What Pungo Token is?

16/01/2019

Pungo token is the digital token that Peer2group uses to empower our users to interact with our products, while facilitating the distribution and sharing of rewards and benefits to Pungo token holders.

Pungo token is issued in a fixed, finite, noninflational amount by Blocktech Services LLC (from now on referred to as the Company) registered in Tbilisi, Georgia. Pungo is a 100% premined token. The premining happens a few days before the token sale. No other tokens will be issued after the creation event. Pungo token fuels a whole ecosystem of services and products that are already functional or in late phase of development.

Pungo token has been designed considering several properties that deliver a high quality product for the token based economy:

  • Utility: A full list of properties which make the token meaningful for users
  • Value: Accumulating revenues from different products using token to buy it back
  • Liquidity: Guaranteed liquidity through Buybacks
  • Trust: A partnership with Foundation Inlea, partner of Opening Chain, that holds funds for Pungo token buyback
  • Scarcity: A limited amount of existing tokens and a burning method that effectively reduces amount of spendable tokens

The token based economy is a paradigm shift and we are proud to be leading the change. We consider that tokens with real usage and backed by a genuine business model will gradually bring and maintain value within our network

Pungo token has certain properties that provide utility within software and other products that implement it:

  • Entitlement: by owning and using the token the user has the right to:

 

  • Participate in a service: interact (vote, contribute, transact) with a product.
  • Be a product early-bird: Pungo holders will have access to new products being developed
  • Acquire special gadgets: Pungo tokens will be required to access certain gadgets and products of our online-mobile only store
  • Unlock extra features: Pungo tokens will be required to unlock extra features for our premium members

 

  • Payment system: Pungo token is used to pay for affiliation, service and product fees (discounts are promoted)
  • Function primer: the token is used as an incentive or a lever to enrich the user experience and actions in our ecosystem.
  • Value redistribution: Pungo helps sharing the upside, the newly added value with all token holders. Means of value exchange: some users earn, other users spend the token which represents the basic unit of payment, accounting, value exchange. Together they create an internal, transactional, self sustaining economy.

As the project grows, we intend to maintain it in a positive feedback loop. New usages will be given to the token by projects integrating it. More existing products and services using Pungo token ensure a solid ecosystem and this, among other mechanisms, leads to increased token valuation over time.

The Public BuyBack Fund is escrowed in multisignature accounts by a reputable Foundation (Inlea) through the Openingchain Project. The Foundation performs a public scrutiny of the stored funds signed operations (fund deposit & withdrawals). The Foundation only allows funds to be withdrawn for the purpose of buying back Pungo tokens