Pyramidion Cryptocurrency LLC
Smart Contract Audit
Smart Contract Audit Certificate
Pyramidion, PYRA, Mars Money, The Advocate Coin
A Non-Security, Non-MSB, Non-Convertible, DApp Virtual Currency for informal P2P barter exchange.
The capstone or pyramidion is the highest block or mount of a structure. Often when pyramids have doorways, the capstone can lock or wedge the rest of the blocks tightly together and give strength. Pyramidion’s namesake describes the concept of the pricing method 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. Pyramidion is created by a smart contract, powered by secure blockchain technology and has a total supply, but is not pegged to any single fiat currency, technology, asset, real estate, or resource. Pyramidon's Barter Value is derived 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 Value 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 and has no API (the acronym for Application Programming Interface, which is a software intermediary that allows two applications to talk to each other) available to report pricing to a platform. 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 Cryptcurrency 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 Value. The project is developed and no manager, company or centralized entity directs the development of the Pyramidion Cryptocurrency project. Pyramidion is sufficiently decentralized in its operation, has a clear working product and the value of its token is tied to utility and not the expectation of profit - token price 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. Do not screenshot this information and save it to your 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.
Barter Value 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 any assets trading below a penny are removed before the simple average is calculated. This agreed-upon Barter Value is assigned to the Pyramidion Token.
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 or a company breaking the chain in Pyramidion's operation, there will be a freeze on the Barter Value until all operations are fully functional - this has not occurred to date.
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: Pyramidion can be utilized by any ERC20 capable wallet. Add the Pyramidion APP to your favorites in your browser or create a link on your cell phone. The APP is a custom calculator. 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 Pyramidion Tokens.
Decentralization, speedy transactions, and logging of transactions are native to Pyramidion because it is an ERC20 token. All transactions are publicly verified on Etherscan. All aspects of Pyramidion's operation are outside of itself, including the software platforms used to build the project. Pyramidion does not operate its network, wallet, or an exchange and has no custom coding. There is no intermediary needed to utilize the token.
Whale Proof: An entity cannot sell off Pyramidion en masse and lower the Barter Value, nor buy up the supply of tokens and raise the Barter Value. Price manipulation is virtually eliminated, unless a person, group or country decided to buy up the entire cryptocurrency market and hold them to raise the Barter Value.
Wash trading: A third-party research group has reported top cryptocurrencies are wash traded between some exchanges or bots, this boosts trading volume artificially, it is not illegal, but investors should be aware of this activity and not mistake it for use of an asset on a network. Pyramidion cannot be wash traded.
Accessibility: A wallet that can accept ERC20 tokens can utilize Pyramidion. You may have to add the smart contract manually in your platform of choice. Pyramidion's smart contract address, symbol, and the decimal place is displayed on the home page.
Security and immutability: There are no exchanges to hack. Pyramidion has no app to download or hack. No wallet keys or personal information is utilized in the Pyramidion 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. This whitepaper shall be considered Pyramidion Cryptocurrency LLC's operating agreement. 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? Why let customers choose their wallets? 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 Value because of its reliability and there is no need for specialized code or upgrades. Anyone can verify Pyramidon's price with the API link used to populate the spreadsheet and applying the vetting rules. The Barter Value sheet is hosted on Microsoft SharePoint. Choose your wallet for convenience and savings on technical debt. All of these methods are part of Pyramidon's set of core values for a reliable, secure and decentralized product.
Transparency, Integrity, Security, Legality
A decentralized and lean operation with the most efficient, secure, autonomous and cost-effective procedures implemented.
There will never be an IPO. Pyramidion will never be traded on exchanges. Pyramidion will never go "public."
Know Your Customer / Anti Money Laundering
KYC / AML will be handled in your account with the token control dashboard. You cannot launder money with Pyramidion as you cannot cash out on an exchange. Pyramidion is seeking counsel to clarify if KYC/AML is required on this project. If someone can illustrate a way it could be used to launder money (there will be a bounty) please share it in the blog, so the issue can be addressed.
