Whitepaper - A Complete Metaverse with Decentralized Finance Components - Pinkslip Finance

Whitepaper

  A Complete Metaverse
with Decentralized Finance
       Components

Table of Contents
1. Abstract

2. Introduction to NFTs

3. Introduction to GameFi

4. What is Pinkslip Finance

5. How does Pinkslip Finance Differentiate?

6. The significance of DeFi

7. NFTs with Utility : Staking Pass

8. The Future of Pinkslip Finance

9. Token Model & Distribution

1. Abstract
Pinkslip Finance aims to be a complete metaverse with key decentralized
finance components. The core elements allow users at any level to earn passive
income whilst providing a gaming component for the experience to be
friendly. The ethos has been inspired by multiple drag racing movies and
games. The term Pinkslip stands for the slang of an official title certificate to a
vehicle, because in some states the document is or was pink. This is the source
of the phrase "racing for pinks," when the winner of a car race wins ownership
of the loser's car. The second part of the project name is Finance, which ties to
the decentralized ecosystem the platform will have. Combining gaming and
finance brings us to a new era GameFi.

2. Introduction to NFTs
Pinkslip Finance’s platform utilizes NFT Technology, and the NFT aspect plays a
significant role in Pinkslip Finance hence it is important to understand how we
achieve using this technology and what exactly is a NFT?

NFT stands for “Non-Fungible-Token” It is data that is stored or accounted for in
a digital ledger. This data represents something specific or unique. For
example we have seen NFTs represent art, music albums, digital files, or more
recently the craze has been about standard JPEGs which have no utility.
However, when you buy an NFT, you are essentially buying a digital recording
of ownership of a token, which then can be stored in your digital wallet such as
metamask.

NFTs have proven to have its own category in the crypto sphere. It has gained
significant adoption to the fact that it has its own section on the two largest
cryptocurrency data websites coingecko.com & coinmarketcap.com.

NFTs are a significant entry point in allowing retail mass adoption, from little to
no experience required. It is a fun way to invest and learn more about
cryptocurrencies.

We believe what is currently lacking in the NFT world is that most non fungible
tokens do not have any use cases or utility to it. And this is what Pinkslip
Finance focuses on, attracting three crowds and bringing them into one place.
That is the NFT, Gaming & Defi crowd. All have similarities but come from
different backgrounds. Pinkslip Finance aims to be one of the gateways into
cryptocurrencies aiding with mass and retail adoption. Pinkslip Finance aims
to achieve this via a friendly and entertaining user experience. A new sector is
emerging which has been named GameFi and that is where Pinkslip Finance
will focus on as a Niche to begin with.

3. Introduction to GameFi
Cryptocurrencies are relatively new and still niche which is succeeding in
adoption. In 2021 we now have subcategories within Crypto, two of which have
successfully earned their titles (Defi & NFTs). We are now seeing a new niche
emerging which has been claimed to be called GameFi. A relatively new sector
which combines a lot of new technologies. Just like DeFi & NFTs were once a
niche, GameFi is still prematurely a niche as well. Pinkslip Finance aims to
continuously build through this new emerging sector and support the GameFi
community, as GameFi grows we believe Pinkslip Finance will grow as well.

What is GameFi ?

GameFi is a new category which involves cryptocurrency projects having a
gaming platform that provides a metaverse in a nutshell. which combines
gaming and DeFi into one word, is the gamification of financial mechanisms
where users can earn profits by playing games. Another popular term for this
sector is the play to earn model.
On the surface, the keyword is “gaming,” but at the core, “finance” is what
matters the most for blockchains. Most GameFi projects have currently been a
success, however the important aspect is continuing to build and cater for
both the gaming industry as well as the defi clients which only adoption will
define this in time.
Although Niche, we can reference Axie Infinity’s success which is currently one
of the most popular crypto gaming platforms on the Ethereum blockchain. It
has generated over $220 million USD over a 30 day basis, making it one of the
top revenue generators among all DeFi protocols to date.
Pinkslip Finance does not see any other GameFi projects as competitors,
instead will find it’s place in the GameFi community and help build and
contribute towards the GameFi industry.

Most user feedback is the cost to utilize playing on the blockchains, however
Pinkslip Finance will first be deployed on the Ethereum Blockchain, especially
with the EIP-1559 update in place, we believe Ethereum will always be users
first hand choice, however in our future roadmap we do have plans to be on
Polygon as well as Binance Smart Chain if needed due to cost and user base.

