Bancor Welcomes Second Smart Token – STORM tokens join network for autonomously convertible cryptocurrencies – Blockchain News
StormX, the Blockchain-powered adtech and micro-task innovators, today announced the plans for integration of the Bancor Protocol, a standard for autonomously convertible Blockchain cryptocurrencies and other tokens called Smart Tokens™. The collaboration will allow STORM tokens to be converted to and from ETH and other tokens in the Bancor Network, directly from a simple web application. The STORM token public sale will commence November 7, 2017.
The protocol enables Smart Tokens to be purchased or sold directly through the tokens’ smart contracts, without any counterparty. This newly embedded functionality in the STORM token will enhance user experience by offering additional stability thanks to an algorithmic price determining mechanism.
Guy Benartzi, Bancor Co-Founder and member of StormX’s Board of Advisors, said:
“The addition of STORM tokens to the Bancor Network™ is a great pleasure for us as another step towards autonomous convertibility between all cryptocurrencies. Uptake by useful and high quality projects such as StormX is the best way to create the liquidity network effect the industry so badly needs.”
The Bancor Protocol™ standardizes a built-in price determining formula and convertibility mechanism for tokens on smart contract Blockchains such as Ethereum. These Smart Tokens™ enable any party from anywhere in the world to instantly buy or sell any token in the Bancor Network™ directly through a simple on-chain interface at a continuously calculated price based on buy and sell volumes. A Smart Token™ such as STORM token can be bought and sold anytime, at a formulaically calculated price.
Simon Yu, CEO of StormX, said:
“StormX is delighted to be the second Smart Token ever to integrate the Bancor Protocol. This collaboration offers unparalleled stability and user experience for STORM tokens, making them infinitely more useful to members of the STORM community. As we quickly approach the start of our crowdsale on November 7th, we feel this collaboration puts the finishing touches on our platform, enabling us to provide our loyal community with the cutting edge and flexible experience they deserve.”
StormX is the creator of Storm Play, a Blockchain-based platform that will utilize smart contracts on the Ethereum Blockchain to manage gamified micro-tasks between buyers and sellers. Users receive rewards in the form of STORM tokens which they can use to participate in the Storm Play marketplace.
Steven Nerayoff, Esq. LL.M., Alchemist Ventures Founder and architect of the Ethereum token sale, said:
“Alchemist Ventures is delighted to have brought together the industry leading teams behind Bancor and StormX in what we believe is one of the strongest collaborations in the Blockchain space today.”
Registration is now open for the STORM token crowdsale which starts Tuesday, November 7th via the official STORM website at stormtoken.com/tokensale.
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