This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: CHIT
Currency: CHIT (4348495400000000000000000000000000000000)
Issuing account: rfoNKe1V8iXbPRhqF7FXgMWKrBc5crE2AE
Distribution accounts: rLpPF7Py2rxH9ayqoX9XNG18SS4rSE1Rsr, rMx2fvYi5rsnWxSA6F7KPB8zkV4VqHYmTy, rwWEaTSCeGFXqmHoPshY2n3KqYp3WSYwbM, rNERSfTG9x7juDYGZvupcYkVBZF45vCau6
This is revision number 1, signed April 15, 2024 by rfoNKe1V8iXbPRhqF7FXgMWKrBc5crE2AE
Description: In the ever-evolving world of cryptocurrency, trust and reliability are paramount. Enter CHIT, the cornerstone of the CHIT-CHING ecosystem, designed to redefine trust and value within the XRPL community. With its proactive approach and innovative solutions, CHIT offers a lifeline to investors affected by fraudulent activities, setting a new standard for integrity in the crypto space.
At its core, CHIT serves as a rescue token, providing compensation to investors impacted by scams and rug pulls. Through strategic airdrops and decentralized mechanisms, CHIT empowers users to take control of their financial assets and participate in a community-driven solution. With a total supply of 100 billion tokens, CHIT embodies transparency, fairness, and resilience, ensuring that affected stakeholders have access to compensation without relying on intermediaries.
Moreover, CHIT represents a fundamental shift in how we address fraud in cryptocurrency. As the first utility meme token in the XRPL ecosystem, CHIT combines utility with meme culture, offering a unique value proposition that resonates with both crypto enthusiasts and mainstream users. By fostering trust, transparency, and innovation, CHIT paves the way for a brighter future in the world of cryptocurrency.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
CHIT stands out in the landscape of tokens primarily due to its innovative approach to addressing the challenges faced by investors in the cryptocurrency space. Unlike many other tokens that focus solely on value appreciation or specific utility functions, CHIT serves a unique purpose as a rescue token within the XRPL ecosystem.
One of the key aspects that make CHIT unique is its proactive stance towards mitigating the impact of fraudulent activities and scams. While many projects solely aim for profit generation, CHIT-CHING's creators recognised the need to provide a safety net for investors who fall victim to scams or rug pulls. By airdropping CHIT tokens to affected wallets, CHIT-CHING offers a lifeline to distressed investors, providing them with a pathway to recovery.
Furthermore, CHIT's integration with CHING, the value token of the CHIT-CHING ecosystem, creates a symbiotic relationship that enhances the project's overall utility and sustainability. This dual-token system not only provides compensation to affected investors but also incentivises participation and engagement within the ecosystem. Additionally, CHIT-CHING's comprehensive roadmap and commitment to community empowerment distinguish it as a project focused on long-term value creation and ecosystem development, setting it apart from many other tokens in the cryptocurrency landscape.
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
The issuance of a new token like CHIT serves a specific purpose that may not be adequately addressed by existing tokens, including the native XRP token. CHIT's creation is driven by the need to provide a dedicated solution for addressing fraudulent activities and scams within the XRPL ecosystem. While existing tokens may have various use cases and functionalities, they might not specifically cater to the immediate needs of investors who fall victim to rug pulls or other malicious schemes.
CHIT's role as a rescue token is crucial in providing compensation and support to affected investors, which goes beyond the capabilities of existing tokens. By airdropping CHIT tokens to impacted wallets, CHIT-CHING offers a lifeline to distressed investors, providing them with a means to recover some of their losses and regain confidence in the ecosystem.
Moreover, CHIT's integration with CHING, the value token of the CHIT-CHING ecosystem, creates a comprehensive solution that incentivises participation and engagement while also bolstering the project's overall sustainability. Thus, issuing a new token like CHIT enables CHIT-CHING to address specific challenges and provide tailored solutions that cater to the needs of investors in the XRPL ecosystem.
Whitepaper/sales material: https://chitching.com/docs/
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: This is not applicable for this token.
Sovereign Entity
The self-assessment is made by a soverign entity (i.e. not a legal entity, such as a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: www.chitching.com
Website information: The website should disclose the following information:- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 1 | April 15, 2024 |