Introducing PLEB

WHAT IS PLEB?

PLEB is the governance token of Plebbit. It was created in January 2022 and originally ran on Avalanche Network, but after a Snapshot Proposal passed, the token was migrated to Ethereum.

Contract Address: 

0xEA81DaB2e0EcBc6B5c4172DE4c22B6Ef6E55Bd8f 

Blockchain Explorer:

https://etherscan.io/token/0xEA81DaB2e0EcBc6B5c4172DE4c22B6Ef6E55Bd8f

WHY DOES A DECENTRALISED SOCIAL MEDIA PLATFORM NEED A TOKEN? 

The base protocol doesn't require tokens to function (which allows non-crypto holders to use it), but tokens can be used for any number of optional things:

• Utilize names.eth (ENS, which are NFTs) to represent a user/subplebbit name
• Use NFT images as User Avatars (only NFTs can be used as Avatars)
• Use any token or NFT of the subplebbit owner's choice as a way to vote, curate, reward, tip or incentivize
• Use any token or NFT of the subplebbit owners' choice as spam protection. Instead of using captchas, a subplebbit's could require users to own, stake, burn or pay a certain amount of the subplebbit's chosen token in order to post/upvote

SO IF ANY TOKEN CAN BE USED, WHY DOES PLEB EXIST?

Holding PLEB will grant you membership to a DAO where you can vote on certain decisions, like grants, investments, curating whitelisted NFT collections and submitting PLEB proposals on https://snapshot.org/#/plebbit.eth/ 

WHERE CAN I BUY?

PLEB is currently only available to trade on the Uniswap DEX (Decentralized Exchange) on Ethereum. You can access it directly by clicking the following link and ensuring your Network is set to Ethereum Mainnet:

https://app.uniswap.org/#/swap?outputCurrency=0xea81dab2e0ecbc6b5c4172de4c22b6ef6e55bd8f

PLEB has a 0% transfer tax, so please set your slippage as low as possible to avoid being frontrun by bots.

THE TOKEN HAS A LOW SCORE ON DEXTOOLS/TOKENSNIFFER ETC, WHY?

The rating parameters on most token analytic sites are governed by a number of factors, including (but not limited to):

• Locked/burnt liquidity
• Malicious/unsafe code that is vulnerable to backdoor (or contract owner) exploits
• An unrenounced contract that can be changed at any time
• Little to no social information
• Contract owner has been linked to previous scams/rugpulls/exploits

In the case of PLEB, the reason the token has such a low score is because the contract is currently unrenounced and is in full control of Esteban Abaroa, the Head Developer of Plebbit.

SO WHY HASN'T THE CONTRACT BEEN RENOUNCED YET?

Plebbit is a long-term project that is still in its infancy. In these early stages of development, retaining control of the contract allows any future modifications or upgrades to be deployed more efficiently as the project grows and evolves.

To give some examples, the ability to change the contract freely allowed the creation of liquidity farming rewards on Avalanche, and more recently, facilitated a seemless migration to the Ethereum Network.