Youthia Integrating Bancor Protocol to Provide Token Liquidity
Youthia™, a blockchain-powered mobile commerce network, has today announced its integration of the Bancor Protocol to provide secure and continuous liquidity for the Youthia network.
By integrating the Bancor Protocol, holders of Youthia’s native protocol token, YTH, will gain immediate access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network, where any integrated token can be automatically converted to any other directly from the Bancor Wallet or any Web3 wallet, such as MetaMask. At present, integrated tokens include ETH, BNT (the Bancor Network Token), GNO (Gnosis), BNB (Binance) and a long list of announced projects soon to be activated.
“With a fast-growing user base growing on average by 5% each week, we anticipate our community to grow exponentially with subsequent astronomical demand for the YTH token. So, it was without question to prioritize our token holders and to provide our current and prospective users with an easy and fast way to convert tokens,” said Mandy Shemuvalula, Founder and CEO of Youthia LLC. “Integrating with Bancor will provide liquidity to our token holders, who want to participate in Youthia as we build our mathematical framework.” Shemuvalula added.
Youthia’s YTH will activate a Relay Token with 7% of its circulating token supply within two weeks following the successful completion of the Public Sale round of its Token Sale. The YTH Token Relay can best be explained as a vending machine for two token types. The Youthia “vending machine” will hold both YTH and BNT tokens. The Token Relay with allow other conversions such as ETH/YTH but for simplicity sake, let us give the example of the conversion between BNT and YTH. Perhaps a Youthia user wants to purchase a few YTH tokens. He sends BNT to the Token Relay, which would buy intermediate token called YTHBNT. This YTHBNT token would then be exchanged again for YTH. The conversion fee for each of these conversions would be 0.1% and since two transactions took place, the total fee would be 0.2%. The Token Relay has a stock of each of the tokens, YTH and BNT, and they are priced based on the quantity of each token in the contract. If Youthia users see YTH priced slightly cheaper than market value, they will have an incentive to purchase it, shifting the pricing back up to normal. If BNT is cheaper in comparison, then users may sell their YTH at a premium.
The supply will come from YTH or BNT token holders who can transfer them into the Token Relay, and receive an “IOU” token called YTHBNT. The YTHBNT smart tokens have a special property: over time, they collect a portion of those 0.2% conversion fees from any trades in the Token Relay. Any token holder can place some of their long-term holdings of YTH or BNT into the Token Relay and provide liquidity while watching their holdings grow. Users will be able to purchase and sell YTH tokens directly from the Bancor Wallet or any Web3 wallet at a calculated price.
Youthia is a decentralized mobile commerce network capturing, aggregating, organizing and then directing commerce generated by sellers into verifiable markets. These sellers generate commerce, with no intermediaries and at minuscule cost. Youthia is an urgent response to create a distributed and localized system that will serve as an innovative buffer from the current challenges hampering the progress of hundreds of millions of youth in business. As the token-fuel, the YTH has maximized utility scenarios and a clear token-market fit. For more information, please visit: https://www.youthia.co/.
Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “connector” method to enable formulaic price calculation and continuous liquidity for all integrated tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. To convert tokens instantly, visit the Bancor Web App or join the Bancor Telegram group for more information.