Issue Your Own Tokens From Your Smartphone
Reposted from Status blog
A Protocol For New Monetary Systems
With the advent and evolution of Ethereum, has come the rise of tokens and decentralized business models. Beyond freeing us from previous financial constraints, Ethereum is enabling entirely new methods of coordination, communication, and incentivization, by providing the world with the ability to create and distribute their own tokens.
Two major hurdles for this are token-issuance, which can be difficult to create in a secure manner, even for developers, and liquidity. Bancor plans to change this, and enable even those completely new to blockchain technology to reap the benefits.
Bancor is a protocol for the standardized creation of Smart Tokens on the Ethereum blockchain. Smart tokens are standard ERC20 tokens which implement the Bancor protocol — providing the ability to instantly process buy and sell orders, which drive the price-discovery process. Due to this capability, smart tokens do not need to be traded in an exchange in order to become liquid.
The protocol provides an easy to use yet powerful toolset that anyone can use to quickly and safely deploy new monetary systems, issue value-backed assets, and create currency networks which were never before possible.
Creating Token-Based Communities
Tokens provide communities with the ability to coordinate around shared goals, to outwardly promote their common interests, and to collectively govern their paths forward. Amongst an array of possibilities, they can represent influence, voting rights, work contributed, and standing within a social circle.
Bancor seeks to enable the long-tail of user-generated tokens, giving niche communities and their currencies the ability to thrive regardless of their size. Trading on the network can be established to facilitate the autonomous exchange of any token to another token, free of a spread or counterparty risk. This gives the ability for any token to be continuously liquid and useful to members of a community as soon as they’re created.
Introducing Bancor on Status
Up until now, Bancor’s user experience has utilized a web interface, and seamlessly integrated with popular centralized chatbot platforms, including Facebook Messenger, Telegram, and Wechat to provide a frictionless login experience for their users. We are pleased to announce today that Bancor will be adding Status to its list of integrations in the coming months (target: Q3), and Bancor will be utilising the Status API.
By expanding support to Status, Bancor will enable its users to utilize a fully decentralized messaging platform for both user authentication, notifications and bot-assisted functions such as issuing a new token, creating new communities, and even ETFs (token baskets), all without the need for any technical knowledge of Ethereum.
And if you’d like more information about the Bancor Protocol or the upcoming BANCOR network token, visit the site at www.bancor.network
Thanks to Tatu Kärki.