Users’ Review of the PYRO.Network
The PYRO.Network is a collection of blockchain projects that use the PYRO token. These projects include a social network, digital advertising, a decentralized exchange named PYRO Dex, dApp development, and Airdrops, among others.
The PYRO token is a deflationary token awarded to users for using the projects in the network.
But what exactly is the PYRO.Network? How does the PYRO token work, and what are the advantages of these products?
In this review, we will take an in-depth look at what users are buzzing about the platform and give you some insightful information to help you decide whether or not to invest in the Pyro.Network:
What is PYRO?
Before we take a look at all the projects involved in the PYRO.Network, first, let’s get to learn more about the PYRO token.
The PYRO token is deflationary. This means that for every activity involving the tokens, such as token transfer, staking, purchasing the tokens, etc., a small percentage of it will be burned. The outcome is that the total supply of the tokens in circulation reduces. For the PYRO token, 5% of the amount in every transaction is burned. The platform then distributes 2.5% of this amount among the HODLers.
Currently, the PYRO token is listed on several exchanges. These exchanges are Mercatox, Token.Store and Uniswap. Mercatox allows users to trade both PYRO/BTC and PYRO/ETH pairs, while the other two only support PYRO/ETH trading. PYRO is also available on Bamboo Relay, Coinlim, and Lukki exchanges. At the time of writing, data from CoinMarketCap shows that PYRO’s price is $0.000080. The token’s all-time high price is $0.003747.
PYRO’s Lucrative Features
One of the significant features that I like about the PYRO Network is that it lets you earn some passive income as you stake your PYRO tokens. By staking your PYRO tokens, you get some portion of PYRO that is equal to the tokens frozen.
You may be wondering what sets the PYRO token apart from other deflationary tokens, considering there are so many of them at the moment. Well, PYRO is an ERC20 token and is built on the Ethereum blockchain. While all Ethereum-based projects utilize smart contracts, the PYRO project has gone a step further and incorporated staking into PYRO’s smart contracts.
A distinguishing feature is that the development is also going ahead to build an entire co-dependent system around the token, which results in more utility for PYRO.
The platform also comes with the PYRO wallet that lets you transfer your tokens to other wallets. You also get to freeze your tokens from the wallet and earn more PYRO tokens. It is quite impressive that the wallet’s interface is designed simply, yet contains all the information you would need. At a glance, you get to see the total PYRO tokens in supply, those frozen, as well as your frozen tokens.
You can transfer tokens between wallets at a 5% burn rate. The minimum amount of PYROs that you can freeze is 1000, and unfreezing them will impose a 5% tax. The platform distributes this amount among the remaining staked PYRO.
On 3rd March 2020, PYRO shifted from Ethereum to TRON with the token now becoming a TRC20 deflationary token. The first phase of PYRO on TRON will be airdropped to current PYRO ETH holders but users will need a TRON wallet i.e. TronWalletMe. This development was announced on Twitter via the official PYRO Network Twitter handle.
What is PYRO.Network?
PYRO.Network is the entire ecosystem that will be built around the PYRO token to increase its stability on the market. The whole project will consist of several projects that may prove to be well useful for any crypto trader.
For starters, the project will include a social networking platform. This will be the project’s primary feature. By engaging with other users on the platform, you will get to earn points that you can later redeem for PYRO tokens. This is a great way to interact with other traders while accumulating your tokens, which you could either sell or hold on to see what PYRO holds in the future.
The network also comes with its own decentralized exchange. PYRO Dex will operate via the Ethereum blockchain. If you have some other Ethereum-based wallets, you could list your tokens with PYRO for faster transactions. The project also plans to include some gaming dApps that will use the PYRO tokens.
Airdrops are usually an excellent way to get the hype around your new token. The project plans to use several airdrops to distribute some of their tokens. These airdrops will be done through their Twitter, Reddit, Telegram, and Discord.
PYRO’s Future Developments
Having merely launched earlier this year on 5th January, the project is still in its initial launch stages. Up until March, PYRO will be solely focused on advertising the new token and the entire project. Now that their website and smart contracts are live, the team behind the project plans to build a whole community behind them. Getting people on board for this project may not be as difficult, given that there are quite some lucrative features that every trader would love.
The second quarter of the year will be quite busy. PYRO will release the beta testing version of the platform’s social network. The team also plans to launch the network within this period and get better acquainted with exchanges.
During the third quarter of the year, PYRO will update its whitepaper. The platform will also roll out the Earndrops from the social network and begin testing for the digital ad network. Between October and December, PYRO will donate to Toys4Tots and host a community vote to get the future direction of the project. The platform will also host holiday contests as it prepares for 2021.
As I’ve mentioned above, the PYRO.Network is not just one project or exchange. It is, instead, a series of projects that all use the PYRO token. This connected system around the deflationary token gives it more utility, which means that it will probably scale faster in the crypto market. The project offers several amazing features and is quite promising.
PYRO will, undoubtedly, be releasing some major announcements in the following weeks. I think it is worth watching out for them and getting to know what the project has in store. If it sounds like a fantastic crypto project to you, go ahead and get some PYRO tokens.