PYRO.NETWORK-Full Review

PYRO.NETWORK-Full Review

The PYRO. NETWORK involves a series of projects under a single network. The projects include social networks, digital advertising network, and blockchain gaming dApp platform. When launched, these projects will use PYRO- an ERC20 token integrated with staking and deflationary functionalities. These projects include:

• Social Networking– Social Networking is the major project under PYRO.NETWORK. This project will achieve a paid social media platform where users earn points for their activities online, with an option for redeeming the earned points for PYRO.
• Digital Advertising– The platform will allow content creators, publishers, and advertisers to share content without being intrusive. Users will choose whether or not to view advertisements while on the social network.
• PYRO Dex– This platform will function as a decentralized exchange that will operate via the Ethereum blockchain to facilitate fast, safe, and secure transactions. PYRO Dex will also allow users to list their tokens.

What Problem Does PYRO. NETWORK Intend to Solve?

One of the most significant problems facing the crypto sector at the moment is token velocity, which has led to over 1000 projects abandoned or inactive. Token velocity refers to the rate at which tokens circulate in their ecosystems. Most projects will struggle to maintain long-term stability and value if they disseminate with a high speed, coupled with intense speculation. Additionally, most upcoming projects are replications of original projects and, therefore, lack long-term vision or the actual problem they intend to solve. This, in turn, results in “dead” projects.

PYRO.NETWORK intends to solve this problem by being the first digital asset to resolve the issue of token velocity. The project will achieve this by employing smart deflation and also providing a mechanism for empowering free speech.

PYRO Token    

The PYRO.NETWORK is powered by PYRO- An ERC20 token built on the Ethereum blockchain with a deflationary and staking functionality. Applications currently being developed on the PYRO.NETWORK will use the PYRO token for various purposes. By basing PYRO on the Ethereum blockchain, users will be able to hold, transfer, and earn their collective digital assets using ERC20 compatible wallets, including Metamask, Trustwallet, MyEtherWallet, MyCrypto, Niftwallet and many more.

Technology Behind PYRO Token

PYRO combines staking and deflationary capabilities with Proof of Stake to solve the issues facing most ICOs and Masternode Projects. It utilizes the Proof-of-Stake mechanism to offer users a crypto payment system that rewards them for maintaining and holding the minimum balance. Users are only required to freeze a minimum of 1, 000 PYRO in their wallet to earn supplemental revenue at a rate proportional to the number of tokens stored. With the growth in PYRO value, users get an incentive to HODL their obtained token to assist in decentralized control of the circulating supply. This is a novel way in which token HODLers benefit from staking their existing balance and also contribute to maintaining decentralized control of the flowing amount. It’s a win-win situation.

PYRO creates real value for long-term use by combining staking and deflationary capabilities, thus eliminating the need to purchase masternodes and other costly equipment. To avert inflation, PYRO’s supply is capped at 1 Billion and burns at a rate of 5% for each transaction. It is, however, programmed to stop burning when the supply has reached 1% of its initial amount i.e., 10 million PYRO. 2.5% of the 5% burned tokens are distributed to each user, depending on their frozen PYRO tokens. Users instantly receive rewards from each token burned once they stake their tokens. In the long run, the process of burning tokens and staking balances not only offers incentives HODLing but also keeps tokens out of circulation to maintain the token’s value.

PYRO Tokenomics

Initial Supply: I Billion

Final Supply: 10 million (1% of the initial supply)

Burn Rate: 5% for each transaction, Exceptions include whitelisted address including airdrop distribution contracts, decentralized exchange contracts, etc.

Staking Rewards: 2.5% of all transaction-Distributed among stackers proportional to the amount they staking

Staking Fee: A 5% fee is incurred upon “unfreezing” the tokens. The amount is then distributed to the remaining stakers.

Decimal: 18.

How Will PYRO Be Different from Other Deflationary Tokens?

There are many deflationary tokens in the market today, with most of them being experimental with no real function. PYRO will be an incredibly different deflationary token consisting of unique features such as staking, which rewards users 2.5% for every burned transaction proportionate to their staked amount. Also, unlike most cloned blockchain projects which require custom wallets and hard drive space to download ledgers, PYRO can be stored on any ERC-20 compatible wallet with the ledger being powered by the Ethereum network. This, in turn, results in increased adoption since ERC-20 compatible wallets, such as Metamask, can easily be downloaded and used without any complications. PYRO can also be held and transferred on cold storage wallets such as Trezor and Ledger Nano S or mobile wallets, including Eidoo and Trustwallet. PYRO has been designed with accessibility and simplicity in mind and will, therefore, have high demand when launched.

How to Earn PYRO

There are several ways in which you can earn PYRO as discussed below:

• Airdrops- Before its Mainnet launch, PYRO.NETWORK will host a series of airdrops, bounties, contests, and giveaways where participants will be rewarded for completing a particular task. Users will claim 10, 000 PYRO per 1 ETH held in their ETH wallets at block height 8900000.
• Social Network-Users will be rewarded points for their activity on the platform. These points will be redeemed for PYRO tokens.
• Digital Advertising Network- Content creators and publishers will earn PYRO for the services offered i.e., advertising and promoting brands.
• Staking-Users can lock PYRO by using the web wallet built into the PYRO.NETWORK website. They then receive passive rewards, which is 2.5% of all transactions made distributed among stakers based on the proportion they staked.

PYRO.NETWORK Roadmap

Q1-Jan-MAR (2020)

• Pyro Network website and the smart contract goes live
• Multi-Airdrop/ Se launched
• Community Building
• Release of Privacy Messenger App in Google Play Store

Q2-APR-JUN (2020)

• Release Update of Messenger App
• Beta (Private/Public) Testing of Social Network
• Launch of Social Network
• Strengthening Exchange Listings/Relationships

Q3- JUL-SEPT (2020)

• Update Whitepaper
• The rollout of Earndrops from Social Network Activity
• Testing of Digital Ad Network
• Release of more privacy-related services

Q4-OCT-DEC (2020)

• Hosting community vote for future project direction
• Holiday Contests
• Donation to Toys4Tots
• Preparing for 2021 productivity

Q1 JAN-MAR (2021)

• TBD

The Bottom Line

PYRO.NETWORK is an ambitious project that will comprise various platforms, including social networks, digital advertising, and blockchain gaming dApp platform under the Apollo Protocol roof. PYRO.NETWORK is looking to tap into the decentralized gaming market by developing new games that will use PYRO(ERC20) as an in-game currency and realize the vast potential. The project will also look to list PYRO token on reputable exchanges after the launch.  The project is also seeking to develop long-term partnerships with online and brick plus mortar businesses to increase PYRO use cases and, consequently, its value. Whether the PYRO.NETWORK will successfully launch to become a useful deflationary token or become like other white elephant crypto projects, it’s worth our wait.