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13 October 2017 15:01 5304 0
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Eloplay Token will adopt the Bancor Protocol

Eloplay Token will adopt the Bancor Protocol


The Eloplay team will be joining the Bancor Network with an ELTBNT Token Relay. This will provide ELT with continuous and on-chain liquidity, allowing ELT to be convertible for any other token in the liquidity network (including ETH, GNO, STX, BNT, and many others to come).

Bancor completed a record-breaking Token Generation Event in June 2017, with the goal of developing and promoting the Bancor Protocol through the Bancor Network Token (BNT). With the help of this protocol it is possible to standardize cryptocurrencies so they are inherently convertible for others directly through their smart contracts, removing the need for counterparties and dependence on exchanges. The Bancor Protocol algorithmically recalculates the price of tokens in relation to others in the network based on volumes of purchases and sales, while maintaining a constant “connector weight” to the hub token, BNT. These interconnected tokens are called Smart Tokens(™) because they include their own, not-for-profit market maker directly in their code.

Thanks to Bancor, users can instantly convert any Smart Token(™) to other cryptocurrencies in the network at algorithmically calculated rates. As a result participants benefit from the following advantages:

  • reduction of volatility;
  • no spread — purchase and sale is carried out at an identical price;
  • no counterparties — tokens don't need to be deposited in the exchange for purchase or sale,; no other buyer or seller needs to be available to be matched with;
  • increased and continuous liquidity, regardless of token size, trade volume or listing with exchanges.

The Eloplay team is thrilled to be able to offer this integration to the ELT community as an important step on the way to token development, tackling one of the most challenging problems for new cryptocurrencies, lack of liquidity, with an innovative smart contract-based solution.