Parma Token is the native token of the Parma platform, which is a community-oriented project established on the Ethereum blockchain. The project aims at providing value to its users and wants to reach a vast audience and build a great community.
As per the whitepaper, the project is based on Parmesan cheese and the idea of sharing a common culture in diversity. Cheese is associated with all kinds of communities and cultures, and there are different varieties of cheese available worldwide. The common thing among them is that they are all types of cheese. In the same way, the company believes in having one unified Parma culture for the entire community of different people joining the platform from around the world.
Within the Parma ecosystem, Parma Live is a platform where top token holders are allowed to mint a unique NFT ticket that grants users access to the entire platform and its features. The NFT owners can also choose to trade them in secondary marketplaces. The token holders get many other benefits on the platform, including access to all Parma Live events like parties, seminars, and more.
PARMA is a deflationary cryptocurrency. Deflationary tokens are cryptocurrencies whose market supply reduces over time. The supply is reduced through coin burning. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost permanently. Tokens are usually burned to reduce availability and increase market value.
50% of the PARMA tokens have already been burned and sent to a dead address. Moreover, a 1% burn fee is applicable to maintain PARMA supply further on each transaction.
