Pyramidion Cryptocurrency LLC
Smart Contract Audit
Smart Contract Audit Certificate
Pyramidion, PYRA, Mars Money, The Advocate Coin:
A De-coupled Global Index, Non-Convertible DApp Barter Token
The capstone or pyramidion is the highest block or mount of a structure. Pyramidion’s namesake describes the concept of the barter credit methodology and the number of blocks in its construction. It is nicknamed “The Advocate Coin” due to the personality type of the concept's visionary Damon Danner, and the nature of the token itself. Since PYRA is non-sovereign and represents a global economy it is envisioned to be the chosen asset for Mars at colonization. Pyramidion is created by a smart contract, powered by secure blockchain technology and has a total supply, but is not pegged to any single currency, technology, asset, real estate, resource or state. Pyramidion is a digital asset that captures equity from the exchange of goods or services where fiat or cash money is usually not involved. It becomes a way to barter backed by individuals - true public DeFi. Pyramidion's Barter Credit is derived and reaches a consensus from the totality of the cryptocurrency market. The concept came to mind in October of 2017 and would not have been viable without the explosion of digital asset creation. Please read the Barter Credit methodology section for a detailed explanation. Like a pyramid, it takes many years and a lot of manpower to reach the construction phase of placing the Pyramidion.
Pyramidion is not TRADED on exchanges. If PYRA is available on an exchange, it will be as an OFFERING ONLY at the same release price from Pyramidion. The smart contract has no API (Application Programming Interface) which is a software intermediary that allows two applications to talk to each other. The smart contract does not interact with any virtual currency. The smart contract has no special instructions outside of keeping track of tokens and the Smart Contract Interaction Fee. Pyramidion has made it impossible to report pricing to an exchange, wallet or platform for secondary sales or swaps while allowing customers to choose their wallet. A peer could place Pyramidion Tokens on a DEX (a decentralized exchange, which is peer to peer) but there would be no pricing information or fund available to trade/swap or cash the token. Utilize the Pyramidion APP to calculate a number of tokens to send and wallet values.
Pyramidion shall not buyback its tokens. Pyramidion Cryptocurrency LLC shares no common interest with its purchasers. No ownership is granted in Pyramidion Cryptocurrency LLC with token purchases. No ownership is claimed by Pyramidion Cryptocurrency LLC for goods or services bartered with Pyramidion tokens. There is no dividend paid on the token. Pyramidion offers no goods or services for the token. The funds used for purchasing Pyramidion tokens belong to Pyramidion Cryptocurrency LLC. A peer will have purchased a token with a universally agreed-upon Barter Credit. The project is developed and no manager, company, or centralized entity directs the development of the Pyramidion Cryptocurrency project. Pyramidion is sufficiently decentralized in operation, has a clear working product and the value of its token is tied to utility and not the expectation of profit - token barter credit appreciation does not equate to profit.
Pyramidion endorses Trustwallet for holding, sending, and receiving Pyramidion tokens. The logo has been attached for Trustwallet. Your security and seed phrases are your responsibility, keep them handwritten, and securely stored. It is not recommended to screenshot a Seed Phrase and save it to a phone or computer. A safety deposit box would be ideal. Use a password and two-factor or two-step authentication if it is available. Pyramidion cannot recover passwords, seed phrases, or tokens for your wallet. Transactions are not reversible.
Your platform must accept ERC20 tokens to receive Pyramidion. Do not use an exchange/hosted wallet like Coinbase to accept Pyramidion tokens or your Pyramidion tokens will be lost forever. If you like Coinbase they have a DApp wallet that can accept ERC20 tokens and you can connect and transfer coins directly from your Coinbase account to the Coinbase DApp wallet. MyEtherWallet (MEW) and MetaMask are also great options.
Barter Credit Methodology
Pyramidion utilizes Coingecko's API to populate a column in a Microsoft Excel spreadsheet. Almost every available asset traded on the exchanges is inserted into a column with its current price. All "null" values, errors, and assets trading below a penny are removed. A simple average is then calculated. This agreed-upon Barter Credit is assigned to the Pyramidion Tokens. The barter credits are equal to $1 for math and tax calculations.
