TWOGAP is happy to announce it is integrating the Bancor Protocol to enable automated conversions of its token via the Bancor Network, the world’s first and largest decentralized liquidity network.
Bancor Network allows users to convert between over 125 ERC20 and EOS-based tokens directly from their wallets and without the need for order-matching between buyers and sellers. The problem with relying on order-matching to process conversions is you need both a buyer and a seller to agree on the price of a token at any given moment. If an asset has a lot of traders on an exchange, it is easy to buy or sell. If a token only has fewer traders, it is not only difficult to buy or sell, but individual transactions can create unexpected price fluctuations and “slippage”, increasing uncertainty and the cost of trades for your users.
To solve this problem, Bancor allows users to trade against a smart contract called a Relay. Relays give users an easy way to always buy and sell a token without the need for another person on the other side of the trade. Even if there is not a single person in the world selling Twogap Token (TGT), someone can still buy it on the Bancor Network.
What is Bancor Network Token (BNT)?
BNT acts a hub token allowing any token to be autonomously converted to any other token in the Bancor Network — including those based on other blockchains, within a single user action.
Features of Bancor Network
Liquidity mechanisms offered by the Bancor Network include:
instant and continuous liquidity across 120+ tokens including ETH, EOS, BNB, DAI, and crypto-to-fiat integrations
fair and transparent conversions via automated market makers on the blockchain — which perform all pricing and execution on-chain, in a fully open and verifiable manner
front-running mitigation & world-class security mechanisms
blockchain-agnostic conversions and cross-chain functionality (Ethereum, EOS, POA Network, with more to come..)
Other benefits include:
Simple Conversions: The Bancor Network currently allows people to conduct transactions through a web-based platform using Bancor’s decentralized wallet or any Web3 wallet on Ethereum. Bancor’s conversions can be embedded into any third-party site via Bancor’s embeddable conversion widget. Bancor’s is simple and intuitive, allowing blockchain beginners to easily convert tokens.
Customer Support: Bancor Network supports 24/7 customer support through a variety of email, ticketing services for their support team, or through social networks such as facebook, twitter, telegram.
Contratulations to Twogap for a great integration. Everyone please support Twogap, and do not forget to share this strategic integration with the community!