As an investor, you might be wondering, why Pungo Token? We believe we achieved the “best of two worlds” approach to token economy, taking the stability of classical finance and the versatility of ICOs.
BuyBacks are a common form of value distribution to asset holders and are used by many companies in the classic financial system.
The Public BuyBack Fund is filled with streams of revenue coming from different products implementing the Pungo token. The funds are stored in escrowed multisig cryptocurrency accounts.
We have partnered with INLEA FOUNDATION, through its Opening Chain Project. The Foundation provides an escrow service on the Public Buyback Fund and a set of transparency reports which are monthly published in its website.
Public Buyback Fund is kept in 2 of 2 multisignature cryptocurrency accounts which are controlled by 2 entities guaranteeing the accumulated funds are only used to buy back Pungo tokens from token holders.
Pungo ensures scarcity of the Pungo Token through two mechanisms:
Only 10 Million PUNGO ever The company has established a finite number of Pungo tokens. No more Pungo tokens will ever be created so only a limited supply of tokens exists.
Burning tokens bought back Pungo tokens which are bought back are effectively burnt. This is publicly verifiable through a blockchain explorer. Burning renders the token eternally unspendable.
Find more information on the following public papers: