Pengwyn BINC | The Community Initiative of the ICON Blockchain

What is Pengwyn BINC?
Pengwyn BINC is a multi-chain community initiative designed to be powered by various contributor groups on the blockchain. Contributors attain their status by holding specific Pengwyn BINC NFTs. These NFTs are designed to play a role in the hypothetical storyline of the Pengwyn Universe (Chain-Verse) and hold distinct voting power in the platform’s governance structure. The contributor groups in the platform are as follows:

• Pengwyn OG NFT Collection
• Pengwyn Waddle NFT Collection
• Pengwyn Token ($PNGWYN)
• Pengwyn Core Token ($CPNGWYN)

The governance structure of Pengwyn BINC allows these contributors to support Pengwyn BINC and collaboratively manage its Treasury Vault using the Pengwyn Autonomous Organization (PAO) on Pengwyn DAPP. Pengwyn BINC aims to increase the use cases of decentralized vaults and build a community with unique qualifications to manage these decentralized vaults for the growth of the brand.

The Contributors of Pengwyn BINC
Pengwyn BINC utilizes Non-Fungible Tokens (NFTs) to a build a new concept on blockchain. NFTs are basically tokens but compared to a single token powered platforms, NFTs enable a more detailed structure for a decentralized organization. Therefore, we have designed a platform that is powered by 3 different NFT Collections and 2 two different tokens. These assets bear different responsibilities and provides different utilities within Pengwyn BINC.

• Pengwyn OG NFT Collection: Pengwyn OG is the initial collection of Pengwyn BINC and consists of 111 hand-drawn Pengwyn NFTs. The collection forms the Pengwyn Council. For detailed information about Pengwyn OG NFT Collection, please check this section of our white-paper.

Pengwyn OG is the initial collection of Pengwyn BINC and it forms the Pengwyn Council.

• Pengwyn Waddle NFT Collection: The Pengwyn Waddle NFT Collection consists of 10,000 generative Pengwyn NFTs and is divided into four equally supplied editions, with each edition including 2,500 NFTs. These editions will be minted on four distinct blockchains, starting with the ICON Blockchain and ending with Ethereum Blockchain. For detailed information about Pengwyn Waddle NFT Collection, please check this section of our white-paper.

Each Zombie Pengwyn NFT carries the same vote power within Pengwyn BINC’s gamified governance structure.

• $PNGWYN Token: PNGWYN Token has a supply capacity of 25.000.000 units. Almost 80% of PNGWYN Token will be distributed to Pengwyn OG and Pengwyn Waddle NFT holders. For detailed information about PNGWYN Token and the distribution allocations, please check this section of our white-paper.
• $C-PNGWYN Token: C-PNGWYN (Pengwyn Core) Token is designed for the team to have a tokenized control right over Pengwyn BINC and has a supply capacity of 10.000.000 units. The team will leverage these tokens to expand their workforce, attracting talented individuals who share the vision of Pengwyn BINC and can contribute to its success.

Besides contributor’s roles and responsibilities, these assets provide voting power in the platform’s governance structure. The fully diluted version of the vote power structure can be found below:

Pengwyn BINC Vote Power Distribution Chart

For more information about the voting power structure, please check this section of our white-paper.

The Management Tools of Pengwyn BINC
To ensure effective governance and transparency within the platform, Pengwyn BINC implements specific tools that enable contributors to thoroughly check the platform’s activities and evaluate its overall position. These tools encourage Pengwyn BINC contributors to engage in fund audits and actively participate in decision-making through the management tools available on the Pengwyn DAPP.

• Pengwyn Autonomous Organization (PAO): The Pengwyn Autonomous Organization (PAO) is the core component of Pengwyn BINC, as it allows the contributors to collaboratively manage the Treasury Vault of the platform. For detailed information about PAO and its use cases, please check this section of our white-paper.
• Vaults Dashboard: The Vaults Dashboard is a comprehensive value dashboard designed to illustrate the current positions of the vaults for the contributors of the platform. The Vaults Dashboard includes Pengwyn BINC vault reserves and their details, such as asset types, amounts, and their values in ICX and USD. For detailed information about Pengwyn Stats, please check this section of our white-paper.
• Pengwyn Sales Force Program (PSFP): The Pengwyn Sales Force Program (PSFP) functions as an active income tool, providing Pengwyn BINC NFT owners with the opportunity to serve as intermediaries in both the Pengwyn Waddle NFT Collection and partner projects’ mint sales. For detailed information about Pengwyn Sales Force Program, please check this section of our white-paper.
• Pengwyn Suggestion Votings: Pengwyn Suggestion is an on-chain voting tool that empowers Pengwyn BINC contributors to propose suggestions and enables other contributors to vote on these ideas. This tool is a crucial component of Pengwyn BINC’s governance efforts as it provides valuable insights into the community’s expectations and documents them fully on the blockchain. For detailed information about Pengwyn Suggestion Votings, please check this section of our white-paper.

The Vaults of Pengwyn BINC
Pengwyn BINC is centered around three distinct vaults, which serve as separate funds supporting the sustainability of different parts of the platform. Each vault has its own purpose and is operated by different combinations of contributors within Pengwyn BINC.

