Introducing Plastik: The NFT Solution to Global Plastic Waste

Coinstore
4 min readSep 26, 2023

What is Plastik and what does it solve?

Plastik is described as “The first Utility NFT Marketplace that fights plastic pollution.” Here are some key points about Plastiks and its objectives:

  1. Utility NFT Marketplace: Plastiks operates as a marketplace for Utility NFTs (Non-Fungible Tokens).
  2. Combatting Plastic Pollution: The primary goal of Plastiks is to address and mitigate the issue of plastic pollution.
  3. Plastic Recovery Guarantees (NFTs): Plastiks facilitates the minting of Plastic Recovery Guarantees as NFTs. These NFTs play a role in funding more plastic recovery initiatives.
  4. Commitment to Security & Compliance: Plastiks emphasizes the importance of security and compliance. They adopt a “Defense in Depth” culture, ensuring that all aspects of their business prioritize security. They also plan to undergo detailed security assessments, including external penetration testing, threat modeling, and risk control reviews.
  5. Staking Framework: Plastiks has a staking framework for the sale of NFTs. For example, the equivalency is based on $1.00 USD to 1KG of plastic. The proceeds from the sale of the NFTs are staked in varying percentages over a period of 12 months. This staking mechanism allows for audit periods to ensure there are no issues with the minted NFTs.
  6. Trust Governance: Plastiks emphasizes trust within its ecosystem. They reserve the right to conduct random audits of verified plastic recovery projects and waste management companies to ensure compliance.

Token Overview

  • Token name: Plastik
  • Token symbol: $PLASTIK
  • Total supply: 1,000,000,000
  • Total circulation Supply: 152,000,000

Coinstore Listing

  • Trading pair: PLASTIK / USDT
  • Trade time: 30 March 2023, 18:00 (UTC+8)
  • Withdrawal time: 30 Marchr 2023, 20:00 (UTC+8)

What are the utilities of Plastik?

Plastiks offers several utilities and functions as part of its platform:

  1. Crypto Security: Plastiks leverages advanced infrastructure solutions for cryptocurrencies and blockchain applications. Some of the security features include:
  • MPC (multi-party computation): A cryptographic technology that allows multiple parties to hold secret information and collaboratively solve problems without sharing the secrets.
  • Intel SGX: A hardware-level enclave designed to protect cryptographic material, algorithms, and sensitive software execution from threats.
  • Signature Policy Engine: This defines how transactions are approved and handled. It uses SGX and distributes verification across multiple MPC servers.
  • Funding Address Authentication Network: An institutional asset transfer network that mitigates risks associated with funding addresses by automating their authentication and rotation.

2. Commitment to Security & Compliance: Plastiks emphasizes the importance of compliance and security for mainstream cryptocurrency adoption. They adopt a “Defense in Depth” culture, ensuring that all aspects of their business prioritize security. They also plan to undergo detailed security assessments, including external penetration testing, threat modeling, and risk control reviews.

3. Anti-money laundering and Compliance: Plastiks screens all funding transactions for KYC/AML/CFT and sanctions compliance. They also screen payout requests for suspicious transaction amounts and velocities to prevent fraud. Transactions above certain thresholds require manual approval.

4. Staking Framework: Plastiks has a staking framework for the sale of NFTs. For example, the equivalency is based on $1.00 USD to 1KG of plastic. The proceeds from the sale of the NFTs are staked in varying percentages over a period of 12 months. This staking mechanism allows for audit periods to ensure there are no issues with the minted NFTs

5. Trust Governance: Plastiks emphasizes trust within its ecosystem. They reserve the right to conduct random audits of verified plastic recovery projects and waste management companies to ensure compliance

What does the project ecosystem include?

The Plastiks project ecosystem includes the following components:

  1. Crypto Security:
  • MPC (multi-party computation): A cryptographic technology that allows multiple parties to each hold secret information and collaboratively solve problems without sharing the secrets.
  • Intel SGX: A hardware-level enclave designed to protect cryptographic material, algorithms, and sensitive software execution from threats.
  • Signature Policy Engine: Defines how transactions are approved and handled, using SGX and distributing verification across multiple MPC servers.
  • Funding Address Authentication Network: An institutional asset transfer network that mitigates risks associated with funding addresses by automating their authentication and rotation.

2. Commitment to Security & Compliance:

  • Emphasis on compliance and security as foundations for mainstream cryptocurrency adoption.
  • Adoption of the “Defense in Depth” culture, emphasizing a security and compliance mindset across all business aspects.
  • Detailed security assessments, including external penetration testing, threat modeling, and risk control reviews.
  • Anti-money laundering, counter-terrorist financing, and sanctions compliance measures.

3. Incoming and Outgoing Assets:

  • Screening of all funding transactions for KYC/AML/CFT and sanctions compliance.
  • Screening of payout requests for suspicious transaction amounts and velocities to prevent fraud.

4. Transaction Screening:

  • Transactions above a certain threshold require manual approval.
  • Screening of all fiat and crypto transactions using AI & analytics tools and third-party service providers.

5. Staking Framework:

  • A framework that determines how proceeds from the sale of NFTs are staked over a period of 12 months. This is to enable audit periods and ensure there are no issues with the minted NFTs.

6. Trust Governance:

  • Plastiks reserves the right to conduct random audits of verified plastic recovery projects and waste management companies to ensure trust compliance.
  • The community or Plastik holders can vote on changes to the staking ratios, allowing waste recovery projects and waste management companies to build trust and adjust staking ratios accordingly.

Plastiks Official Media

Website | Twitter | Telegram

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