Exclusive AMA with PiggyBankToken “Fair launched, hyper-deflationary DeFi token on the Binance Smart Chain Network”

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Asia Blockchain Community is a community that is based in Asia and run by volunteers.

Mission: Our mission is to create value for projects & members & educate the general public about blockchain and crypto through the work in our community.

Vision: To bring concepts to life and increase blockchain adoption.

Slogan: Long Crypto and Short the World

 

Today we have PiggyBankToken with us!

 

There are two segments. First will be a Q & A interview with the project. Then we will open the floor for live interactions. 10 questions to be asked. Our hosts will choose them.

 

  1. Can you introduce yourself?

We are the lead developers for Piggy Bank Token, our role is to facilitate the direction and implementation of our project.

 

  1. Tell us about PiggyBankToken? Why this name?

The name was inspired from the traditional piggy bank that we all had in our home. We feel that decentralized finance has changed the landscape for users to be able to manage their own savings. Thus we drew from the traditional concept of the piggy bank to create Piggy Bank Token.

 

  1. We know that it is marketed as “Fair Launched”. How fair is this compared to what we see with the other projects in the market right now?

An IDO or ICO involves early investors in a presale who get a different rate on coins/tokens which puts an unfair advantage against the public who buy in the token at a later date. We committed towards a fair launch which means that then entire token launch ILO was configured without any developer or team tokens kept aside. We had to buy in with everyone else, and then we burned the entire liquidity that was generated from this fair launch.

 

  1. Lets talk about “Hyper-deflationary”. How does this work and how will it benefit the community?

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.

 

  1. Centralized banking worst nightmare. This is another phrase that I saw. Tell us about this please.

Fiat represents debt, not value. For those who don’t understand this I encourage you to do some more research about this subject. Banks are a mechanism to generate wealth for the elite which are enabled by regulation through the fractional reserve lending programs which ideally generates money from your inability to pay upfront. Decentralized finance is the future and Piggy Bank Token is the key.

 

  1. Can you share with us your roadmap?

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 on board 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.

 

  1. Many are spreading that bitcoin will crash all the way to $10,000. Do you think this will happen? In the case this happens, will the PiggyBankToken be affected?

Our holders will be drawn to our project because we represent unique concept in the DeFi space as a safe place to store your value in your own virtual piggy bank. New users will be brought in regardless of the market activity simply because this is our user base that we are working towards onboarding. The volume based tokenomics will ensure that the supply will keep depreciating while the tokens in a users wallet increase with every transaction made on the network. Panic sellers will reward those that are holding for the long term so we are not worried about the price action on the short term, this is a long term holding token for serious investors.

 

  1. Our community has aped quite a number of meme token projects. Tell them now, why they should support and buy more of your tokens? Non-financial advice of course.

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. 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.

 

  1. Before we go into live questions. Share an inspiring quote for all of us.

The central Bank is an institution of the most deadly hostility resisting against the principles and forms of our constitution…. If the American people allow the private banks to control the issuance of their currency, first by inflation and then by deflations, the banks and corporations that will group up around them will deprive the people of all their property until their children will wake up homeless on the continent their forefathers conquered. The issuing power of money should be taken from the banks and restored to congress and the people to whom it belongs. I sincerely believe the banking situations having the issuing power of money are more dangerous to liberty than standing armies.

– Thomas Jefferson

 

 

Question 1

David Pham: Anon developers again, will you rug pull? How to assure us? Is your code audited? By who?

There is no way to “rugpull” on piggybanktoken.

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.

Contract ownership tx: https://bscscan.com/tx/0x3b5ae4670a7b240f7305d4ade0b92c81a169a14fc9fa7e10e0d44b291ef3679c

Also, we are fully audited by Solidity Finance, which can be found here: https://solidity.finance/audits/PiggyBankToken/

 

Question 2

David Pham: Is the technology team developing any platforms to back up the token? What is the core utility of the token in 1 year down the road?