The API utilizes pool-data and covers almost every asset on the exchanges. There is no need for real-time data with Pyramidion as it is not an exchange-traded asset, but still gives an accurate snapshot of the crypto space. The API automatically adds or removes digital assets in the spreadsheet. The Barter Value is auto-updated every five minutes. In the case of an API stoppage, there will be a freeze on the Barter Credit until all operations are fully functional - this has not occurred to date and is unlikely unless the crypto space shuts down :) Wild swings in the barter credit are normal as huge companies move assets across the blockchain and the barter credit.
Problems / Solutions
Compatibility: Why try to reinvent the wheel? This is why Pyramidion chose Ethereum. Ethereum is not just a cryptocurrency or store of value. It is a software platform. There is a very large development community with the Ethereum platform. Pyramidion can interact with many platforms as an ERC20 standard token.
Ease of use / Accessibility: Pyramidion can be utilized by any ERC20 capable wallet. Add the PYRA App to your favorites in your browser or create a link on your cell phone. The APP is a custom calculator. For bartering a QR code can be scanned in person or sent in any platform's messaging service capable of sending a photo: FB messenger, Whatsapp, Slack, Telegram, Signal, Twitter, Skype, Zoom, Instagram, etc. Of course, a peer can simply send their receive Ethereum public key to receive the PYRA tokens. ENS Domain names are a recent development making it easier to type in a peer's user name instead of a long key. Example: Pyramidion.eth
Decentralization, speedy transactions, and logging of transactions are native to Pyramidion because it is an ERC20 token. All transactions are publicly verified on Etherscan. Pyramidion does not operate its network, wallet, or an exchange and has no custom coding outside of the smart contract. There is no intermediary needed to utilize the token.
Whale Proof: An entity cannot dump Pyramidion en masse and lower the Barter Credit, nor buy up the supply of tokens and raise the Barter Credit. Manipulations in the barter credit are virtually eliminated, unless a person, group or country decided to buy up the entire cryptocurrency market and hold them to raise the Barter Credit.
Wash Trading: A third-party research group has reported top cryptocurrencies are wash traded between exchanges or bots and boosts trading volume artificially. Investors should be aware of this activity and not mistake it for use of an asset on a network. Pyramidion cannot be wash traded.
Security and Immutability: There are no exchanges to hack. The PYRA App has no download. No wallet keys or personal information is utilized in the PYRA App. All aspects of Pyramidion are easily understood and transparent. No single entity can dilute the barter value of Pyramidion. There will never be a hostile hard fork or highjacking of the Ethereum Network. There will be no governing body and operational rules are set in stone. Your security and tokens are literally in your hand.
Technical Debt: Why use Wix, Microsoft SharePoint, Excel, and other off-the-shelf systems to build the project? There is a term, "Technical Debt" which applies to companies that must upgrade their systems or hire vendors to keep up with development. Pyramidion utilizes WIX because they are a large company that can handle any amount of traffic and hosting is reasonable. Wix websites are WYSIWYG and easily managed by novice website builders. Microsoft Excel is used to compute the Barter Credit because of its reliability and there is no need for specialized code or upgrades. Anyone can verify Pyramidon's current barter credit with the API link used to populate the spreadsheet and applying the vetting rules. The Barter Credit sheet is hosted on Microsoft SharePoint. All of these methods are part of Pyramidion's set of core values for a reliable, secure, and decentralized product.
FOMO: The agreed-upon barter credit of the PYRA token is known before purchasing the token. There are 100 Billion tokens in the first release at One USD ($1). Pyramidion does not anticipate the need for the second release at $2. You are not missing out. No Fear. PYRA is for USE.
Transparency, Integrity, Security, Legality, Self Accountability
A decentralized and lean operation with the most efficient, secure, autonomous, and cost-effective procedures implemented.
There will never be an IPO. Tokens are 100% owned by individuals.
Know Your Customer / Anti Money Laundering
KYC checks are required to PURCHASE Pyramidion tokens. After a customer has possession of PYRA there is no further relationship with Pyramidion Cryptocurrency LLC. Pyramidion Cryptocurrency is under the BSA for token sales and any transaction of $1000 or more with cryptocurrency is under obligation to report the customer information to FinCEN.
Privacy: Pyramidion's customer database is not for sale. No information is shared. If Pyramidion is required to share customer records by a subpoena or regulations, we will comply.
