Zoocoin was created by a group of cryptographers and cryptozoologists to raise awareness of the need for a crypto-currency that is fully incorruptible, eco-friendly and easily transferable, while simultaneously promoting conservation efforts in the animal kingdom. This is achieved through adding a unique new method of transaction—the Zoocin Protocol—that automatically burns a percentage of Zoocoins each time they are spend, incentivizing the average token holder to encourage conservation by handing out Zoocoins to members of the animal kingdom.
ZOOCIN is a new cryptocurrency related to the Zoocoin Protocol, a new animal crypto chain that rewards the average token holder by implementing manual burns. Zoocoin is a protocol for a new animal crypto chain that targets the average token holder (i.e. people who invest in cryptocurrency but are not necessarily cryptographers) by rewarding the token holder when they burn tokens, which is a process of manually destroying the tokens.
The Zoocoin protocol is the first community-run tiered crypto farm to implement a reward system for tokens based on static rewards and transactions charged a 10% fee. The platform splits the fee into two parts, half of which is redistributed to existing token holders. The remaining half is also split into two, one is exchanged in Binance Coin (BNB) and the other half is automatically matched/patched in the liquidity pool via a pancake exchange.The Zoocoin protocol integrates innovative centralized and decentralized financial products and advanced game-free token mechanisms. And not only that: You will find excellent implementations in the following areas: DEX, Oracle, Swap Lending, insurance, etc.
The Zoocoin protocol ecosystem consists of four main elements.
1)Zooter, a decentralized Twitter-like platform that allows users to like/dislike posts by burning Zooter.
2) ZSwap – an integration that allows users to directly exchange one token for another, without having to turn to decentralized exchanges and other third-party exchange platforms.
3) Zoolet, a first in cryptocurrencies for animals, which allows users to invest in the cryptocurrencies of their favorite animals.
4)Zoocoin (ZOO), a cryptocurrency issued with a static reward mechanism that protects it from wild price fluctuations.
There’s also ZooNFT, where ZOO owners buy blind NFT boxes and get rare NFT discs, and ZooPass, an NFT token that shares dividends from Zootopia DeFi revenue. It is actually a passport system divided into seven levels, allowing Zoocoin users to enjoy various additional benefits depending on the level.
The platform is built on Binance’s Smart Chain and has opted for manual burning instead of continuous burning, giving the team more control over the flow of the part. According to Mint engineers, giving more control over the delivery of ZooCoins will increase transparency and benefit holders in the long run.
But how will investors benefit from hand burns?
Benefits of manual burns over outdated continuous burns
Take Joe, who in our example is an early adopter of the proprietary Zoocoin protocol token, Zoocoin. The core of the Zoocoin protocol is said to be 100% community-based, and the reward mechanism aims to reward the most loyal holders. The economics of tokens means that rewards on the platform depend on trading volume. This is commonly referred to as a static reward mechanism, and the development team says they are using this mechanism to solve some of the problems inherent in digital components. So let’s take a step back to Joe.
Joe receives dividends based on the number of ZooCoins he owns. These dividends come from transaction costs. Remember, it was mentioned earlier that the platform charges a 10% commission to all holders who decide to sell their chips. Yes, Zoocoin aims to curb price volatility and prevent the selling pressure that inevitably leads to volatility.
Manual engraving now takes over the periodic verification of circulating coins. When the number of pieces is limited, the demand is high and so is the price. A loyal long-term investor like Joe will benefit greatly over time from the rising price of chips.
How does the team work to make the hand mark transparent?
The development team went ahead and burned all their tokens and all tokens in their developer portfolio to increase fairness and transparency and create a platform that works more for the community than for the engineers. Moreover, the platform plans to disclose the number of Zoocoins burned to further promote transparency and decentralization. This way, the community can easily keep track of the number of tokens in circulation and make informed decisions about their future position.
The platform’s own token, Zoocoin, is used as the primary holding unit for the ecosystem’s native wallet. Other features include hand-burned redemption transaction costs, asset selection by community vote, and as a unit for accumulating rebates.
Baseline
The Zoocoin protocol development team has extensive experience in cryptography, economics and computer science. With this knowledge, they are more than confident that their invention will eliminate some of the problems associated with decentralized funding and introduce an updated reward mechanism. The Zoocoin team has burned LP tokens for the permanent blockchain. There is no risk of the carpet being pulled out. The Zoocoin can be purchased here at PancakeSwap. You can buy the ZPass here
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