1 year ago
Patricia clarified that it volition run likewise to an IOU (I beryllium you) document, serving arsenic a means for the speech to admit its indebtedness to its users.
The announcement of Patricia Token (PTK) by Nigerian crypto speech Patricia was greeted by users with scepticism and immoderate suspicion, arsenic they took to societal media to question the motives down the move. Now, successful a effect to that reaction, the crypto speech institution has released a achromatic insubstantial seeking to explicate the intended relation of the Patricia Token.
According to the released achromatic paper, the Patricia token is not a unchangeable coin but a indebtedness token, issued to customers to negociate users' debt. Patricia said that it volition run likewise to an IOU (I beryllium you) document, serving arsenic a means for the speech to admit its indebtedness to its users, and promising to wage holders 1 USDT for each Patricia Token successful the future.
In April 2023, Nigerian crypto speech Patricia halted withdrawals and deposits owed to a breach. However, customers who person not been capable to entree their funds for months owed to the breach were not mollified by the announcements. They raised questions, including however the token was backed and wherefore Patricia converted them without lawsuit consent. A large question is erstwhile they volition beryllium capable to entree their funds. The PTK whitepaper does not connection a circumstantial reply to this question.
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According to the paper, users whose BTC and naira balances were changed into PTK person the enactment to redeem it for USDT, which tin subsequently beryllium exchanged for different cryptocurrencies oregon fiat similar naira. All conversions volition beryllium determined by the asset's US dollar worth arsenic of April 29, 2023. However, the caller Patricia Plus App motorboat volition supply customers who suffered losses successful BTC and naira owed to the breach entree to PTK tokens that volition service arsenic their indebtedness tokens.
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In 2016, Bitfinex introduced BFX after a hack resulted successful the loss of 119,756 bitcoins (equivalent to $72 cardinal backmost then). Similarly to Patricia's approach, Bitfinex issued a indebtedness token named BFX to compensate customers affected by the hack, and yet repurchased these tokens from customers.
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