Customer records are destroyed upon reaching legal holding limit requirements unless requested to NOT DO SO in writing to Personal records are a liability. KYC checks include a passport or driver's license / ID card and proof of address only and no financial information is required.
The asset list at the top of the page is the list of assets utilized to calculate Pyramidion's Barter Value, feel free to research them. It is auto-updated with assets as they are created and listed or delisted. (Under Maintenance, visit Coingecko for asset research)
No further tokens will be created and no tokens will be burned. The token supply has been minted and awaits distribution from Pyramidion's Wallet.
The Transmitor holds all Pyramidion Tokens. No other entity holds PYRA tokens until sold. 100% of tokens are owned by users after purchase. (If an entity is entitled to an amount of PYRA in the future for any reason, I will update it here - Damon)
Tokens will be released in 100 Billion token increments in ascending pricing: The first 100 Billion at $1.00 The second 100 Billion at $2.00 The third 100 Billion at $3.00, and so on until one trillion tokens have been distributed. The .01% Smart Contract Interaction Fee in Pyramidion token is not used to calculate the release. The high supply of tokens is "just in case" and only released as needed. Pyramidion Cryptocurrency does not expect to reach the second release.
All forms of payment will be listed in the token control dashboard.
Pyramidion's Barter Credit is not derived from company performance or revenue flow. Pyramidion is not on a supply and demand algorithm in and of itself.
Some projects utilize an index fund (ETF) for an index of cryptocurrencies or trade index tokens themselves on a maker/taker basis at exchanges. Pyramidion utilizes all assets reported by Coingecko to calculate a simple average. This agreed-upon Barter Value or the number of barter credits is assigned to the Pyramidion Token. Barter credits are equal to $1.00 for math calculations and IRS tax purposes.
Fees: Determine your favorite wallet's fees for sending an Ethereum token. The sender of the Pyramidion token supplies the gas. The receiver supplies a .01% Smart Contract Interaction Fee, which is calculated by the number of tokens sent multiplied by .0001 The Smart Contract Interaction Fee is in Pyramidion token and migrates back to Pyramidion's wallet. The Smart Contract Interaction Fee is reflected in the amount of Pyramidion received. The smart contract interaction fee is applied to every transaction from any platform. If you transfer tokens to a different wallet, the Smart Contract Interaction Fee still applies. This fee is to deter spamming the network.
Taxes: See Line 21of the IRS Tax Form 1040A. Pyramidion is responsible for sales tax on token purchases. Currently, Pyramidion Cryptocurrency LLC is a tax pass-through and will be taxed as personal income for Damon Danner for token sales. Both parties in trading goods or services with the token will be responsible for reporting the fair market value of goods or services as income on their tax returns. Use the Pyramidion App to email your receipts for record-keeping.
How is the Barter Value of the token valid without cashing at an exchange, or converting to virtual currencies or fiat? Pyramidion is a non-security, non-MSB, non-convertible DApp barter token. The current Barter Value is made valid between peers through equity from the goods or services in the barter exchange and taxation by the IRS as income. It is Pyramidion's OPINION that this taxation makes the receiver of Pyramidion tokens liquid on receipt (when a token is received for goods/services) IRS tax law does not take this into account. The second use as a payment method could be argued because of double taxation on the same tokens. IRS tax law states that non-exchange-traded digital assets are taxed as income for the fair market value of goods and services at the time of the barter exchange. This is a new technology and tax law will continue to be refined for digital assets.
Donations / Nation Building / Community Finance: Pyramidion Cryptocurrency LLC assigns 5 Billion tokens for humanitarian purposes which will be counted towards the second release pricing of $2. The United States Government could authorize or purchase an amount to donate for a country to utilize, IE: Set aside an amount of money to back the tokens, the Pyramidion tokens eventually migrate to Pyramidion's wallet as sovereign systems are implemented.
Until a Pyramidion Token is utilized in a barter transaction between peers, a token transfer ( donation or gift ) has taken place, but no value is being transferred or moved on the blockchain, and no taxable event has occurred.
Pyramidion is a non-sovereign digital asset that captures equity in the exchange of goods and services. Pyramidion is not a traditional currency in its nature and unlike any other project in structure. It is backed by the people that use it.
