Information regarding the Chron Smart Contract (BSC)
Chron has decided to partner with TrustSwap to create a pure utility token on Binance Smart Chain. TrustSwap Mint is fully audited by both Certik and Hacken which provides a pre-audited contract for the Chron token.
- No tokenomics or transaction fees to be concerned about
- Automatically receive audit report from Certik
- Automatically receive audit report from Hackened
- Token lock utility also provided by TrustSwap providing more confidence to investors
Mint is a free service provided by TrustSwap, with projects only required to pay for gas fees upon token creation. Moreover, when a token is created, 0.4% of the total supply is reserved for farming pools for the best performing tokens. Additionally, 0.1% goes towards the growth of TrustSwap’s ecosystem. All contracts created via Mint are audited by Certik and Hacken, two of the leading blockchain security companies. The code is open-sourced for the community to access.
The Chron dev team has opted to create a full utility token with no tokenomics built into the contract.
With Chron, we are setting out to create real value with our service offerings rather than marketing gimmicks. After researching for several months, we believe that the vast majority of Smart Contract tokenomic functions serve little to no purpose or benefit. Below is some of our reasoning behind this:
- Requires holding large quantities of token to truly benefit
- Requires large volume of trading to truly benefit
- Requires a per transaction tax which is inefficient for utility tokens
- Discourages sending token to anyone
- Discourages buying and selling which impacts trade volume
- Promotes holding rather than using the token
- Auto liquidity
- To summarize, for auto liquidity to occur, the contract needs to create a sell of tokens for BNB and then it adds that BNB plus additional tokens back into the liquidity pool. This essentially adds more tokens into the pool and devalues the token.
- Marketing wallet %
- Regardless if this fee is distributed to Marketing via token or BNB, a sell is required in order to convert the fee % into BNB for use. To us, it makes more sense to only sell token when absolutely necessary and because we want the vast majority of our funding to be generated through our products and services, we do not feel this is necessary. Our goal is to create as little negative price impact as possible.
- To account for the lack of automatically generated Marketing funds through transaction fees, our goal is to obtain funds through our products and services outside of token sells, thus reducing, or eliminating the need to create a negative token price impact. Furthermore, a large portion of the profits from our products and services will be utilized as token buy backs which only increases the price and value of our token.
- Max transaction limits
- After looking into many different tokens out there that apply a max transaction limit, we have found that it really has very little impact on those who want to buy or sell as they just process multiple transactions back to back or through multiple wallets. While there may be some benefit to price due to having to buy / sell at different prices per batch, evidence has shown that this is very minimal and really does not do a good job fulfilling the purpose.
- We feel that people should be able to buy and sell freely as they wish and it is our job to create products and services of value that encourages buying our token rather than trying to control trades through arbitrarily set limits.
- It can discourage "whales" from buying in at all.
Given this, the Chron dev team believes that applying tokenomics at the Smart Contract level just doesn't make any sense outside of marketing gimmicks. We believe that this approach will create a balance that satisfies our needs as well as the needs of our investors
The Chron dev team has opted to mint a total and max supply of 1 billion Chron tokens.
The days of a quadrillion total supply seem to be coming to an end. The vast majority of the top 100 altcoins have a total supply in the hundreds of millions to low billions and there is good reason for this. After thoroughly researching the subject, once again we found that huge total supply numbers are now being viewed more and more as marketing gimmicks as there is really no other value for creating such large numbers of token. Supply has a direct impact on achievable price per token and when you are dealing with a quadrillion or even trillions, you are typically going to see a lot of zeros in your token price. Sure, it feels great holding trillions of tokens in your wallet with dreams of hitting a penny, but the odds of this ever occurring are virtually non existent, so this is why we have chosen something much more manageable and realistic.
Token burns can definitely be a good thing, but should be used sparingly and intelligently especially with a lower total token supply. We have included a burn token option within the contract that will be controlled manually and utilized when appropriate as determined by the dev team with consideration to feedback from the Chron community.