What Is Dynamite (DYNMT)?
Dynamite (DYNMT) is an open-source, community-based social experiment that focuses on learning and interacting with others. A token holder's participation in this experiment does not entitle them to or promise any dividends or financial rewards. In any jurisdiction, tokens do not constitute securities.
According to its whitepaper, the aim of the platform is:
To maintain a project actively supported by the public and whose results lead to potential academic studies.
To cooperate with academic staff in this regard.
To create the best results from the community and connect the experience to a more significant project.
To address the issue of token velocity with a 2 percent burn rate, where the token velocity is evaluated by the total value of transactions divided by the average value of transactions. The term burn signifies a mechanism of removing the token from supply to keep the price of the token stable.
Further, to support this social experiment, the platform launched its token DYNMT. The DYNMT is a deflationary token that functions on Ethereumprotocol that uses ERC-20blockchain infrastructure. The deflationary nature signifies that the total supply decreases for the token with every transaction. According to its whitepaper, Dynamite token smart contract burns 2 percent per transaction. For example, each time one hundred DYNMT are transferred, two DYNMT are burned. The process of burning crypto means permanently removing tokens from circulation. Additionally, the token facilitates the community to develop use cases of the token, removing the DYNMT team's control to influence the token value.
History of Dynamite (DYNMT)
The Dynamite platform started its journey on June 21, 2019. According to its website, Dynamite Token was designed as a public service project without profit motives and activities such as ICOs (initial coin offering) and IEO (initial exchange offering). The main motive of DYNMT to avoid such activities was to raise funds for the project. Because of these non-activity reasons, the team cannot guarantee participants’ profit in the IEO process and instead launched airdrops to introduce new members to DYNMT. Further, the platform intends to make 540,000 tokens available at no cost to the public, with an initial supply of 900,000 DYNMT tokens in the Dynamite project.