Privacy: Pyramidion's customer database is not for sale. If Pyramidion is required to share customer records by a subpoena or regulations, we will comply.
(06/23/2019) "There has been NO CONTACT from the SEC for months. They have the light paper and know how Pyramidion Cryptocurrency operates" - Damon
(08-12-2019) Paraphrasing the response from the SEC. "Interact with the finhub." I have submitted the whitepaper again and have asked for my next steps on the finhub. I will update again when I can get a concrete answer, all emails will be posted. - Damon
(08/28/2019) I received a call from two SEC lawyers. Paraphrasing the response. "We cannot say over the phone whether Pyramidion is or is not a security, but feel the courts will deem it a security." I have formally requested a hearing with a judge or court to clarify Pyramidion through finhub. Securities Lawyers in Louisiana seem to be "damages" attorneys and are not interested in interpreting SEC guidelines. "I will continue to reach out for counsel. If the SEC refuses to grant a meeting/hearing with a judge or court, I will move forward with token sales after filing for an exemption. - Damon
(09/06/2019) "I interacted with the SEC's finhub yesterday. I explained that I would be knowingly filing a fraudulent federal form if I filed for an exemption. All of the forms mention some kind of fundraising or investing by a customer. All definitions of the terms in my simple understanding do not apply to Pyramidion and I have asked for clarification on the definitions of the following terms: Investor, Raising funds, Investment, and some others. If you do not own a part of Pyramdion in our transactions and the project is complete and ready to launch, what are people investing in? Pyramidion is much like an e-book and I'm confused about the common definitions of these words. I do not want to knowingly file a false federal document that implies investment or fundraising." - Damon
(09/30/2019) "I have left a message with FINRA explaining the situation and asked for guidance. The first person I spoke to said "They have someone at the SEC you can speak with," I referenced the above conversations."- Damon
(10/28/2019) "I have mailed a letter to FinCEN requesting a determination of Pyramidon's status as a Money Service Business."
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.
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.
No person personally holds Pyramidion Tokens before release from Pyramidion's token control dashboard.
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.
All forms of payment will be listed in the token control dashboard. There will be a referral link to share and tokens will be awarded if someone utilizes your link - 20% bonus for your first 10 personal purchases. 2% lifetime bonus on all your referral's purchases.
The agreed-upon Barter Value of the Pyramidion token is known before the start of the token sales.
Pyramidion's Barter Value is not calculated from an algorithm in and of itself or tied to its supply or demand.
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 takes a simple average of digital asset prices traded on the exchange(s) with a simple set of vetting rules. This agreed-upon Barter Value or barter credits is assigned to the Pyramidion Token. Pyramidion is not traded, converted or cashed at exchanges. Barter credits are equal to $1 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 this PDF> 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, converting to other virtual currencies or fiat? Pyramidion is a non-security, non-MSB, non-convertible DApp barter currency. The current Barter Value is made valid between peers through equity and taxation by the IRS as income on the barter exchange. IRS tax law states that non-exchange-traded tokens are taxed as income for the fair market value of goods and services at the time of the barter exchange.
Until a Pyramidion Token is utilized in a barter transaction between peers, a token transfer has taken place, but no value is being transferred or moved on the blockchain, and no taxable event has occurred.
Use Pyramidion Tokens for any transaction between two parties that agree to it.
Peer to Peer informal barter: Any transaction made 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. If a peer is only sending Pyramidion tokens on the network, no value is moving on the blockchain and no taxable event has occurred.
International Barter Trade: Countries can barter goods without an intermediary or shipments of physical goods and still have an account for barter exchange.
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: API - the acronym for Application Programming Interface, which is a software intermediary that allows two applications to talk to each other.
Pyramidion hired Blockchain Consilium to code and perform an international standards audit on the Pyramidion smart contract. It 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 it operates as stated in this whitepaper. It has no High, Medium, or Low vulnerabilities and was well worth the capital expended for a rock-solid, immutable and trustworthy smart contract.