4. What is pinkslip Finance?
At is core, Pinkslip Finance aims to achieve its abstract via blockchain
technology. It is an online drag racing game which falls under the new
category of GameFi. Pinkslip Finance will use both NFT Technology as well as
have a native token on the Ethereum Blockchain in the form of an ERC20
which will have a fixed supply. The purpose of the token is to fuel the platforms
gaming experience where users can buy the needed NFTs as well as cater for
Defi clients which you can earn passive income via staking your Pinkslip
tokens.

Users will have the choice to purchase three different types of NFTs which carry
different traits of rarities. Each NFT gives you a different chance of winning the
drag race but does not decide the outcome as the platform uses true
randomness. However the more rare the NFT is the greater chance you have in
winning the drag race.

The initial three different types of NFTs are as followed:

Bronze NFT: 30% chance of winning the drag race.
Silver NFT: 50% chance of winning the drag race.
Gold NFT: 70% chance of winning the drag race.

These NFTs will initially be sold via the platform at an initial base price, and the
floor price of the NFTs will increase gradually in time. The NFTs can only be
purchased via the native token (Pinkslip token) which can continuously be
bought in the open market, or at initial pre-sale. A user can only purchase a car
NFT if they have less then 3 car NFTs in their garage, or else they will need to
drag race in order to collect more NFTs!

All purchases of NFTs that have purchased with the native currency of pink slip
token via the platform will be used as revenue divided into two parts. 50% will
go to the staking pool, and the remanding 50% will go to the platform for
further research and development.

Once the user has purchased an NFT of its choice, they may now head over to
drag race with also placing a bet in the native token. The user will head over to
the drag race section and race for “pinkslips” which is their NFT + desired
betting amount of tokens. Winner of course, takes all!

5. How does Pinkslip Finance
   Differentiate?
In the “what is Pinkslip Finance” section above, we can see how to play the
game and what is the end goal. The end goal leads to passive income. Pinkslip
Finance has been designed to aid with retail investors as well as mass
adoption. Pinkslip Finance starts off with a drag race, but ends with the
potential to earn a serious passive income with great yields which will be
beneficial to the investor.

This is achieved via Pinkslip Finance’s ecosystem, as it will involve many
mechanisms such as the NFTs having an elastic supply which causes it to be
deflationary at times, as well as the token it self will only ever have 30,000,000
tokens. Once all tokens are circulating, it will be impossible to mint more
Pinkslip tokens which in hindsight will be attractive to investors as they
become more valuable.

It is important for the users to understand and take into consideration that
both the NFT and the native token have utility towards the ecosystem. User
must have tokens to purchase the car NFTs and also must have tokens to bet
on the drag race to their desire. There are core components in order to
contribute to the ecosystem:

- Buy Pinkslip Token
- Buy NFT based on its rarity via the platform with your Pinkslip tokens
- Prepare to drag race your NFT + token amount
- Collect NFTs to earn a spot in staking
- Stake your Pinkslip Token to earn more Pinkslip tokens

These components above in order shows how you the ecosystem attracts users
from all different industries and levels, and how attainable Pinkslip Finance
makes it to get involved in decentralized finance.

6. The significance of DeFi
Defi stands for decentralized finance, which is a system by which financial
products become available on a public decentralized blockchain network. Most
commonly on the Ethereum network which is open to anyone for use, rather
than utilizing any middlemen such as banks or brokerages. DeFi gained
traction as blockchains made it possible for buyers, lenders, sellers, investors or
borrowers to directly interact peer to peer without a company or institution
facilitating in transactions.

This technology is done via smart contracts, that automate agreement terms
between buyers and sellers or lenders/borrowers make these financial
products possible. Regardless of the product, Defi systems are designed to
remove intermediaries between transacting parties.

Pinkslip Finance initially will have a known defi component which is Staking.
Traditionally people earn interest via institutions of their currency which is
relatively a very low yield due to having middlemen involved. With the
introduction of DeFi, not only are the yields higher, however it empowers peer
to peer technology with no high fees or intermediaries . Currently the total
value locked in DeFi contracts surpasses $41 Billion USD.

