What is OTO?
OTO is a voucher currency backed by a future blockchain crypto-currency called Lyra, created by the Ascension Foundation. It is presently available only in a private, pre-ICO stage. In most typical Initial Coin Offerings, purchasers receive only a promise of coins to be delivered on the future blockchain, once its "genesis block" is inaugurated at the completion of the ICO.
Because of its deployment of SilentVault technology, the Ascension Foundation is able to offer purchasers of its OTO delivery of their Lyra coins immediately, in the form of OTO vouchers. This allows purchasers to spend their OTO, or sell or exchange them for other assets right away, without needing to wait for the blockchain launch. When the OTO blockchain is initialized, its genesis block will contain Lyra coins sufficient to back all of the OTO vouchers in circulation. At that point users will be able to convert OTO vouchers into equivalent coins on the Ascension blockchain by redeeming their vouchers, and likewise to purchase OTO vouchers (which will continue to circulate) using Lyra coins from the blockchain, in a manner similar to Silent Bitcoin.
The fees currently charged by SilentVault for transactions in OTO are as follows:
- Purchase OTO with BTC or LTC: 0.0% (free), minimum quantity 350.0 OTO.
- Make OTO voucher spend: 0.14 OTO
- Receive OTO voucher spend: 0.06 OTO (first one is 0.02)
- Escrow exchange: 0.5% of amount, minimum quantity 35.0 OTO