1. Short review of the Institute
The Pitbull project was launched on March 17, 2021 on the Binance Smart Chain. Since its inception, community volunteers have constructed and completed several iterations of the project as a whole. Ownership of Pitbull has been transferred to the community at the time of creation, so this smart contract has no owner, meaning Pitbull is a 100% community-driven project.
The Pitbull project is a unique community experiment. All investors are also part of the project from a community building and project development perspective. At the same time, investors can use the address to access the project’s progress at any time.
Currently, the Pitbull team has released several PIT applications and more are being built and in the pipeline, working towards building a wider project ecosystem.
2. Introduction of the project
Pitbull is a self-staking token that had its ownership.
The Pitbull token smart contract does not have any owner, and each on-chain transaction is automatically injected into a locked pool of liquidity according to the contract. In addition, half of the initial issue (50,000,000,000,000,000,000 Pit) has been punched into a black hole address for destruction. No one has been able to change the Pitbull smart contract or remove the liquidity locked in the liquidity pool. The Pitbull team is now made up entirely of volunteers.
Transparency and openness is one of the Pitbull team’s primary principles, and new volunteers are constantly being added to the Pitbull team to keep it running. The team also holds regular community polls to decide on the future direction of the project.
Pitbull has its own community wallet, to which everyone can contribute to advance the project, and any transfer requires the approval of more than half of the team members.
In addition, the Pitbull team is committed to charitable giving and has partnered with animal charities.
3. Token Role
Passive holding mechanism to generate interest:
As per the contract, all Pitbull holders receive a pro-rata 2% of the transaction value as earnings. This mechanism allows Pitbull holders to earn a continuous PIT without pledging or mining, simply by keeping their tokens in their wallets. This allows Pitbull investors to save on significant mining fees and makes it easier to operate.
At the same time, revenues will increase rapidly as the PIT gains wider acceptance and the volume of PIT transactions increases.
4. Token Distribution
The economic rules for Pitbull tokens are as follows
- 100,000,000,000,000,000,000 in total issue
- 50% of the total issue has been sent to the Black Hole address for destruction at project creation
- Maximum single transaction amount is 500,000,000,000,000,000 PIT
- 2% of each on-chain transaction will be allocated proportionally to all coin holding addresses, including the Black Hole. This ensures that PIT holders are able to earn a continuous income from their holdings. In addition, as the percentage of black hole holdings increases – the amount of currency in circulation decreases at an increasing rate.
- For each on-chain transaction, 2% of the total transaction amount will be automatically remitted to a locked liquidity pool, providing investors with an increasing price floor.
As of 23 May 2021, 57% of the total tokens issued have been remitted to the Black Hole address for destruction, including 7% from the start of the project on 17 March 2021 in accordance with the Token Economy Rules.
5. Investment Institutions
6. Basic Information
Token name: PIT
Project website: https://pitbull.community/