What Is Pitbull (PIT)?
Pitbull (PIT) is an auto-staking token whose ownership was renounced and given to the community upon the token’s creation. Due to decentralization, the token is a 100% community-driven project. Further, Pitbull is a social experiment, wherein traders are consolidated into the project both from a developmental standpoint as well as the community.
The token operates on the Binance Smart Chain (BSC) network. BSC was launched in 2020 to develop decentralized applications (DApps) with greater capacity and lower latency and at a faster pace. The chain uses a proof-of-stake authority mechanism, a modified version of the proof-of-stake mechanism, and seeks to leverage the high transaction capabilities.
According to the whitepaper, the token is designed in a secure form, with every buy and sell automatically contributing to a liquidity pool (LP) that is forever locked. LPs allow users to trade crypto tokens on decentralized exchanges (DEXs) and other decentralized finance platforms (DeFi), not needing any centralized market makers. In other words, LPs refer to a pool of cryptocurrencies or tokens that are crowdsourced and locked in a smart contract that supports the trade between assets on a decentralized platform.
In addition to the above, half of the token’s supply was burned into a dead address in the project's initial phase. Therefore, it is not possible to make any changes to the token’s contract. Also, it is not possible to pull liquidity from the burned share.
The project’s smart contract was professionally audited by TechRate, and the token was confirmed as safe with no high to severe issues, no medium to severe issues, and no low to severe issues. Additionally, the audit confirmed that there are no owner privileges. A smart contract is a contract that self-executes, and the agreement terms between traders are directly written into code lines. Smart contracts allow trusted transactions and agreements among anonymous parties without requiring any legal system, external enforcement mechanism, or central authority.
The token also lends its support to charities, including Kennel to Couch, a non-profit organization that works with shelters and community partners to safeguard at-risk pitbulls and offer support and incentives required to motivate the adoption of their sponsored pitbulls. Further, the project plans to implement tools for automatic donations to be given to the charity whenever users purchase NFTs, merchandise, etc.
Amongst the project’s highest priorities is transparency. Frequently, new volunteers are added to the project’s team to make sure that the community voting is carried out regularly to decide the project’s directions and to ensure community representation. Further, the voting, for example, helps decide the fund allocation, which shelters to donate to, which exchanges to focus on, and even which logo to use for the Pitbull token.
The token has a community wallet that allows members to donate to develop the project further. Moreover, a few features of the token include the following:
PitTracker: For traders to track their token holdings and their accumulated from auto-staking rewards.
PitCharts: A charting and analysis tool for tokens on BSC.
PitGames: Token’s website that enables users to play various games in the browser, etc.
History of Pitbull (PIT)
The platform was launched on March 17, 2021. The network’s team comprises volunteers, with the lead members being Jack, Jari, Prash, Kevin, and others. Further, there are other groups, including administration, marketing, media, and software/web development.
No presale was conducted for the token to allow a fair launch.
The token has a maximum total supply of one quintillion.
How Are Pitbull Tokens (PIT) Earned?
The platform follows a passive staking mechanism, and as per the contract, users automatically receive a distribution of 2% of every transaction on the platform’s token. This mechanism allows token holders to receive rewards in an easy manner directly to their wallet without requiring them to farm or stake on any platform. This also enables them to save transaction fees as well as compounding returns.
