Tokenbox Joins Forces with Bancor to Provide Continuous Liquidity for TBX
Leading up to the long-awaited Token Generation Event for Tokenbox.io, the platform is integrating the Bancor Protocol™ in order to provide TBX holders with continuous liquidity at formulaically calculated prices directly from any Web3 wallet. Tokenbox.io will create a Bancor-compliant “Token Relay™” holding up to 5% of the TBX circulating supply within a month after the successful completion of the token crowd sale.
Token Relays are a unique kind of “Smart Token™”, the standard promoted by Bancor, which simultaneously hold two “Connector” token balances — one in BNT (Bancor Network Token) and one in an existing ERC20 standard token, such as TBX. The Token Relay can be purchased or sold directly through its smart contract for either of its Connector tokens, creating a conversion conduit between them and the rest of the tokens in the Bancor Network™. The Tokenbox Token Relay will hold both BNT and TBX and allow anyone to easily buy and sell TBX for BNT, ETH, and other member tokens in the network. Prices are determined based on an open-source, non-profit formula which balances buy and sell volumes, eliminating spreads and commissions to middlemen. Token Relays also have configurable fees which can be accumulated to the Connector balances upon each conversion, allowing Token Relay holders to benefit by contributing their liquidity (in either token) to the relay.
Thus, a Token Relay is a vending machine of a sort, which will be continuously available to TBX-holders and users of the Tokenbox.io platform, including traders, cryptofunds, investors and portfolio managers, who will be able to benefit from the various token types in the network and convert them easily and directly through a simple Web App.
Viktor Shpakovsky, Tokenbox co-founder: “We are pleased to provide our users with enlarged opportunities for converting TBX tokens, without relying exclusively on exchanges and commissions”.
The Bprotocol Foundation was established in 2017 in order to promote the development and adoption of the Bancor Protocol. It standardizes the creation of “Smart Tokens™,” which can hold one or more other tokens in their smart contracts, creating a “Connector” to a liquidity network of all compliant tokens. In June 2017 the Bancor project raised over $150 million in its Token Generation Event, making it one of the largest fundraising campaigns in the blockchain industry.