Piggy Bank Token
Piggy Bank Token (Ticker: PIGGY)[1] is a hyper-deflationary, DeFi cryptocurrency launched on the Binance Smart Chain Network in May of 2021[2]. The token leans heavily into its namesake in most facets of marketing, and expresses its purpose as an alternative to conventional centralized banking stating;
"The Piggy Bank Token Team is working to balance the scales and bring back the opportunity for users to manage and gain tokens in a decentralized venue. As a multi-billion dollar industry, the financial institutions for too long have been enabled by regulation to profit from hard working men and women, and in turn have paid out very little APY to savings account holders. Piggy Bank is a secure system designed as a safe place to store your $PIGGY tokens while generating additional $PIGGY tokens by simply holding."[3]
Piggy Bank Token, known by the often used colloquial “Piggy”, hosts an online presence across several social media platforms with community members adopting the moniker of “Piggynaut”; a callback to both the token’s name and the common "moon shot" reference within cryptocurrency communities.[4][5]
| PiggyBank Token | |
|---|---|
| Resized Logo Piggy Bank Logo | |
| Ticker symbol | PIGGY |
| Development | |
| White paper | https://piggybanktoken.com/litepaper.pdf |
| Initial release | May 17, 2021 |
| Code repository | github |
| Development status | Active |
| Website | piggybanktoken |
| Ledger | |
| Block explorer | https://bscscan.com/token/0xcd2ecd5e06b1a330789b30e8ada3d11c51503a71 |
| Circulating supply | No Data |
| Supply limit | 1,000,000,000,000,000 |
| Valuation | |
| Exchange rate | Floating |
| Market cap | No Data |
Search Piggy Bank Token on Amazon.
History
Creation
Piggy Bank Token was conceptualized and created by a team of developers who thus far remain "undoxxed". In the world of Cryptocurrency, doxxing illustrates the fact that an individual is knowingly, willingly and inherently putting themselves at risk by revealing their identity in exchange for accountability. To counter the Team's anonymity, Piggy Bank Token totes the renouncement of the smart contract, and cites ownership being sent to the token's Burn Wallet at launch, an address that is fully inaccessible for all outgoing transactions.[6][7]
Audit
Shortly after launch, Solidity Finance, a smart contract security auditing service[8], reviewed the contract for Piggy Bank Token and published the findings on May 23rd of 2021.[9] The firm uses a Pass/Fail grading system, along with a detailed notated summary. The audit conducted for Piggy Bank Token found no security issues during the investigation and earned a pass in overall contract safety. The aforementioned audit also reviewed the contract for external threats and vulnerabilities, again rating Piggy Bank Token as a pass.[9] The full Solidity Finance audit for Piggy Bank Token is available on its respective website.
Achievements
Piggy Bank Token hit two critical milestones concurrently; a listing on Coin Gecko, heralded as the "World's largest independent cryptocurrency data aggregator with over 6,000 different cryptoassets tracked across more than 400 exchanges."[10] on May 31st of 2021, and a subsequent listing on Coin Market Cap on June 2nd that spurred the Token's all time high.[1]
Tokenomics
The Tokenomics of Piggy Bank Token, referred to by the development team as “Piggy-Nomics”, are enacted during every swap and transfer of the token and are proposed as an incentive for long term holding.[3] This claim is based upon the major components of the imposed 15% tax; reflections, liquidity, and burn.[3][6]
Reflections
10% of every transaction is redistributed as "reflections" to holders. Every swap and transfer will increase the amount of PIGGY tokens in each of the holder’s wallets in the form of a tax, providing an incentive to hold PIGGY tokens. [6]
Liquidity Pool
5% of every transaction is sent directly to a locked liquidity pool as BNB.[6] Liquidity pools are a shared aspect of most DeFi tokens, and are used to facilitate decentralized trading, and lending.[11] In short, this "pool" of BNB is used as compensation for all Piggy Bank Token sell orders.
