Blockchain Startup MyBit To Integrate Bancor Protocol To Increase Liquidity

Announcements, Blockchain | June 12, 2018 By:

Blockchain startup MyBit has partnered with bockchain startup Bancor Protocol to offer its users with cross-chain liquidity service.

Founded in in 2017, MyBit is an Internet-of-Things (IoT) investment ecosystem powered by ethereum. MyBit’s decentralized investment platform allows users to invest in revenue-generating IoT devices, such as robotics, autonomous vehicles, 3D printers, drones, cryptocurrency ATMs, and miners.

The Bancor Protocol is a token conversion protocol which allows anyone to design new tokens using smart contracts, which implement the reserve system. Creators will be able to customize their token’s reserve ratio, initiate an initial coin offering (ICO), and issue coins which benefit from instant viability. It also utilizes a token “Connector” method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange.

The partnership will allow MyBit’s users to convert any two tokens without third-party interference. Integrating the Bancor Protocol will also enable MyBit to avoid all of the usual problems associated with centralized exchanges. These include trust issues, exaggerated fees, the lack of liquidity and having to manually find buyers and sellers.

“We want to integrate all of this functionality into our DApp,” MyBit CMO Joost Toornend. “To do that, we’ll incorporate a one-click buy option within the DApp itself. Plus, any token on the Bancor Network can be converted in a few simple clicks from the MyBit platform.”

Last month, MyBit announced the launch of a decentralized asset exchange called MYDAX. The exchange will enable users to buy, sell, and monitor assets, where it’s no longer a case of having to wait days, weeks, or months to liquidate investments. According to MyBit, MYDAX will do this in seconds.