Bancacy is an innovative and decentralized digital asset class that is establishing a new form of money. Its asset solidification protocol shelters investors from market volatility and price swings, and the BNY token provides users with multiple earning and investment opportunities. Read on below to learn about the platform’s token sale and how it is helping to create a fully independent and immutable form of digital money powered by the blockchain.
Bancacy’s public sale of 534.6 million BNY tokens, the native token of the Bancacy platform, was opened on Saturday, September 7, and the project’s funding target was reached within 2 days, raising a total of 6,500 ETH. Early project backers enjoyed discounts of as much as 25% on their investments, and the BNY tokens that were sold represent 54% of the total supply. Marketing and operational costs will be covered by 17% of the total supply, in addition to 23% and 6% of the token supply that were issued in the Initial Exchange Offering and private sale, respectively.
About the Project
The goal of the Bancacy project is to use proprietary smart contracts to shield crypto market participants from volatility without involving fiat currency, as is standard with stablecoins. These automated smart contracts are audited by Quantstamp the leader in smart contract auditing and security, and they freeze and unfreeze assets in times of low liquidity and volatility.
In this way, Bancacy will be able to solve two longstanding issues facing cryptocurrency investors: low trading liquidity, and price volatility. In order to do this, the system uses two native tokens, BNY and XBNY. BNY is a tradable asset, the price of which depends on supply and demand. Holding it can provide returns of up to 12.8% p.a., and the main functionality it provides is that it can be ‘solidified’ or frozen into XBNY, which is like a stablecoin in nature.
The Asset Solidification Protocol & ROI
Here is how asset solidification works: A user can freeze his or her BNY tokens at any predetermined value at any time, without having to depend on third party authentication to do so. When tokens are frozen, BNY tokens are essentially burnt, and the holder receives a dollar equivalent of XBNY, the stablecoin token. When the user is ready to cash out or reenter the market, they burn their XBNY and mint a dollar equivalent of BNY once again. All of this happens in an automated fashion, at the protocol level, and it shields users from price swings and low liquidity by allowing them to essentially enter or exit the market while keeping the value of their portfolio intact along the way.
The ROI that users can earn is also managed by the platform to avoid excess minting of BNY during bear markets. Short, mid, and long-term investments can reap a maximum of 12.8% ROI p.a., depending on the length and number of invested tokens. This is done to moderate inflation. In addition, users can earn passive income by locking his or her tokens for a fixed period of 365 days, earning passive income on a daily basis.
Phase 1 of the Bancacy project was launched on August 31, 2019, which included the launch of the BNY token along with all its functionalities except asset solidification. The platform itself is available for Windows, Linux, and Mac.
Phase 2 is currently underway, with Bancacy engineers working on the second and third smart contracts that will enable XBNY’s functionality as a stablecoin by receiving BNY prices from high-tier exchanges on which BNY will be listed in the near future. To eliminate fraudulent price-fixing activity, three daily price samples seven days a week from reputable and trustworthy Oracles will be taken to provide an array of 21 prices that are used to give an approximate 7-day price average that will be used for asset solidification.
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Last modified (UTC): September 17, 2019 5:53 AM