The development of the crypto market over the past decade is undeniable. While BTC is the focus of attention, it’s just a drop in the bucket of the various innovations that are breaking out with blockchain technology in various industries.
Given this evolution, this article will cover one of the new innovations that are slowly penetrating the crypto market and gradually creating a niche of dedicated users and communities, the pit bull community.
Today there are well over 5000 cryptocurrencies in the crypto market with several daily additions. Hence, it can be quite difficult to know which ones to invest in. Not every crypto asset will succeed, some will fail, and some are scams. So is the Pitbull Community Token a worthwhile investment? We’ll discover it at the end of this guide
What is the Pitbull Community?
The Pitbull Community is one of the relatively new cryptocurrency projects that will hit the blockchain market in 2021. This innovation takes a community-driven approach to the DeFi ecosystem. The Pitbull Community created this innovation with long-term visions that emphasize the success of the currency and the potential for future integrations as the project progresses.
Although this project is relatively new, it has generated tremendous excitement in the crypto space and the support of a dedicated community, as demonstrated by the social media platforms and the population of token holders.
The token: $ PIT
Essentially, it is a self-staking token owned by the community. Since its inception, dedicated community volunteers have constantly tried to improve it. The community is made up of individuals such as web developers, data analysts, writers, and several other individuals who have put their talents and resources into helping Pitbull grow into a community-driven success.
Everyone has a voice and can proactively work to grow $ PIT. The decentralized nature of this project has obviously positioned it for sustainability and disruptive tendencies in the crypto-economy. Here, too, the strength lies in the community, which makes this project one of the pioneers of the exciting age of social blockchain.
Token economy and distribution
A total of $ 100 quadrillion PIT tokens are available for first aid. With the intention of controlling the token’s inflation, 50% of the total supply was initially burned and sent to a dead address before the token is made available there forever with the smart contract.
According to the smart contract, the project is automated in such a way that 2% of every transaction is distributed to every $ PIT owner and another% 2 go to dead addresses. This means that anyone who owns the token will qualify for consistent incentives and rewards, while the circulating $ PIT offer will be significantly reduced as the number of dead addresses increases.
In order to create a profitable floor for every trade in relation to a higher lower price limit, the platform automatically creates liquidity, which it sends to the dead address and permanently blocks. To date, the Pitbull community has successfully burned around 58% of the total offer. 7.5% of this value has been burned for the project since it was founded due to the PIT tokenomics set. As of mid-June 2021, the circulating supply is 42 quadrillion and several trillion
Earn passive staking bonuses
As stipulated in his contract, holders of this token automatically qualify for the distribution of 2% of every transaction that uses the token. This functionality is quite unique and accessible as it allows $ PIT holders to use their unique wallets to automatically earn and access rewards directly on the platform without having to farm or stake their assets on external platforms. This not only opens up more profitable options for them, but also reduces gas costs and brings a certain level of security.
As the project progresses and gains traction in the crypto and decentralized space, the passive staking rewards for those who hold PIT improve, increasing the volume of transactions significantly. Imagine the feeling that holding on alone will grow your wealth. Sublimate!
Potential and current use cases and ecosystems
Since the project is controlled by the community, teams of experts as software and web development experts are constantly working to improve its features and functions. The project lasts just three months, and several projects and integrations have already been published and are in progress.
One of those projects is this PitTrackerwhich gives investors a clear view of their PIT holdings on the platform and the exact amount they have generated through auto-staking incentives. It is currently in beta testing. There are also PitCharts, which are in beta. It contains an analysis tool for every token on the BSC. When released, this functionality promises to generate significant revenue from advertising space and paid features. This further facilitates token burning and project development.
Another project in beta is this Pit farmwhere users deploy PIT – BNB V1 for access points that they can redeem for official NFTs on the platform or purchase directly. As a user, you can trade these NFTs directly on the platform’s marketplace and the income or proceeds from the sales go directly to the NFT artist and community fund, which serve as the minting fee. All donations raised will be used for project development, PIT token burning and charity drives.
The charity includes projects like K2C, Kennel to Couch. K2C is a charity that works with numerous community partners to rescue homeless and stray pit bulls and provides these partners and animal shelters with the support they need to encourage the adoption of their sponsored pit bulls. The integration of the $ PIT into this project means that it has specialized tools that can automate donations to K2C as users purchase NFTs, mechs, and other potential products from the platform.
In essence, investors can buy NFTs whose procedures are aimed at helping pit bulls in need. The community has funded several projects including donations to RoldaOrg and BulliesInNeed, other charities, non-profit organizations that mainly focus on sheltering dogs and bullies in need of care in Romania and Canada.
The third use case is that PitSwap. In summary, this is an automated market marketer tool that enables investors to buy and trade PIT seamlessly. According to the team, there are plans to develop this use case, PitSwap, into an ecosystem that will involve developing a new token that, in addition to PIT, offers a variety of benefits for farming, staking and generating more trading fees that are on oriented to the development of the project.
PitStore and Pit stop are other prominent use cases. The latter is in the planning phase and will be available to users shortly, while the former is in the alpha testing phase. PitStore will allow users to purchase Pitbull merchandise in USD, with further plans to incorporate PIT as a payment method. This helps the platform build a branding image and provide the necessary funds to be used for charity, burning and growing the platform. The Pit stop Project will serve as an avenue to connect all PIT tools that can be accessed on a single page.
Gamification is rapidly gaining traction in the crypto space, so it is only logical that Pitbull would use this space. In a few months, there are plans to introduce an area on the platform where users can play games like lottery, card trading, etc. and earn $ PIT in the process.
In summary, here is a brief overview of the currently available use cases and integrations and the potential.
Given the design and frame of the platform, it’s safe to use. The community owns it as such, every transaction contributes to the LP that the contract locks permanently. In addition, the Pitbull community burned 50% of the total offer in a dead address at the beginning of the project. Nobody can change the contracts and nobody can draw liquidity from the platform. The team behind the scenes works on a voluntary basis. So essentially it is a community in which members live together under a decentralized roof.
In order to lay the foundation for a transparent and fair launch, the Pitbull community did not carry out any advance sales. In addition, ownership of the project is given to the community immediately after the contract is drawn up and the address is dead. And at the beginning of the project, according to information available, it sent 50% of the total $ PIT shipment to a dead address.
With donations from community members, Techrate, a renowned auditing company in the industry, carried out a comprehensive review of the smart contracts of the Pitbull community. The audit found no severity issue, high, medium, or low. Also, it does not discover any privileges vis-à-vis the owners, which sets the “community owner” clause for the project.
As can be seen in the processes, functionalities and functions, transparency is one of the most important values of the Pitbull community. New volunteers are always welcome on the team to ensure that the community is represented by the community. There are also constant votes to identify innovative directions for the project.
For example, the community can vote on necessary steps to allocate funds, on the exchange to which the project should pay more attention, or on relevant animal shelters to donate funds to the platform, or even on the appropriate branding for the platform.
With a full overview of the project, this might be your best bet if you’re interested in community-driven tokens. However, investing in these options should be accompanied by a thorough study of the pros and cons so that you can make the best possible investment decisions.