Wolk Announces Creation of Token Relay with Bancor
SAN MATEO, Calif., Oct. 9, 2017 /PRNewswire/ -- Wolk, developers of SWARMDB, a NoSQL adaptation of SWARM, today announced a partnership with Bancor, a well-known crypto project that created a protocol for the instant conversion of Ethereum ERC20 tokens.
The partnership introduces a Bancor Token Relay to the Wolk ecosystem. This Token Relay provides a decentralized liquidity pool of WOLK and BNT, encapsulated in a Bancor protocol compliant Smart Token, utilizing smart contracts to hold balance tokens and enabling decentralized conversion of tokens through asynchronous real-time algorithmic pricing of the Smart Token, according to a formula based on a constant ratio between each of the held balance tokens to the Smart Token's Total Token Value. This provides instant, on chain, conversion from ETH to WOLK (and vice versa), and with every token in the Bancor Decentralized Liquidity Network.
The Token Relay provides a decentralized, automated solution for exchanging WOLK to BNT, with no (human) counterparty, also enabling two-way ETH-WOLK conversions.
Eyal Hertzog, Product Architect at Bancor, said the following about Wolk and Bancor's collaboration:
"We're thrilled to have Wolk – a project building solutions that could prove fundamental to achieving a fully decentralized web – on board, participating in Bancor's Decentralized Liquidity Network. We look forward to tracking their development for the benefit of the network at large."
WOLK, facilitates decentralized content exchange between decentralized apps and storage providers. "Full" decentralized systems builders with any centralization are open to the risk of legal or security attack. "Our contribution to the decentralized community is one of secure, decentralized and unstoppable storage in a manner best fitting organized storage of data and content," says Wolk CEO Sourabh Niyogi.
About Wolk
Wolk provides an adaptation of Ethereum SWARM, supporting decentralized NoSQL, powered by a new virtual currency, the WOLK Token. Wolk allows storage providers earn WOLK for sharing their available storage and bandwidth and provides those needing storage a structured architecture for storage and retrieval needs, especially in the case of decentralized apps. Read: whitepaper.
About Bancor
Bancor is a protocol for creating Smart Tokens, a new standard for cryptocurrencies which are intrinsically convertible directly through their smart contracts. Bancor utilizes an innovative held balance method, enabling automatic price calculation and continuous liquidity for tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. Read: Whitepaper.
SOURCE Wolk Inc.
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