The gaming aspect of Pinkslip Finance will help with fueling the staking pool
continuously, and also sustaining a long lasting decent yield for a profitable
ROI with minimal sell pressure as users will be further incentivized as the
ecosystem develops for holding their NFTs and tokens. Pinkslip Finance can be
a gateway of a proposed infrastructure of designing a DeFi product by
interrelating it with other industries that are popular in demand such as
Gaming.

7. NFTs with Utility: Staking Pass
A user must understand what is single asset staking, before contributing in a
staking opportunity. A Defi staking platform uses smart contracts for
managing the staking and distribution of rewards. Staking will allow token
holders to earn interest and rewards which will be distributed in the native
currency.

The traditional financial system users have never been able to participate in
the lending and borrowing processes. But DeFi has changed this thought for
good. DeFi attracts a lot of users from traditional finance, and staking is
expected to catalyze the unprecedented growth of defi which will finally
translate into mass adoption of cryptocurrency. Pinkslip Finance connects
Staking with it’s online drag racing game, through the achievement of in order
for a user to access staking they must participate in drag racing. The structure
of how to earn a staking pass is as below:

A user must have 20 cars in their garage, which will be in the form of NFTs. This
can first be obtained by buying some NFTs to begin with. (You can purchase a
maximum of 3 NFTs to start with and then you will need to start drag racing.)
Once you start Drag Racing the goal will be for you to race your way up to
collect 20 NFTs. The rarity of type of NFT does not matter, as long as your
garage equates to 20 Cars.

Once you have achieved this, you will then be able to trade in all your 20 NFTs
for 1 Staking Pass. (Your 20 NFTs will get burnt, and you will then be entitled for
the Staking Pass).

Now you may use this staking pass to participate in the staking pool. You can
claim your pinkslip tokens at any given time. However once you claim your
pinkslip tokens, your staking pass will also be burned. It is a one time use. You
may of course, start drag racing again and earn a staking pass again, to stake!

For our fellow defi enthusiast users, there will be an option to directly buy a
staking pass. It is important to note again that it will be a one time use to stake,
and the staking pass fee will gradually increase in time as well.

8. The Future of Pinkslip Finance
Pinkslip Finance has been designed that when the token has launched, there
will be a fully working product. This has been carefully thought in order to
encourage users to start adopting and contributing to the ecosystem. Users
will be able to purchase NFTs and drag race immediately, followed by staking.
And these components will always be the core of Pinkslip Finance. However
having said this, Pinkslip Finance does have a broader scope in place. Pinkslip
Finance will not be providing certain timelines of releases due to certain
jurisdictions, rather will provide a broad scope of ideas and desired
developments placed by the core team.

The following curation is not limited to, due to it being flexible and it will
continuously be worked on, following closely of the community’s thoughts as
well and taking ideas into consideration. The following is also not in order and
will be carefully considered and implemented depending on the initial
research, development and resources the core team takes place after launch.

- Additional Game Play Content
- Social Features
- Trading NFTs
- Introducing limited edition NFTs with different rarities
- Strategic Marketing Activities, both traditional and non traditional.
- App Development
- Improvement of UX
- Different types of Race Tracks
- Username/Avatar Login
- Exploration of a DAO in place
- Car parts to increase rarity and chance of winning.
- R&D on releasing a hybrid system of gameplay where users can access
without the knowledge of crypto and enhance play to earn experience
- Gaming Partnerships that will support Pinkslip Finance’s vision in connecting
gaming with defi.
- Drag Racing Events & Competitions (Special Events)
- R&D of enhanced mechanisms to reward day one token holders.
- Additional use-cases for the Pinkslip Token, potentially releasing other
products.

The main reason why we haven’t provided anything in order or given any time
line for our broad roadmap is due to the reasoning of Pinkslip Finance being
realistic with its expectations. Each point takes time to do and it will be
impossible to release the majority in certain quarters. The main aim of Pinkslip
Finance is to continue growing it’s ecosystem, and that is what it will do, the
above points are just some desired ideas and concepts that we have in place to
further grow the ecosystem.

9. Token Model and Distribution
Pinkslip Finance will have a fixed total supply of 30,000,000 (30 Million $PSLIP)

      Total Supply : 30,000,000 $PSLIP

                                   40%
               5%                  Sale + Listing
               Core Team
       5%
       Marketing
                                                               40%
  5%                                                           Staking Rewards
  Advisors

 5%
 Development

                 Core Team, Marketing, Advisors,
                    and Development Tokens
                     will be vested 12 months