2key x Bancor: What a Real Partnership looks like!
2key has been in development for over a year, and in this time span, a large number of technological, operational, and business development partnerships have been made. One of 2key’s most important partnerships is with Bancor, a token liquidity network.
While Bancor offers 2KEY token holders a decentralized exchange for trading their holding, this partnership’s most important role is in enhancing the capabilities of the 2key’s Exchange Contract, which automatically buys and sells 2KEY tokens for contract creators and referrers.
The exchange contract’s integration with Bancor protocol plays a vital role in both 2key Protocol and 2key Network.
Bancor x 2key Protocol
2key Protocol is a layer-two scalability solution for the Ethereum blockchain.
App developers who utilize 2key Protocol to build scalable Ethereum DApps will have the added advantage of delivering automated token liquidity; 2key Protocol’s integration of Bancor will ensure native app tokens can be easily converted to and from Ethereum, DAI, or other cryptocurrencies supported by Bancor.
Typically, DApp users need to spend time collecting the native tokens of all the DApps they want to use. DApps built on 2key Protocol will not only be more scalable, but immediately accessible as the moment a person is interested in a DApp, he/she can be immediately converted into a user as the Bancor integration will allow the use of any digital asset to access the DApp as the user’s funds will be converted to the DApp’s native token in the back-end through 2key Exchange Contract’s integration of Bancor.
Apps have far less friction than DApps.
For DApps to get more users and compete against centralized applications, it must be easier to use DApps. People like to get the final product and don’t want to deal with all the processes involved to make the product accessible. Right now, there are hundreds of DApps that require people to get a specific token to use the DApp; this creates a convenience gap that people are not willing to put up with.
Normal applications exist on app marketplaces provided by companies like Google and Apple. These companies integrate an inter-currency exchange, which is a network that can convert one currency to another. You can pay for an app with Euros but Google and Apple can make sure that the developer gets USD if that’s what he/she wants to be paid in. This currency conversion is processed through banks, but Google and Apple offer the technology (or relays) to have users’ currencies converted automatically.
2key Protocol offers the same advantages to DApps that Google and Apple offer to apps.
2key Protocol makes it easier than ever to bring users to DApps. Right now, DApp developers have to be concerned whether or not people they advertise to have their DApp’s token; with 2key, this concern does not exist.
The Exchange Contract creates an instant Crypto-conversion mechanism, just how currencies can be converted in the Play Store or App Store. It won’t matter whether a person who discovered a DApp has the necessary token for using it. The Exchange Contract will let the person pay with anything but will make sure the DApp developer gets the token he/she wants. This is made possible because the Exchange Contract connects DApps with Bancor the same way Google and Apple connect apps to banks. This connection makes it possible for immediate and automated conversion.
Bonus: In a future article, we will discuss the partnership with Simplex. By integrating Simplex, 2key even allows fiat to be automatically converted to ETH and then this ETH is automatically converted to a target DApp’s tokens. People use their credit card to pay for an app like they normally do and get the “in-app currency,” which are basically tokens, right away. All the conversions automatically happen in the back-end.
Bancor x 2key Network
2key Network is the most advanced referral marketing resource to date; the Network utilizes Smart Links, a binding of smart contracts with standard HTTP web links.
People share content by sharing links; these links often lead to some form of business decision. The people involved in the link sharing that led to a business decision are never rewarded for the economic value they created. However, the Smart Link changes this; it automatically rewards anyone who was connected to a web link that led to a business decision.
Through the use of 2key Protocol’s ability to immediately create an ERC-20 wallet for anyone with access to a browser (like Google, Safari, Firefox, etc.) without even the need of understanding how blockchains work, 2key Network’s Smart Links offer a wallet to anyone who comes in contact with them.
Thus, a person can join the decentralized web even if they never owned Ethereum or a cryptocurrency wallet. They can use the web just like always do and share content via Smart Links, which are just like normal web links, but now they’ll be able to accumulate 2KEY tokens for each time their share led to a business decision.
Once they are ready to claim their accumulated 2KEY, they can use any browser to unlock their wallet, offline, thereby ensuring the security of the cryptocurrency they have earned.
2key Network’s innovative use of the Exchange Contract’s Bancor integration is a testament to the incredible value-adds the 2key and Bancor partnership offers. Every interaction on 2key Network must be in 2KEY. However, contract creators are given the convenience of being able to deposit ETH, DAI, or other less volatile assets; this makes it easy for everyday businesses to use 2key Network, which is the first DApp built on the 2key Protocol.
This is the fourth article in 2key’s 1-Month of Content.
Article 1: 2key in 150- and 300-Word Descriptions
Article 2: 2KEY Token Economy Explained
Article 3: Why we Patented a Decentralized Technology
We invite you to have a firsthand experience of our breakthrough solution — Smart Links — on our testnet (https://test.2key.io/); you can be the pioneering drive in the first feasible solution in the scramble to decentralize the web.
Yesterday, we held our first AMA and saw an overwhelming number of participants. We appreciate everyone’s effort! As we received over a hundred questions, choosing the 10 best questions was a challenge, especially since there were so many good questions.
The following users will share the $500 in 2KEY:
@Howdee123, @r_derrings, @vanquisher007, @Chris_tie, @incredible1ne, @Toolate1, @Alex_Rumata, @skylinetrader, @shinichiconan214, @suesue1710.