Phoneum Integrates with the Bancor Protocol to Provide Decentralized Liquidity for PHM Token Holders28 August 2018
August 28, 2018 - We are pleased to announce that Phoneum will be adopting the Bancor Protocol. Using the Bancor Network, holders of the Phoneum token (PHM) will be able to convert PHM to any token on the Bancor Network. Users who want to buy PHM tokens will be able to buy them directly through the Bancor Web App.
“We believe that mobile technology will drive cryptocurrency adoption. In our search for the best technologies to integrate, Bancor continuously came out on top.” Said Ivan Likov, the founder of Phoneum. “We like how their system is fair and equitable. It is based on the buys and sells of a token and no spread is created, unlike other networks.”
Bancor is not like other exchanges where people buy and sell tokens. The Bancor Protocol involves various Relay Tokens. A Relay Token is an ERC20 compliant token that is configured with two connectors, one that holds a balance of BNT and one that holds a balance of another ERC20 token. So, it can be PHMBNT (Phoneum Bancor Relay) or ETHBNT (Ether Bancor Relay). Converting one token for another is done through these relays on the Bancor Network.
Understanding the Phoneum token Relay:
The Relay Token will hold two token types. One is the PHM and the other is BNT. People who want to convert tokens using our Relay Token can send one type of token to our Relay Token (like BNT) and this will then buy an intermediate token called PHMBNT. This will then be exchanged for PHM.
Each step of the transaction will incur 0.1% transaction fee. There were two conversions in this case, so the fee would be 0.2%.
Therefore, using a transaction path we can convert PHM to any other token on the Bancor Network in no more than two steps.
ETH > BNT > PHMBNT > PHM (this can also work in reverse)
Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “connector” method to enable formulaic price calculation and continuous liquidity for all integrated tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. To convert tokens instantly, visit the Bancor Web App or join the Bancor Telegram group for more information.
Phoneum set out to deliver a simplified user experience and platform enabling all users – regardless of technical aptitude – to fully participate in the new cryptocurrency economy. Phoneum tokens (PHM) can be earned through mining, through the purchasing of tokens on an exchange or by redeeming tokens to create a transaction. Phoneum is a decentralized cryptocurrency and product that is revolutionary with its customized blockchain and algorithm for consensus. It was developed specifically for mobile devices (Android and iOS). The Phoneum application and product focuses on ease-of-use and speed of a transaction. Phoneum’s mission is to drive mainstream adoption of cryptocurrencies by allowing anyone with a mobile device to participate.
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