We are a volume driven token by the nature of the smart contract. So how do we solve the problem of volume? One part we are excited about are our volume wars that we have coming up and we think that the incentives behind the competitions are going to be something that our community will love. I love analogies, picture this: These games involving volume are like putting a turbo charger on the engine, where the engine represents the effects that drive value.

 

Question 3

VU TIEN VIET: You must done AMA in many telegram groups, so what are the other ways to make your project more popular?

This is our first AMA!

However, we have several AMA’s planned for the future and several more marketing routes that we’re working on securing with reputable companies. In the next 1-2 weeks, we are going to be heavily focusing on these marketing aspects as they’re just as important to the project as development!

 

Question 4

Huge Kush: Hey, holding since day 1, any plans to pair with other tokens? I really think it can drive the volumes if we pair we new/established token

Yes, we have several plans to establish new pairing with the token.

We’ll be releasing more information very shortly regarding this.

Make sure to join our telegram or other social media platforms in order to stay up to date with those changes ^.

 

Question 5

HANG: Currently attracting real users and mass Adoption is a problem for Blockchain projects. So How will Piggy Bank solve this problem?

Crypto education is very important to us as is adaptation.

Ultimately, the goal is to introduce as many new people into the crypto scene and do our part in educating them so that they can then educate others!

We’re going to be releasing educational videos and informational posts via our mobile app and other platforms to try and help with this.

 

Question 6

 Iraida Warden: Is Piggy Bank a global project? Is there a plan to cover Korean, European and African communities? will you launch multiple language lines for non-native English speakers?

This is a very good question. We’re in the progress of talking to a few community members about spinning up global communities in a further effort to do this.

If you are interested in helping with those efforts, please reach out to one of our admins via telegram and we’d love for all of the help we can get!

 

Question 7

Ukniser Linh: What about the burn plan?
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 28.5% of the total reflection on each transfer.

The burn rate is dependent on volume.

The goal is user adoption because the more volume we can bring in and users we on-board; the faster the burn rate will occur.

 

Question 8

Anndy Lian: I want to be like a pig. Where can I pig (ape) your token? What listing strategies do you have in mind?

We have recently added a quick buy feature to our homepage which allows uses to simply connect and by any of 6 pre-set amounts instantly without navigating from our homepage. Users should have metamask or trustwallet and be connect to the BSC network before attempting to transact on our website, PiggyBankToken.com. However there is still the option of navigating to pancake swap should you need.

Exchanges are being pursued, but we have no timelines for release as this is what is stipulated from the exchanges themselves. These exchanges require us to keep silent on the releases until they are ready to announce themselves.

 

Question 9

Tuấn Buiiii: It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term, How do you plan to make this project sustainable for its development?

Our main goal is to help progress the crypto space; monetary gain is a secondary motivator.

We’re very excited and motivated about this project. 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!

 

Question 10

Charlie: How I can use $Piggy Bank for in Piggy Bank ecosystem? What are the benefits of holding it in the long term?

Holding $PIGGY in its most basic sense will allow users to participate in the smart contract tokenomics. However we are excited to announce that there will be specific use case to do with games such as volume wars and other game applications.

 

Question 11

LALA: I like your tokenomics and the burn rate. Will there be a chance or instances that you might want to change it or improve it to catch up with times?

Due to relieving ourselves from the contract ownership, by transferring it to the burn address; we are unable to modify the rate.

We can always introduce more ways to increase the burn, via our products like volume wars, etc.

 

Question 12

viet80yb: I have read that Piggy Bank depends, plans to depend heavily on Staking, could you tell us What is required for a user to be able to stake? up to How much% could it generate annually?

There is no staking involved with untrusted 3rd party contracts, this is the beauty of Piggy Bank Token. Users can simply acquire piggy and then hold it to earn more piggy bank tokens. This process happens instantly without any additional steps needed by the user. This is as well another security feature of Piggy Bank Token.