PUBLISH Newsroom
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PUBLISH Newsroom

PUBLISH innovates the way tokens are traded, introduces “Benchmark Token Sale” (BTS) mechanism

Edit: Please note that as of 13 May, 2020, the BTS mechanism has been discontinued.

Previously, we wrote that we were working on a revamped token sale mechanism.

PUBLISH is pleased to announce that the new system has now been fully implemented on TokenPost Korea Edition, a digital-native news website serving as PUBLISHprotocol’s first use case. The token sale page can be accessed by visiting here. Tokens can be purchased in major cryptocurrencies, including Bitcoin and Ethereum.

The mechanism, which was originally brought to our attention in 2017 by Vlad Zamfir when he wrote about “a safe token sale mechanism,” allows people to buy and sell NEWS tokens from PUBLISH at a relatively low price toward the beginning of the token sale when the available supply is high, and at incrementally higher prices as more and more tokens are sold off.

PUBLISH sets the selling and purchase price, respectively serving as ceiling and floor prices

By doing so, PUBLISH — as a major token holder and administrator — is signaling to the market effective ceiling and floor prices, which serve to disincentivize any unhealthy speculation and “pump-and-dumps.” This is because any price discrepancies between the ask/bid prices offered by PUBLISH on TokenPost and those available on the free market through various cryptocurrency exchanges should, in theory, be minimized by arbitrage traders.

Here are some screen captures of the token sale on TokenPost Korea Edition:

The token sale mechanism allows for both the buying and selling of tokens
Token purchase order page on TokenPost Korea Edition
Transaction history

A few caveats and disclaimers

Currently, the facility is only possible from within the TokenPost Korea Edition platform, meaning that while tokens can be purchased and sold on TokenPost, tokens cannot be transferred in and out of the platform at this time. However, we are working on making this technically possible in the near future.

Moreover, the facility is only available to Korean citizens and residents who are registered on TokenPost Korea Edition and have gone through KYC checks. However, we are working with a third-party KYC provider to make this available to residents of other countries through TokenPost International Edition in the near future.

Interested parties should also note that as this mechanism is experimental, PUBLISH reserves the right to suspend the program. However, the token will continue to be tradable on third-party cryptocurrency exchanges.

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