Introducing first of its kind "Proof of Lock" Program Wallet

What is POS?

Proof of stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies, the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e., the stake). Most of the blockchains offer POS.

Introducing Proof of Lock (POL)

Proof of Lock is a program managed by the Utrum Foundation that has no relation to blockchain block production. Instead, we validate on the OOT blockchain if a user is locking their funds via the Utrum Wallet, and reward accordingly. We have no power, at any moment, over these locked funds, and the paid rewards go directly to the same wallet where the user's funds are locked. Therefore, once paid, we cannot take back even those rewarded coins. The payment generally happens within the next hour after the funds were locked which can be verified on Blockchain.

How does it work?

In simple terms, you lock your funds using your own private key, Utrum or anyone else cannot have access to your funds, Our HOLD API verifies the time period and lock status, then rewards are distributed from Utrum Foundation reserve funds accordingly. We plan to launch the final version with Crypto Conditions Smart Contract which will make the whole program enforced by blockchain consensus rules. For now, our HOLD API will enforce it.

Reward Conditions

Members who hold their OOT for a period of 60 days earn 1% reward and who hold for a period of 120
days will earn 2.4% reward.

Example If you hold 10,000 OOT for 60 days, you will receive 10,100 OOT at the end of the time period.

II you hold 10,000 OOT for 120 days, you will receive 10,240 OOT at the end of the time period.

Minimum Lock amount is 500 OOT and there is No Maximum Limit.

Utrum Hold Wallet

Members will NOT have access to the funds during this time period and they will be locked using
CLTV feature which can be verified on Blockchain.** On Day 61 or 121, members can claim their funds along with the reward. After claiming, they can again lock their funds for the next 60 or 120 days and can repeat as many times as they wish. The reward program will last for the next 5 years starting Jan 2019 and ends on Dec 2024.

Download Wallet

Windows, Mac OS, Linux

Mobile and Web Users

Utrum is a multi-currency wallet. For now, we support Komodo(KMD) and Bitcoin(BTC) along Utrum(OOT)

Step by Step Guide to Hold OOT

Exchanges to buy and sell Utrum coin OOT

It is entirely up to members to participate in this reward program. The reward is an incentive for holding OOT and at the same time keeping OOT away from circulation thus helping the Utrum Ecosystem.

Please note that Agama wallet and other third-party wallets are not compatible with OHR. Utrum Official Wallet is the only wallet that supports rewards.
Was this article helpful?
Thank you!