Wrapped PKT PriceWPKTInactive

What is Wrapped PKT (WPKT)?

Wrapped PKT (WPKT) is a BEP20 token issued on BNB Smart Chain that maintains a 1-to-1 peg with PKT, a bandwidth-backed cryptocurrency mined through PacketCrypt, described as the world's first bandwidth-hard Proof of Work. PKT itself is primarily built on Bitcoin's blockchain, and WPKT exists to wrap PKT Cash so that it can interact seamlessly with the Ethereum ecosystem and decentralized applications. The maximum supply of PKT is capped at 6 billion, and because WPKT is pegged 1-to-1, there can never be more than 6 billion WPKT. The project is part of the broader PKT ecosystem, which aims to decentralize access to the internet and connect the next billion people online. As a wrapped token, WPKT is designed to enhance liquidity, enable cross-chain compatibility, and support DeFi activities such as staking, farming, and trading.

Key Specifications & Tokenomics

• Name: Wrapped PKT
• Ticker / Symbol: WPKT
• Blockchain / Platform: BNB Smart Chain (BEP20)
• Token Standard: BEP20
• Contract Address: 0x1c25222994531c4ac35e4d94bbf7552c9aa92e32
• Official Website: https://odapp.io/
• Whitepaper: https://pkt.cash/PKT_Network_v1.0_2021.02.01.pdf
• Block Explorer: bscscan.com
• CertiK Rating: 2.7
• Categories: Wrapped Tokens, DeFi, Rehypothecated Crypto
• Consensus / Mining Algorithm: PacketCrypt (bandwidth-hard Proof of Work)
• Mineable: No
• Premined: No
• Maximum Supply: 6 billion WPKT
• Total Supply: 62.48M WPKT
• Circulating Supply: 62.48M WPKT
• Circulating Supply as % of Total: 100%
• Utility: Staking, farming, trading, governance participation, liquidity provision, DeFi activities, DEX trading, yield farming, and lending

Who created Wrapped PKT?

The available references do not provide detailed public information about the specific individuals or founding team behind Wrapped PKT. The project is closely tied to the PKT ecosystem and PKT Cash, with its whitepaper published under the PKT Network. The token operates through a four-pillar structural framework consisting of token issuers, custodians, merchants, and users. Token issuers generate and distribute tokens using blockchain and cryptographic protocols, while custodians manage the private keys associated with the wrapped tokens. Merchants are typically platforms that integrate WPKT for smooth transactions, and users represent the broad spectrum of individuals and entities utilizing the token in the DeFi ecosystem. Detailed public information about the founding team is currently limited.

How does Wrapped PKT work?

Wrapped PKT functions on the principle of 1-to-1 collateralization. For every WPKT token issued, an equivalent amount of PKT Cash is held in reserve. This mechanism establishes a layer of trust and transparency, ensuring that the wrapped token is fully backed at all times. PKT Cash is primarily built on Bitcoin's blockchain, which makes it difficult to integrate directly with dApps on other networks. WPKT solves this by wrapping PKT Cash into a BEP20 token on BNB Smart Chain, allowing it to interact with the Ethereum ecosystem and a wide range of decentralized applications. The token operates through a four-pillar system involving token issuers, custodians, merchants, and users. WPKT also sets a standard for audits, ensuring the verification and validation of all transactions and balances within the smart contracts on a real-time basis.

What makes Wrapped PKT unique and valuable?

Wrapped PKT derives its uniqueness from the underlying PKT ecosystem, which introduces PacketCrypt, the world's first bandwidth-hard Proof of Work. Unlike traditional mining algorithms such as Bitcoin's SHA256, PacketCrypt leverages cjdns mesh networking technology to create a mining process that is hard on bandwidth rather than purely on computation. This approach underscores the scarcity and utility of PKT, with a hard cap of 6 billion tokens. WPKT extends these properties into the BEP20 ecosystem, providing cross-chain compatibility, increased liquidity for DeFi platforms, and a transparent 1-to-1 collateralization model. The project's mission to decentralize access to the internet and connect the next billion people online adds a broader social dimension to its value proposition. Additionally, WPKT plays a role in governance, allowing holders to participate in decision-making processes on its native platform.

What is Wrapped PKT used for?

WPKT serves multiple functions within the blockchain ecosystem. It facilitates staking, farming, and trading activities, and plays a significant role in the governance of its native platform by allowing holders to participate in decision-making. The token enhances liquidity for various DeFi platforms, enabling DEX trading, yield farming, and lending possibilities. By wrapping PKT Cash, WPKT allows the underlying asset to interact seamlessly with the Ethereum ecosystem and dApps, which would otherwise be difficult given PKT's origins on Bitcoin's blockchain. As a BEP20 token, WPKT is compatible with all platforms that support the BEP20 standard, making it broadly usable across a wide range of blockchain applications and services. It may also be available for swapping via Onchain, Crypto.com's official decentralised product.

How Is the Wrapped PKT ecosystem developing?

The WPKT ecosystem is closely tied to the PKT ecosystem, which aims to decentralize access to the internet and connect the next billion people online. WPKT provides liquidity to various DeFi platforms and enables DEX trading, yield farming, and lending. The token is compatible with all BEP20 platforms, which supports its integration across a wide range of blockchain applications. WPKT may be available for swapping via Onchain, Crypto.com's official decentralised product. The project operates through a four-pillar framework of token issuers, custodians, merchants, and users, which supports its structural development. Community and governance aspects include a Wrapped PKT community section and holders section on CoinMarketCap, as well as a community chat link on LiveCoinWatch. The PKT Network whitepaper provides the foundational technical documentation for the ecosystem.

How to mine Wrapped PKT?

WPKT itself is not mineable. The token is a wrapped representation of PKT, which is mined using PacketCrypt, a bandwidth-hard Proof of Work algorithm. PacketCrypt leverages cjdns mesh networking technology and replaces Bitcoin's SHA256 with a proof-of-work that is hard on bandwidth. PKT has no premine, meaning all tokens are generated through the mining process. Because WPKT is pegged 1-to-1 to PKT, the only way to obtain WPKT is by wrapping PKT Cash or acquiring it through supported platforms. The WPKT ecosystem also employs a staking mechanism, allowing holders to participate in staking activities. For those interested in the mining side, the relevant process is the mining of PKT through PacketCrypt, after which PKT can be wrapped into WPKT on BNB Smart Chain.

How to keep your Wrapped PKT Coin safe?

Wrapped PKT employs a multifaceted security approach that includes both technical and physical measures. Encryption technologies are used to secure transactions and safeguard sensitive information, including the storage of auto-generated wallets and their private keys, which are kept on encrypted servers dedicated to this purpose. Stringent physical security controls restrict access to buildings and files, ensuring that only authorized personnel can access sensitive areas and information. For individual holders, standard best practices apply: use hardware wallets or reputable software wallets that support BEP20 tokens, never share private keys or seed phrases, verify contract addresses before interacting with any token, and conduct thorough research before investing. The dynamic nature of the crypto market requires a cautious approach and a clear understanding of the technologies involved. Some data aggregators have noted that WPKT's price has not been updated or has stopped updating on certain platforms, and one source has described the coin as inactive, which underscores the importance of verifying current market status before making any decisions.