The whitepaper of Benyke Finance project.
BENYKE FINANCE WHITEPAPER
OVERVIEW
“Ultimately the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world,” Vitalik Buterin
Benyke Finance was inspired by the above submission of one among the leading voices in crypto space. This comes with the desire to take Decentralized Finance and NFTs to a whole new level by solving those financial problems, whose solutions are only currently assessed in the centralized world. The world has woken to a reality of absolute WEB3 future of internet technology.
The shift from web2 to web3 is gradually getting momentum with its promise to wrestle the control from big tech firms who currently owe their essence to the centralized platforms and create a new world with users having control over their data, while opening the doors to abundance, freedom and prosperity. We duly realise this change we seek will not be instant, as both web2 and web3 will exist alongside each other for a long time to come and may sometimes be combined in the process as we transition to a true decentralized world.
Currently, nearly all big corporations and governments are run on web2, the technology that gives them huge control over the affairs of men. Meanwhile, these institutions as it is today are known to be rendering one service to the other which are absolutely necessary to the survival of this world. And we know that, not all these services can be replicated on web3 without serious challenges. This essentially is the core reason why the movement is considered wise to be gradual while Web3 evolves and replaces the old ways of doing things. The world of finance is currently dominated by the centralized inclined operators with huge support from the governments and institutions, both local and international.
Although, the introduction of blockchain technology and cryptocurrency are today celebrated by a class of the society, who craves a decentralized finance world, the resistance from the governments and their regulatory institutions is a significant factor in the advancement of the recent waves of decentralized finance. The central authorities are clearly unwilling to let go of the grip they hold over the world finances. However, this will not be long as more and more discoveries and projects are coming into the space to address apparent challenges.
This is the bedrock for the establishment of Benyke Finance, a cryptocurrency project with the desire to replicate traditional financial solutions in the expanding decentralized finance world, while combining the useful purposes which NFTs are deemed to serve in crypto space”
INTRODUCTION TO BENYKE FINANCE
Benyke Finance is a complete pack of decentralized finance project premised on delivering those financial solutions to the blockchain space, which are only otherwise currently assessable in the centralized/traditional finance setting. Benyke Finance will redefine Defi and the use for NFTs, while increasing the blockchain users’ access to borrowing, insurance and investment opportunities, as it creates the platform for exchanges of digital assets on BNB Smart Chain (BSC)
BENYKE FINANCE ECOSYSTEM
Benyke Finance has a well-developed ecosystem that will not only sustain the missions but also serve a model role for other stakeholders whose desire is to ignite a new world of freedom, self-control and prosperity necessitated by Web3 technology. The following are the components of Benyke Finance Ecosystem;
BenykeToken BenykeStaking BenykeSwap BenykeCover BenykeFunding Benyke Marketplace BenykeCharity
BENYKETOKEN
BenykeToken is the token of Benyke Finance Ecosystem deployed as token smart contract on BNB Smart Chain. As a reflective token, BenykeToken incentivizes the holders from the taxes generated as stakeholders in the grand design of its project ecosystem.
BenykeToken is an automatic liquidity generator token based on its smart contract which is provisioned to distribute certain portion of the taxes to the liquidity pool. This is essentially to ensure continuous liquidity and tradability of the BenykeToken.
Benyketoken is the primary token of BenykeSwap and will be paired against all leading cryptocurrencies on BNB Smart Chain. This enables other token holders the easy accessibility to the services and opportunities which are unique to the Benyke Finance platforms.
BenykeToken is used to assess decentralized insurance service on Benyke Finance platforms. The insurance such as decentralized life, health and various other insurance policies which are made assessable through cooperation with insurance providing partners across the world. This is where the usability of NFTs that will be minted by Binance Finance will play major roles.
BenykeToken has the following parameters;
Token Name: BenykeToken
Symbol: BENYKE
Decimal: 9
Blockchain: BNB Smart Chain (BSC)
Maximum Supply: 100,000,000 BENYKE
Total Reflection Taxes: 7%
Contract Address: 0x2C29d6dA871a6B90D7b4aE470079Cdf5252dF5f8
Block Explorer: https://bscscan.com/token/0x2c29d6da871a6b90d7b4ae470079cdf5252df5f8
TOKENOMICS
REFLECTION
Auto Liquidity generation: 1% Auto yield generation: 1% Project: 5% TOTAL REFLECTION 7%
PROJECT’S REFLECTION BREKDOWN
Marketing 3% Buyback 1% Charity 1 % TOTAL 5%
Note: Buyback of BenykeToken will occur every quarter and will be burnt until the BenykeToken in total supply reduced to half.
TOKEN DISTRIBUTION
Presale: 20,000,000 BENYKE Liquidity: 9,500,000 BNEYKE Development: 45,000,000 BENYKE Staking Rewards: 10,000,000 BENYKE Airdrops and Bounty: 5,500,000 BENYKE Team: 10,000,000 BENYKE Note: Development token is vested for 5 years with 10 vesting period. Team token is also vested for 2 years with 8 vesting periods
BENYKESTAKING
This is an opportunity for the users who desire to create a passive income from their investment undertaking. Users will stake BenykeToken for a specific returns at interval; quarterly, half yearly or annually.