Burn
As the majority holder, the Burn Wallet receives a share of the 10% tax allocated for holder reflections, and is removed from active circulation.[6] The wallet address, though fully inaccessible for outgoing transactions, holds an equivalent of 14.3m USD based on relative market price.[7]
Supply
The Piggy Bank Token litepaper, a shorthand version of the cryptonomics standard whitepaper[12], lists the following initial supply information as a relevant precursor to the Tokenomics breakdown:
- Total Supply: 1000T
- Fair Launch Supply: 761T
- Initial Burn Supply: 239T
Utility
At the present time, Piggy Bank Token is reported to be in Phase Two of its concordant roadmap.[6] It is in this category that the focal point of the token moves toward building utility; this trend extends into Phase Three which, as of June 2021, does not include an ETA.[6] In the DeFi space, utility tokens offer investors with access to certain services or products, such as discounted rates and early or exclusive access.[13] It is essential for a cryptocurrency to have some variation of utility in order to remain functional and profitable[14]; Piggy Bank Token expresses its intended use in phases.
Phase Two
The Piggy Bank Mobile App has been scheduled for release during Phase Two according to the roadmap. Further details regarding the exact release date are TBA, however the app is described as a way to swap existing cryptocurrencies into Piggy Bank Token utilizing an Instant Swap exchange system, which Developers have stated they wish to see in the second half of 2021.[6]
- Community Games
The Team behind Piggy Bank Token lists the conceptualization of community-based gaming as a significant point of Phase Two. Specifically, java-script games and hosting Minecraft servers are cited as growth opportunities.[6] As of June 2021, there is no listed ETA regarding Piggy Bank Token's involvement.
Phase Three
- NFT Market Place
NFT's, the digital assets that represent real-world objects like art, music, in-game items and videos,[15] are expressed in the Phase Three roadmap as a marketplace that Piggy Bank Token holds an interest in.[6] As of June 2021, there is no listed ETA regarding Piggy Bank Token's involvement.
References
- ↑ 1.0 1.1 "Piggy Bank Token price today, PIGGY live marketcap, chart, and info". CoinMarketCap. Retrieved 2021-06-27.
- ↑ BscScan.com. "Piggy Bank Token (PIGGY) Token Tracker | BscScan". Binance (BNB) Blockchain Explorer. Retrieved 2021-06-27.
- ↑ 3.0 3.1 3.2 "Piggy Bank Litepaper" (PDF). Piggy Bank Token. 2021-05-18. Retrieved 2021-06-26. Unknown parameter
|url-status=ignored (help) - ↑ "A New Meaning of 'Moonshot'". www.merriam-webster.com. Retrieved 2021-06-27.
- ↑ Westbrook, Caroline (2021-04-28). "Cryptocurrency: What does 'going to the moon' mean?". Metro. Retrieved 2021-06-27.
- ↑ 6.00 6.01 6.02 6.03 6.04 6.05 6.06 6.07 6.08 6.09 "PiggyBankToken | Home". piggybanktoken.com. Retrieved 2021-06-27.
- ↑ 7.0 7.1 BscScan.com. "Piggy Bank Token (PIGGY) Token Tracker | BscScan". Binance (BNB) Blockchain Explorer. Retrieved 2021-06-27.
- ↑ Solidity.finance. "Smart Contract Auditing Services - Solidity.finance". solidity.finance. Retrieved 2021-06-27.
- ↑ 9.0 9.1 "PiggyBank Token Audit - Solidity Finance". solidity.finance. Retrieved 2021-06-27.
- ↑ "About CoinGecko". CoinGecko. Retrieved 2021-06-27.
- ↑ "What Are Liquidity Pools in DeFi and How Do They Work?". Binance Academy. Retrieved 2021-06-27.
- ↑ "Definition of Litepaper applied to Blockchain / Crypto". www.meetbunch.com. Retrieved 2021-06-27.
- ↑ "Types of Cryptocurrency and Which Ones Are the Best to Get Into". HowTheMarketWorks Education Center. 2019-04-11. Retrieved 2021-06-27.
- ↑ architect, Full Bio Follow Linkedin Follow Twitter John Kelleher is a blockchain software; Kelleher, founder of Level K. He has 10+ years of software development experience Learn about our editorial policies John P. "Why Do Bitcoins Have Value?". Investopedia. Retrieved 2021-06-27.
- ↑ Conti, Robyn (2021-04-29). "What You Need To Know About Non-Fungible Tokens (NFTs)". Forbes Advisor. Retrieved 2021-06-27.
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