Tracoin Integrating Bancor Protocol
South Africa — January, 2017 — Tracoin (TCN), a new ethereum blockchain platform that will serve the Global Land Transport Industry, today announced its integration of the Bancor Protocol to provide continuous liquidity for the Tracoin platform. Earlier this week, Tracoin launched a pre-sale ahead of its public token sale.
By integrating the Bancor Protocol, Tracoin token holders will gain access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network, where any integrated token can be automatically converted to any other directly from the Bancor Wallet or any Web3 wallet, such as MetaMask. Currently integrated tokens include ETH, BNT (the Bancor Network Token), GNO (Gnosis), BNB (Binance) and a long list of announced projects soon to be activated.
“We expect to have a huge community and massive demand for the TCN token, so it is important for us to provide our users with an easy way to convert TCN tokens,” said Nurudeen Momodu, Co-Founder of TCN. “Integrating with Bancor will provide liquidity to everyone who wants to be a part of TCN as we build our platform and revolutionize the global land transport industry.”
TCN will activate a Relay Token with 5% of its total token supply within 7 days of the successful completion of the Token Sale. Users will be able to purchase and sell TCN tokens directly from the Bancor Wallet or any Web3 wallet at a formulaically calculated price.
The Tracoin team aims to develop a platform that will overcome the most pressing challenges facing land transport providers, as well as helping to improve the accessibility, safety and comfort within the sector.
Thanks to the technological innovations made possible by blockchain and smart contracts, Tracoin has developed a model that will connect and integrate all land transport industries and enable users to access land transport providers and services via an intuitive, easy-to-use marketplace app.
About TCN
Tracoin is the first open source, peer-to-peer decentralized cryptocurrency specifically tailored for the global land transport industry. Through the utilization of recent technological innovations, including blockchain technology and smart contracts, we have developed a model with the ability to overcome the majority of the challenges currently faced by the land transport industry. Furthermore, Tracoin plans to propose and implement additional measures that will significantly improve the efficiency of land transport services thus improving the users level of comfort and safety while using land transportation..
Tracoin strives to create a land transport industry community by rewarding people -who provide valuable contributions- with crypto-currency. Through this reward system, the land transport will see a rise in a currency that will be able to reach a broad market, including a vast number of people who have yet to participate in any cryptocurrency economy.
The integration of blockchain and land transport companies is an extraordinary concept; one that requires the creation of a community in which transparency and shared responsibility can take place. For more information, please visit https://www.tracoin.co/.
The Utility of Tracoin Tokens (TCN)
The long term value of any cryptocurrency lies in its utility. To that end, Tracoin’s native currency — the Tracoin token (TCN) — plays a central role in how users interact on the platform.
As the project’s whitepaper explains:
“Tracoin (TCN) is a utility token intended for use within the Tracoin ecosystem. The token facilitates product usage by incentivizing contributions to the ecosystem, unlocking access to enhanced features and services, and as a means of payment on the platform.”
Within the Tracoin environment, the tokens can be used in many ways, including:
• As a means of payment for land transport services
• Unlocking driver profiles, offers from land transport companies, and other features
• Commissions paid to users for referrals and client introductions
• Rewards for using TCN to pay for services
• Transaction-based fees for driver log entries
Furthermore, to encourage provider participation and to broaden its market reach, Tracoin will be offering a “seed” quantity of tokens to driving schools, vehicle operators, and transport companies that sign up on the platform.
About Bancor
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.