• Treasury Vault: The Treasury Vault functions as a decentralized fund reserved for the development of Pengwyn BINC and its future products, which are planned, designed and approved by its contributors. The Treasury Vault is managed collaboratively by all the contributor groups within Pengwyn BINC and the usage of funds inside this requires a governance procedure using Pengwyn Autonomous Organization (PAO).
• Expense Vault: The Expense Vault serves as a provisional account to facilitate the finalization of the organization’s expense payments. These expense amounts are transferred from the Treasury Vault to the Expense Vault with the approval of Pengwyn BINC contributors. Once the recipients of the payments are due, the agreed amounts are sent to the recipients.
• Utility Vault: The Utility Vault is designed to hold assets created by other projects within the blockchain space, such as NFTs, tokens, and coins that may offer benefits for the platform. The purpose of holding these products in this vault is to generate additional utilities for Pengwyn BINC and establish connections with different types of blockchain projects and their respective communities.

The Shared Economy of Pengwyn BINC
Pengwyn BINC is founded on a shared economy model that prioritizes the long-term viability of the platform while rewarding the contributors for their collaboration. This approach supports the platform’s growth and sustainability, providing contributors with the opportunity to benefit from passive earnings while actively supporting the platform in the short, medium, and long terms. The planned revenue streams that feed Pengwyn BINC’s shared economy are listed below:

• Secondary Market Royalties (Coming Soon): Pengwyn BINC NFTs on the secondary market are subject to different royalty fees based on the type of collection they belong to. The fees generated from these secondary market sales are collected in the Pengwyn BINC Distribution Pool. Please note that the Pengwyn Zombie Waddle NFT Collection is part of ArtFi by FRĀMD, and 15% of secondary sale fees from the collection go to the FRĀMD ecosystem.
• Vault’s Interest Earnings: The Treasury Vault serves as the core fund of the platform. The stakeable capital inside this vault generates interest revenue (if staked) for the platform. To protect the real value of the capital within the Treasury Vault, Pengwyn BINC distributes the interest revenue internally to the same vault.
• Pengwyn BINC Node (Date TBA): Pengwyn BINC Node is designed to create passive earnings for Pengwyn BINC contributors and vaults while ensuring the security of the ICON Blockchain. The streams generated from the Pengwyn BINC Node are collected in the Pengwyn BINC Distribution Pool after deducting the expenses (and incentives) of node operations.
• Contributor Premiums (Date TBA): As Pengwyn BINC progresses, the team can offer premiums to the contributors of the platform using the PAO tool. If approved by the community, the ICX or bnUSD allocated for the premium is collected in the Pengwyn BINC Distribution Pool.

The Business Economy of Pengwyn BINC

For detailed information about Pengwyn BINC’s Shared Economy model, please check this section of our white-paper.

The Future of Pengwyn BINC
The primary development targets of Pengwyn BINC predominantly focus on creating utilities and earnings for the platform itself and its contributors, all while striving towards the common goal of delivering value and usefulness on its on-chain platform. Several development targets are planned for the future of the project.

• Core development targets are designed by the founders of Pengwyn BINC to transform the platform into a multi-chain Innovation HUB. Pengwyn BINC contributors will actively participate in each development process and contribute to the advancement of the tools and products required to achieve this goal. While these are targeted developments, contributors of Pengwyn BINC can propose changes, cancellations, or additions to the focus with their own ideas using Pengwyn Suggestion Votings. For detailed information about Pengwyn BINC’s Shared Economy model, please check this section of our white-paper.
• Side developments can be seen as on-chain products and ideas designed by contributors, approved by the overall community, funded by the Treasury Vault, and developed by the developer partners of Pengwyn BINC. These developments can take the form of DAPP tool additions, blockchain based products, mini-games, challenges, and events. The community can always communicate through Pengwyn BINC Discord, generate ideas, and present them to Pengwyn BINC’s remaining contributors by using Pengwyn Suggestion Votings.

The Board of Pengwyn BINC
The core team (Board of Pengwyn) consists of three co-founders. Each member of our team is an entrepreneur in their own right, coming from distinct segments of the business world.

Chief, Social and Designer Pengwyn

• Chief Pengwyn: The chief officer and business developer of Pengwyn BINC. Chief has been involved in different ventures, including sports, on-chain developments, and investments. Chief enjoys electronic music and spends his free time playing melodic house and techno tunes.
• Social Pengwyn: The marketing officer and content creator of Pengwyn BINC. Social has been involved in various projects spanning entertainment and is a trader in crypto markets. Social has a keen interest in monitoring financial markets and follows sports on a daily basis.
• Designer Pengwyn: The head designer and creative director of Pengwyn BINC. Designer has a background in working with other NFT projects on Ethereum and Solana. Designer is a big fan of the multiverse and loves to brainstorm ideas and create sketches related to this concept.

The team members have been investing in ICX since late 2017, have been contributing the ICON ecosystem, and are ready to work to bring more value to ICON Blockchain.

Why ICON Blockchain?
Pengwyn BINC holds the vision of connecting communities to become a multi-chain community HUB and it is designed to be launched on four different blockchains with for unique waddle editions. In order to enable seamless DAPP and tool interactions across multiple blockchain networks for different waddle editions, Pengwyn BINC aims to use xCall technology built by ICON Blockchain.

For More Information

Website: https://pengwyn.io

DAPP: https://binc.pengwyn.io

Twitter: https://twitter.com/Pengwyn_BINC

Discord: https://discord.com/invite/F83f9HCFAj

Disclaimer: https://pengwyn-binc.gitbook.io/pengwyn-binc-white-paper/