BENYKESWAP
BenykeSwap is a decentralized exchange on BNB Smart Chain which exists for the swapping of BSC tokens on Benyke Finance Decentralized application. BenykeSwap enable exchange of assets on the chain. On BenykeSwap, there are opportunities for the traders to swap, project owners to create liquidity pool and the investors to join the pool as well as farm their LP tokens.
BENYKECOVER
This is a decentralized insurance scheme designed as an integral part of Benyke ecosystem. It is an attempt to address real world insurance concerns of the users. We are presenting new proviledges to the blockchain users in the borderlessa ccess to decentralised insurance services which addresses both online and offline concerns.
BENYKEFUNDING
This is a unique borrowing protocol which Benyke Finance applies to solving funding of the blockchain users’ online and offline needs. It is a whole new perspective to the advancement of decentralised finance
BENYKE MARKETPLACE
This is the Benyke Finance platform for the trading of digital Arts-Non Fungible Tokens (NFTs). Benyke Finance intends expamds the current roles of NFTs s a class of digital asset in decentralized finance. Therefore, Benyke Marketplace shall be a platform that presents flexibility unprecedented in the trading of digital arts.
BENYKECHARITY
The blockchain and cryptocurrency are still at a budding stage of development. It requires all hands of the stakeholders to keep the wings on and collectively propel the industry to its desired height as the future of technology and money respectively. Therefore, it is considered instructive for the project developers to include as part of their plans, the need to return a part of the gain towards developing the industry. We are at the onset of Web3 and therefore a whole degree of researches, orientations and efforts are certainly needed to deliver the future we seek of this industry. Benyke Finance as a standing rule makes provision of 1% tax for the project’s reflection for the purpose of charity efforts, which will be directed towards funding more researches on blockchain, cyper-security, healthcare, education, pursuit of world peace and other emerging areas of attention needed to make our world a better place. .
MARKETING PLAN
As a project which sets out to serve identified needs in the space, we believe Benyke Finance is sustainable marketing wise. We have conceived a massive marketing plan to gain the necessary attention within the space. In the short, medium and long term, we will focus on building the community around the project and increase the numbers of holders of our BenykeToken. We will deliver the value and gain the trust of our holders as we repeatedly live up to the expectations of our community members. BenykeToken as an auto-yield distribution and auto-liquidity generation with low tax smart contract which rewards the holders is the first of so many marketing agenda embedded into the ecosystem. We therefore have ensured in our plan 3% of the reflection for the continuous marketing funding of the project.With this, we shall be able to explore all available avenue online and offline, social and conventional media in taking our message to our targets. This suggests that Benyke Finance will marketing plan is sustainable into the future as it has provided for self-funding mechanism in regards to its marketing endeavours.
HOLDERS CONFIDENCE
Benyke Finance considers her community of token holders as very paramount in the overall design, This is why we will bet our best to sustain our holders’ confidence. The following among other have been put in place to justify our claims;
TOKEN AND LIQUIDITY LOCK
All tokens allotted for development and team as well as the liquidity pool (LP) are be vested on PinkLock .
TEAM KYC
Benyke Finance Core Team members are to be presented for verification and certification by Coinchecker, as one of the KYC service providing partner of PinkSale. The implication is the check against potential excesses of the team and call to deliver on the stated promise of the project developers.
CONTRACT AUDIT
The BenykeToken smart contract is being presented to Coinchecker for code reviews for flaws, loopholes and vulnerability. Token Smart Contract, Dapp protocols for swap, staking, borrowing and insurance shall be presented to Certik for comprehensive audit once entire Dapp Development phase complete. These audit reports will be published on our Github repository for continuous reviews.
BUYBACK AND BURNING
As a serious measure to drive scarcity for BenykeToken, a provision has been made in the reflection for the purpose of buyback. Every quarter, the accumulated amount in the buyback wallet will be used to buy back BenykeToken from various exchanges it is listed on. The amount to be burnt will be announced on the community platforms and rest to dead address. This buyback and burn will continue until the total supply reduced to half. When this is eventually achieved, we believe it will have transformed into increase in the value of the BenykeToken.
BENYKE FINANCE COMMUNITY
Benyke Finance is a community driven project and we will continue to engage our community of holders through different social platforms as stipulated below: Telegram Chat: https://t.me/Benykefxdiscussion Telegram Announcement: https://t.me/benykefxmarket Twitter: https://mobile.twitter.com/BenykeF Facebook: https://www.facebook.com/Benykefinance/ Discord: https://discord.gg/4V7McCycVM Instagram: https://www.instagram.com/benykefinance/ Youtube: https://youtube.com/channel/UCokOF3WWxSydPImHDzwFbeA