What is PLTM?
Last updated
Last updated
Plutum token (PLTM) is the governance token of Plutum, and it uses liquid democracy to allow holders to vote for how PLTM will be governed. PLTM will be on Ethereum chain, and it will be an ERC-20 token. It has no utility for Plutum - it's just a governance token, similar to other governance tokens such as MKR.
Plutum token is called Plutum as well - that's why we use PLTM to differentiate it from the Plutum protocol.
Liquid democracy is a system of voting that allows people to delegate their vote to other people. Proposals are directly voted on by holders, or votes can be delegated to other people. Here's a diagram of one example vote:
Liquid democracy allows people who are more educated on certain issues to vote on the issues they're educated on, and allow others to vote for them on issues they're not as educated on. We believe that liquid democracy will also benefit holders who aren't as active in the management of PLTM, who might not otherwise be able to vote on as many proposals as they might like to.
No minimum amount of PLTM is needed to cast your vote - each and every person has a say and can cast their vote themselves, or delegate it.
As part of Plutum's token distribution, a special fund called the Mercury Fund was created. This fund is a group of wallets that hold PLTM, which can be spent through proposals voted on by token holders. Unlike the Plutum Foundation funds, which can also be spent through proposals, but have limitations, the Mercury Fund is completely unlimited and has no holds on how funds can be spent.
The intent of the Mercury Fund is for funds to be spent for community purposes, or as invests in projects that PLTM holders support.
Anyone can create a proposal, and formally submit it through our submission system. Then, the submission will be voted on in a given time frame by PLTM holders. If approved, the funds will be delegated and given. If not approved, the funds will remain in the Mercury Fund.
