Powabit Transparency Policy
We want our users and investors to feel safe, that’s why we care that they are informed about the mechanisms and procedures
in our tokens, dapps and actions that we carry out.
Powabit founders @devmexos and @realKND have successfully completed the verification process of their identities in order to provide security to investors in relation to our tokens and ecosystem applications.
In the event of any irregularity not substantiated by the team, investors can resort to the IDO Presales contact means and report it (https://t.me/Idopresales_com).
IDO Presales Report
Powabit Token ($POWA) Code Audit
The Powabit token code was audited by InterFI Audits. The company thoroughly analyzed the contract to find flaws and detail its functionality.
The report can be viewed at:
As detailed in the document, the contract does not present any failure in its operation.
There is only one point to consider, we have a mint function in our token, whose argument is detailed in the next section of this page:
Powabit Token ($POWA): Mint function
We have a token minting mechanism, which may be used in the future to balance the token level to a minimum dynamic range (not less than 100.000 tokens, as costs in certain services and rewards may present display issues based on to decimals). This is due to the fact that we have automatic burning systems on the platforms such as PowaDAP, our NFT game Powa Worms and PowaEX (as well as future projects).
The mechanism also allows us to include a flow of tokens on demand to include reward systems in the aforementioned platforms, if the amount of tokens in reward contracts demand a certain number of tokens (all tokens from treasury of the Powabit project must first be used).
The minimum dynamic range is set to a minimum of 100.000 tokens available for circulation and minting will only be executed when the number of available tokens is reduced below that amount, with the only exception that the reward systems demand a certain number of tokens greater than that available in said systems, whose generation of tokens will be duly notified.
The manual minting of tokens must be communicated in the actions log (powabit.com/actions-logs) at powabit.com/transparency-policy as a transparency policy.
In the case of not complying with the guidelines described, we have the due process of KYC where inappropriate movements can be reported.
Powabit Ecosystem - Actions logs
As part of our transparency policy, we define a report of relevant actions that we execute in the contracts of our ecosystem, together with a description explaining and detailing information about them.
You can check the different actions from the following page:
* Sometimes it can take a while for updates to be included.
We have a Market Maker system for our partner tokens ($BBTC, $EATH and $POWA), which we activate in certain determined periods based on the volume level of the markets. This in order to promote dynamism in the markets from small transactions that constantly generate volume in them, supporting the organic development of the markets and their diffusion.
So that you understand how the MM works, it is like this:
The system sells tokens within a random range (with specified minimums and maximums). Then the system repurchases in stages from 98% to 99% of what is sold, leaving an average rate for gas (this is what has been determined now). The gas is periodically transferred to the wallets that execute actions in the Market Making contract.
At certain points, the internal oracle carries out repurchases with injections of surplus gas. On certain occasions and in the event that there is an organic growth in the markets, part of the surplus can be used for the collection of the development and marketing treasury of the projects.
This determines a cycle (buy and sell transactions). The cycles are usually a total of approximately 4-5 transactions, in which each one has a gas cost that can vary between approximately 1 usd and more (that is why the gas rate is determined and varies depending on the load of the network, BNB costs and the transfer function of the various contracts) and last approximately 6 minutes for each action execution.
CoinMarketCap and CoinGecko alerts
Message on CoinMarketCap:
“Smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please exercise caution before taking any action and DYOR.”
Message on CoinGecko:
“The following token has a variable tax function on the smart contract to change tax rates post deployment.
Do your own research and be careful if you are trading this token.
This is totally normal in new listings, since they require control of certain features in the contract for their functionality, mainly when they are going to work together with more complex systems such as dapps.
The alert appears because Powabit has a mint function, which is detailed and justified in the section “POWABIT TOKEN ($POWA): MINT FUNCTION“. The necessary documentation has been sent for CoinMarketcap and CoinGecko to consider the proposed justification.
There are several projects that are even in advanced capitalizations that have a mint function such as Cake, Maker, 1inch, Gala and many more. Everything is correct as long as its use is justified and the necessary support.