NUCLEAR OPTION / WORSE CASE: PYRA will never go to zero. If there is an operating Ethereum blockchain and for some unforeseen reason a barter credit consensus cannot be reached through a global index, it will be universally agreed upon at 1000 barter credits for each PYRA token. If this nuclear option were to happen it would be for reasons which would not allow for a normal life as we know it. There would be no entity to accept your tax payment, you would be growing your own food and there would be no fiat money. This asset is built for barter.
Supported Use Case
Peer to Peer informal barter: The IRS considers tokens property. Any transaction with Pyramidion is considered a barter exchange. Both parties must report the fair market value of goods or services in the barter exchange as income on their tax returns. The Pyramidion APP supplies all necessary functions to email a detailed barter transaction receipt. Choose your favorite wallet to send/receive PYRA.
Alternate Use Cases (Pyramidion does NOT provide services for these use cases)
Business Barter: For a business use case, please consult your tax preparer or accountant. Any unused barter credits may be counted as a capital gain (this is an example from brokered business barter exchanges with barter credits on their account and may not apply for casual business use). You must file a 1099B and Pyramidion does not provide this service.
International Barter Trade: Countries could barter goods without an intermediary or shipments of physical goods and still have an account or credit for barter exchange. All International laws apply, this goes without saying. Pyramidion moves on a public blockchain.
Corporate pre-built non-custodial utility: Easily move assets within an organization.
Donations: Donate PYRA to a good cause, no tax burden on the receiver as a gift.
Government use: The United States Government could authorize or purchase PYRA to donate to a cause. The government could asset back an amount of PYRA tokens for temporary economic relief. The Pyramidion would eventually get used up with use and returns to Pyramidion's wallet over time. The government can purchase tokens and utilize them as they see fit.
Video Game utility with real-world use. In-game prices could reflect the real world. Utilize your own point system and payout in PYRA tokens.
Rewards / Incentives: Purchase an amount of PYRA tokens and hand them out like merits. Have a prize for the token holders.
Asset-Backed digital asset: This may require you to register your tokens with the SEC and other legal implications. PYRA tokens become backed when they are used in an exchange between peers.
Safely move asset-backed PYRA tokens without fear of losing actual assets. Keep your accounts safe and simply purchase more PYRA if tokens are lost - like a sacrificial token.
Concert Entry: Treat PYRA tokens as an entry token. Cash-out with an escrow service. Your Wallet transactions are easily tracked and return back to your wallet upon entry by attendees. The cashout is the number of tokens received in the final transaction back to Pyramidion. Any tokens not used belong to the owners. Pyramidion is not responsible for collecting PYRA tokens.
I.O.U. Token: Lend peer to peer with an agreement to buy-back PYRA tokens at barter credit value or whatever terms you choose.
Write up a simple agreement and reference a transaction hash. Reference the wallet addresses of the parties involved in the agreement. The PYRA App can send your receipts for payments. This is a legally binding agreement.
Transaction hash example: 0x77aced12c543718b4c9bd8bd6330b63b388662f9db07748fc45b841a55284888
1: Pyramidion - (singular) is the uppermost block of a structure and the name of the token.
2: Pyramidia - (plural) "I have 10 pyramidia."
3: Block - a decimal unit of Pyramidion, as a "Satoshi" is to Bitcoin.
4: Quarry (mine) blocks through your referral link.
5: Pyramaniac - A supporter or holder of Pyramidion Cryptocurrency
6: DAmbassador - Decentralized Ambassador, A non-contract voluntary ambassadorship over a territory.
7: API - the acronym for Application Programming Interface, which is a software intermediary that allows two applications to communicate.
Project inspiration and energy - Mackenzie L.
Pyramidion utilized Blockchain Consilium to create/code and perform an international standards audit on the Pyramidion smart contract. The audit is required of assets that are to be listed on exchanges. It was not necessary for the project, but customers should be able to read the contract audit and know the smart contract operates as stated in this whitepaper. The smart contract has no High, Medium, or Low vulnerabilities and was well worth the capital expended for a rock-solid, immutable, and trustworthy smart contract.
ALL coding of the Pyramidion Smart Contract is public/open source and MIT licensed.
This whitepaper shall be considered Pyramidion Cryptocurrency LLC's legally binding operating agreement.