Let’s Get to the Yoink of the Matter
Opinion

Let’s Get to the Yoink of the Matter

Yoink is a new protocol that continues to garner mass media attention in the market because of its one-of-a-kind strategy. This strategy borrows some aspects from your favorite games of chance and combines it with the usability of cryptocurrencies such as Bitcoin. As such, this next-generation platform is set to revolutionize the sector in a couple of key ways. Let’s take a look at Yoink and what all the hype is about.

What’s Yoink Anyway?

First and foremost, Yoink is a cryptocurrency. You can use it to send and receive payments in a decentralized manner. That in of itself isn’t really that special nowadays. However, Yoink is a cryptocurrency that introduces some interesting protocols and business practices to make it unique in the market. 

For one, Yoink integrates a deflationary strategy directly into its core processes. This strategy helps to keep the platform’s utility token YNK at a premium. Deflationary strategies usually involve destroying or limiting the number of tokens in the market. This limited supply keeps the demand for these assets high, the higher the demand is for a digital asset, and the higher its value. It’s simple Yoinkinomics.

Deflationary Tactics

Yoink is all about market liquidity and keeping their token appreciating. To accomplish this task, the developers of Yoink created a new and exciting form of consensus rewards. This new rewards system prevents the centralization of reward winners such as the case with Bitcoin.

Anyone that has ever looked into mining Bitcoin can tell you that it isn’t cheap. Today the average BTC mining rig costs over $2,000. Worst of all, these rigs can become obsolete in months as new technologies enter the market.  What good is an outdated ASIC miner – none.

Sadly, these costs also create an entry barrier to new investors who seek to participate in the decentralized economy. Only a select few individuals can enter the cryptocurrency market full -swing with a major mining rig purchase. Most people just want to participate and use their crypto as a digital cash system or investment vehicle. 

Mining Costs a Fortune 

Also, the rise of large mining farms has put centralization into the spotlight as a serious concern. In a decentralized network, centralization is like a cancer that can eat away at the network’s security and ability to develop communally. 

For example, the vast majority of Bitcoin hash power is derived from 3 large mining pools in China. These pools hold incredible sway in the market. If you want to see the effects of this sway, then look no further than Bitcoin Cash. 

The Bitcoin Cash project would have had a much harder time gaining traction in the market had the world’s largest mining rig developer, Bitmain not weighed in on the argument. Their backing helped Bitcoin Cash garner the support it needed to launch and maintain its network successfully.

Yoink Does away with all the Politics

Perhaps Yoink was built from a desire to do away with all of these crypto politics. It appears like these developers wanted to go back to their roots and create a platform that was both fun and usable. To that extent they succeeded.

Yoink is about more than just making money. It’s about giving back to the community in a meaningful way. Every time the Yoink protocol enacts, rest assured someone is in for a healthy windfall. These funds can go a long way, especially in today’s current market conditions. 

YNK Token

The YNK token can function as both a utility token and cryptocurrency with ease. This token can be sent globally, to any network wallet, in seconds. The network also has very low transaction fees. You can send thousands of dollars worth of value for pennies using YNK tokens. In this way, YNK provides a valuable service to users on top of the rewards program.

Yoink the Win

The Yoink protocol is one of the coolest features to enter the market all year. In the Yoink ecosystem, this protocol plays a vital role in issuing rewards and new tokens to the network. Here’s how it works.

Yoink retains 30% of the total tokens in a network wallet known as the Yoink Piggy Bank. Every time a new block gets added to the blockchain, the Yoink protocol will go in and randomly choose a winning wallet address. This person gets the rewards instantly. It’s that simple.

You don’t need to go and invest a couple grand in a mining rig, or stake 10,000 tokens to be eligible. You just need to be in the top 500 YNK holders. This strategy spreads the rewards evenly and gives new cryptocurrency users more incentive to participate in the Yoinkfest.

The Draw of the Lotto

The Yoink development team seeks to create a primal demand to join the network, the chance to win some free crypto. In this way, you could see Yoink become one of the most popular blockchains in the market. You could almost think of this token as a blockchain “lotto” of sorts, but with way more functionality. 

As YNK prices increase, so does the 1% reward’s value. This strategy also helps push more network participation. YNK holders have all the reasons in the world to help propel this project to new heights.  

Yoink to the Future

You have to hand it to Yoink on spicing things up in the market. In an age of endless DeFi platforms that all share the same traits and characteristics, Yoink shines bright like a lighthouse in the night. Its creative approach is a breath of fresh air that the market needs.It’s easy to imagine a scenario where this platform sees droves of excited users flock to it for the chance to win. For now, Yoink is in pre-sale. Interested investors can receive steep discounts for early bird participation. You can expect to hear more from Yoink as the platform is set to launch in the not-so-distant future.

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coinmag

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.