon on our social channels Telegram, Discord and Facebook

INFO & ECONOMICS

Type of Blockchain
Delegated Proof of Stake
Scaling Solution
Sidechains, SVN
Total Coin Count
500,000,000
Crowdfunding Status
Completed successfully
PLK Token Holder count
350+*
Volume
1,000,000 tps
Block time
1 second
Can be Mined
No
Staking
Yes
Type of Blockchain
Independent
Staking

The staking model inside of PLAAK Phaeton works differently than many others. The current model in use-

  • Provides an approach for more decentralisation
  • Gives the user more control over their funds
Delegates

The delegate system in Phaeton will be public. Any user having a wallet can become a delegate by paying an amount in PLKX as the fee. Delegates can customize their name in the blockchain allowing uniqueness and secure transactions. Delegates can enjoy the benefits of joining the system of voting and will eventually get a chance to add the block to the blockchain. Any number of users can vote for a delegate. The system of dPOS allows more decentralization to the blockchain.

Rewards & Fees

The staking reward for delegates comes only through transaction fee. Phaeton blockchain does not have block rewards. The system allows slower release of PLKX into the system and directly affects the Phaeton economics.

The TX Fee will be split as follows on each reward round (addition of block to the main chain)-

PLAAK
10%
Peers
20%
Delegate
20%
Voters/Stakers
50%

The following proposed model allows PLAAK to make profits to cover up server costs plus its operational costs.

CRYPTO TRADING FEES

Base Transaction Type Cost (in PLKX)
0
Transfer of funds PLKX equivalent to $0.01 USD Cap API to our Exchange
1
Register a second passphrase PLKX equivalent to $5 USD Cap API to our Exchange
2
Register as a delegate 5 PLKX/mo
3
Submit vote for a delegate PLKX equivalent to $1 USD Cap API to our Exchange
4
Multisignature registration PLKX equivalent to $5 USD Cap API to PLAAK Exchange

By having monthly fee, PLAAK aims to allow trade of PLKX at a higher volume and a more integrated system.