In one simple sentence, what happened to Krakin’t is the Ethereum price increase. It rendered the project extremely expensive to work with, so we have found a way to gather more audience.
The original Krakin’t project will remain on Ethereum, and the development will resume. In the meantime, we have realized the importance of having the people use the product. For this reason, we are creating a simple spot-trade that is entirely based on a block-chain.
The PION token is developed on the remains of the KRc (Krakin’t Cofounder) token.
Original idea was to gain the audience by creating an online platform for information sharing using the BSC network that was offering the cheaper prices. The token was supposed to be used for an online voting system, applying the various voting methods. However, BSC made a mess regarding the token approval, and approved the dead contract on Ethereum network. It has been almost two months since, and their “team” did not solve anything at all.
Having a token approved is a necessary step to be registered on exchanges, and to gain the users. Without it, the project fails, and therefore, KRc token got killed at the very start.
So, instead of waiting the approval and the messed up bureaucracy to show us some mercy, we have decided to develop a token that is also an exchange!
Therefore, regardless the approval of the main network, we can act as an exchange and become completely independent.
Many days have been spent coding the decentralized spot-trade using Solidity. We had to invent some of our own data-structures to use the database-less ledger of the Ethereum-based block-chain.
We are now in the second stage of development of the PION token exchange, which is the front-end design and interaction with the smart contract.
After losing the KRc, we have realized that our role in the cryptocurrency eco-system is meaningless. The next step going forward from the meaningless would be to become a pawn in “their” chess game of power and dominance. BSC network is just a big advertisement for the Binance exchange, while certain things that are free on Ethereum cost money on BSC (For example, the nodes to connect to block-chain). The pawn is the perfect analogy of what this token represents. We have chosen the black-pawn to symbolize the stripped-down source code to a bare minimum (due to Solidity and Gas prices), and also the private component that contains our own data-structures that solved the spot-trading problem using no database.
Differences between PION and other exchanges
- Anyone can register their token
- NO LIQUIDITY REQUIRED!
- Anyone can trade their tokens (there is no need for approvals)
- Your private keys are your own
- There are no log-ins and registrations required to trade, no passwords, no captcha…
- The exchange is independent of any centralized entity
- It is an actual exchange, not a swap, and not a relay…
- The pairs are any-to-PION and PION-to-any, which opens a possibility of the automated chain-trade and a programmable trade.
- The front-end DOES NOT need a server, and it can be run from any machine, phone, application, …
- It cannot go down and get banned.
- It is 100% independent and does not follow the BTC market dominance
- You mine the PION tokens by claiming, and therefore save time and electricity. No token-farming, no BS.
- There is a halving mechanism involved, and therefore, the price of the PION guarantees an increase based on a demand !
- Stable price in comparison to a price of claiming
- Token can be released on ANY network that supports smart-contracts (initial language is Solidity, but this only means that it can be easily translated to anything else).
There are two components to this token. One is open-source token and a closed-source interface to exchange data-structures. Open-source is where depositing and withdrawals happen, and the code is good enough to show that nobody is able to take your money. The closed-source component will be revealed when the risk becomes a minimum, so that other people can improve the exchange and publish their own code.
What comes next?
This is all a prelude to a vision of Krakin’t and what it had in mind. We will work on the front-end that anyone can run from anywhere. It will be an open-source project. Then, we will make a centralized entity to help aiding the missing indexing that users will keep as a text-file or JSON on their end (this will be explained much later, a feature removed from contracts due to GAS prices). And then… we will offer the free data-analytics engine that will help you find the best token for an early investment…
If successful, Krakin’t will continue on its original path, which is more than just an exchange, and it is the type of an exchange system that has not been done before…