Session 1: 5 best questions from Twitter
Q1: Collaborations and affiliations among programs are now a thing to keep them on the long road. Does Piggy Bank have any arrangements for an ecosystem? If so, can you name some of your key partners supporting the project?
Dev: We have been approached by several projects so far, as we have grown exponentially since our launch 22 days ago. We have plans to create an ecosystem involving NFT gaming and we would like to be sure that the partnerships are geared in that direction. We should have an announcement concerning that within the next months.
Q2: Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Dev: There is no staking involved with untrusted 3rd party contracts or anything of the sorts. Our members can simply acquire piggybanktoken and then hold it to earn more!
This process happens instantly without any additional steps needed by the user. This is as well another security feature of Piggy Bank Token.
Q3: There are many deflationary tokens now? What is special about Piggybank?
Dev: The effects of the tokenomics for Piggy Bank Token depend on overall market activity. Simply speaking, this means that the more volume that is generated on the market in fact contributes toward more rewards for the holder. Additionally, While Piggy Bank Tokens start out with a limited supply and shrink with each swap, as Piggy Bank Tokens become more scarce this creates conditions for a market supply shortage to increase token rarity.
We have a good understanding that this is not the first token on the market with these tokenomics. The difference between us and the rest of these projects is that we have the capacity and the understanding to drive volume onto this token which will speed up these effects of the tokenomics and benefit holders quickly. This volume will only act to amplify the tokenomics and create an edge over any other project that has no plans for volume with these tokenomics. When a user finds projects like these they should always be asking 2 questions “what are these guys doing to feed this token volume?” And “ how are they planning on acquiring new users?” We have big plans to answer these questions in a way that our users can be sure that we are working towards these goals.
Q4: How is Piggy Bank development going? Can you describe in detail current development efforts, market expansion plans, expected applications?
Dev: We have three phases at the moment regarding our road map.
Phase 1 has been completed and were mostly the beginning stages of our project with essentials such as contract deployment, fair launch, website design, creating the socials, gaining exposure on coingecko and coinmarketcap etc.
Phase 2 is where our ideas on where the project is headed start to take shape. Some of the NFT concept design is created, while the listings on exchanges is being pursued and backend infrastructure is set up to host the volume wars in phase 3. Our app will also be released at this time which will allow users to track statistics to do with our token and keep track of the value in their wallets.
Phase 3 should be likened to our big push. Here we will have a crypto education piece that will continue the focus to onboard new users into the DeFi space with Piggy Bank Token. We will also be hosting a volume wars game/competition that will run to give users exclusive rewards. Likely other big things to do with our NFT marketplace will be released at this time that will include some structuring in with games and prizes.
In addition to this, we’ll be exploring several more use-cases and avenues as we move forward. We are actively working on more ways to increase user acquisition and progress the token to new heights!
Q5: Will you move to another chain in the near future? Where are the core developers based? Do you plan to list in the biggest exchanges?
Dev: We have short term goals that involve the build-out of our Volume Wars platform and hosting a token locker and launch platform similar to Unicrypt that pays out to holders that acquire the rare NFT’s from the volume wars game. Exchanges have not been able to list token like ours while keeping the tokenomics which has been a concern from our users. This way we would like to make sure that when we get listed that it in fact benefits holders on-chain. With the momentum, we gain we will absolutely look into expanding onto other networks via a token bridge. Although, this would include some of our major partnerships coming in the future.
Session 2: Live Ask & Answer
Member: Are there any rug pull prevention mechanism?
What is the core selling point of PiggBankToken?
Dev: We have transferred the ownership of the token to the burn address so we have no access to the LP nor are we able to use any functions maliciously.
That transaction hash that shows the Contract ownership can be found here: https://bscscan.com/tx/0x3b5ae4670a7b240f7305d4ade0b92c81a169a14fc9fa7e10e0d44b291ef3679c
Also, we are fully audited by Solidity Finance, which can also be validated here: https://solidity.finance/audits/PiggyBankToken/
The core selling point would be our strategy and implementation of volume wars to pay out unique NFT’s to holders for an opportunity to be rewarded from the fees collect by other projects using the platform. Users will have to participate if they want to earn exclusive rewards which will benefit our tokenomics greatly.
Member: Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Dev: There are hundreds of burn questions that I saw so I’ll answer them fully:
How the burn works in general:
The burn address is receiving reflection rewards, the same as any other user wallet is getting reflection rewards on the Binance Smart Chain.
Right now, based on the number of tokens that have been burnt, at this time the burn address is getting 28.7% of the total reflection on each transfer.
So, the burn rate is completely dependent on the volume that we have.
The goal is user adoption in order to increase the burn because the more volume we can bring in and users that are joining the community; the faster the burn rate will occur.
We’re working on many projects that will help exponentially increase our volume, such as our upcoming product “Volume Wars” and more!
In addition, due to relieving ourselves from the contract ownership; the rates at which they burn and reflections occur are solidified permanently.
Member: Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users to your project? Is there any upcoming partnership that will bring non-crypto user and real-use case?
Dev: We have designed a marketing tool specifically geared towards onboarding new users into space. We believe that every project that creates a strategy for DeFi could gain users not by stealing them from other projects but by showing the world the power of DeFi. Part of this strategy includes streamlining the process for the user to get $PIGGY token while having little knowledge of the space. Our competition is not with other projects but with the world of centralized finance and this is in a sense our motto.
Member: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
Dev: We are very interested in the NFT space as a whole.
One of our main goals is to solidify our gamification model with NFT’s being given as rewards for that.
We’re also looking into more avenues as to how we can integrate NFT’s into our other products that we’re working on!
Member: Communities are very important for the development and spread of projects. Will you build communities that add value to the Piggy Bank ? Are you open to different and creative ideas?
Dev: Yes. If you or anyone that you know would like to contribute to the success of our project and building a great community you can find the full details of our socials on the website piggybanktoken.com
Member: Could you give me 2 or 3 key points to convince me and other angel investors to invest in the project for the long term?
Dev: A token launching platform that is 100% rug proof is our goal. We would like to give users and developers the safest place to be able to express themselves and create a network. All of this should benefit the token holders which are very important to us. This is why it is imperative to create an ecosystem that back feeds itself into the $piggy token and the holders.
Member: Which one of these aspects important for you?
1-Increasing Token Price&Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
In what order?
Dev:
2.
3.
4.
1.
Our main goal is to help progress the crypto space; monetary gain is a secondary motivator. We want to take it as far as we can and we would love to do this for the rest of our lives and reach new heights as we continue the project!
Token Value will increase inherently as we continue to get our main goals done.
AMA was held on 9 June 2021, 2100 (GMT +7).
Hosted by Infinity Capital.
Curated by Blockcast.cc.
