Yoink – A Refreshing Break from the Blockchain Norms
What happens when you gather a group of talented developers together with the goal to make a cryptocurrency that’s both useful and fun? Yoink is the result of just such a venture. This unique platform combines the best aspects of cryptocurrencies with the excitement of the lotto to create a truly original concept in the market.
What is Yoink
Yoink is the direct result of the desire of developers to create a simple protocol with a fair distribution model. Keeping a blockchain safe and secure is no easy task. In fact, it requires hundreds, if not thousands of participants. Sadly, many blockchains concentrate their rewards on those that can provide the most material support such as staked coins or those that possess the most hashing power.
This scenario leaves the average user at a huge disadvantage. How is someone who is new to the crypto sector supposed to compete with multi-million dollar mining operations? They can’t. That’s exactly why the sector needs more platforms like Yoink.
Yoink relies on a totally different driving force to keep its network participants happy, fun, and profits. The platform provides a refreshing break from your all too common cookie-cutter consensus mechanisms in use today. While the platform has multiple use cases, by far the chance to hit the Yoink jackpot is sure to be a major draw for users.
What Problem Does Yoink Solve
Yoink solves a variety of different issues currently facing the blockchain community. For one, the platform derives a unique strategy to combat decentralization. Instead of basing your rewards on how powerful your mining rig is, or how much crypto you can lock up to stake, everyone gets a fair chance to earn some profits in Yoinklandia.
Developers are betting big on this lotto-style protocol to boost participation. The strategy makes sense since anyone can now look forward to some healthy windfalls if they are the selected Yoinker. Best of all, there are barely any start-up costs. You just need to hold some Yoink tokens to be an eligible candidate for the reward. It’s that simple.
How Does Yoink Work?
Yoink integrates various protocols to guarantee that its utility tokens remain deflationary. These protocols are unique to the Yoink ecosystem. However, it wouldn’t be a huge surprise to see other platforms institute some of these concepts in the coming months. For now, they are the only platform in the world utilizing these proprietary systems.
The process begins with the community Piggy Bank. This piggy bank will initially hold 30% of the total token supply. Keenly, the piggy bank will slowly deplete to zero as the bank issues more rewards to the Yoink community. Developers set the bank to never receive Yoink. It can only payout rewards randomly. This protects the users from accidentally sending their tokens back to the bank.
At the core of the ecosystem is the Yoink Function. This protocol automatically removes 1% from the piggy bank and issues it to a random Yoink wallet address. The protocol goes a step further to ensure the value of YNK token stays relevant. The platform will burn the 1% reward when the wallet is not in the top 500 YNK holders. In this way, it incentivizes its users to hold more coins.
Yoink Token (YNK)
YNK functions as the main utility token of the Yoink ecosystem. This coin provides fast transaction times and can be sent globally for pennies. There will only be 100 million YNK released in total. This number is set to decrease over time due to the deflationary protocols of the platform.
During the launch, the team seeks to issue approximately 40 million YNK into circulation. Importantly, YNK is deflationary due to the daily burn mechanism. This strategy helps ensure the value of YNK continues to rise in a steady and predictable manner.
Following the approval to launch Yoink officially, the developers will send out YNK tokens to all the participants of the crowdsale. These investors will be the first in the market to gain access to this fun-filled blockchain ecosystem.
Where to Get YNK tokens
The Yoink token Sale is set to start in mid-September 2020. Developers haven’t listed the exact date yet but stated that they will provide further details about the timing & token price via Telegram & Twitter Channels.
Yoink will see listings on both Uniswap and lock liquidity with Unicrypt. The team behind this project plans to set aside 1/4 of total funds raised plus 10 million YNK for these actions. Keeping in line with the deflationary strategy of the platform, any unused YNK will be burned.
The Secret Sauce
The development team behind this platform continues to remain secretive about their coding and for good reason. Yoink is the first platform in the market to rely on such a strategy to remain secure. If the project reaches the levels of success developers intend, it’s easy to see the platform become victim to a host of copycats, as is often the case in the blockchain sector. In a move to avoid this scenario, the developers stated that they will “consider” releasing the code publicly.
Yoink Seen Nothin Yet
While it’s clear the platform is still in its early development stages, there is something alluring about this protocol. It’s easy to imagine droves of people participating in the network with the hopes to one day win the Yoink “lotto” if you will. For now, this concept has a solid start in the market with its token launch.