Fun

Bancacy Successfully Raises 6,500 ETH, Completing Its Public Funding Round Within Two Days

News Feed - 2019-09-17 02:09:21

TwitterFacebookLinkedInReddit


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. Project Roadmap


Phase 1of 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 2is 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.


To learn more, visit https://www.bancacy.com/, or connect with the team on Facebook, Telegram, or Redditand join the new Digital Money revolution.


This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.


Last modified (UTC): September 17, 2019 5:53 AM

News Feed

Ethereum’s Merge Gave Birth to 2 Forks — Newly Launched Ethereumfair Gathers USD Value and Hashpower
Ethereum"s Merge Gave Birth to 2 Forks — Newly Launched Ethereumfair Gathers USD Value and Hashpower Following Ethereum’s Merge, a number of cryptocurrency community membe
Bitcoin bounces back as Grayscale ETF outflows hit new record low
Ciaran Lyons3 hours agoBitcoin bounces back as Grayscale ETF outflows hit new record lowThe GBTC outflows on April 10 were approximately 15 times less than the average daily GBTC outflows recorded over the past four mont
Orange Domains aims to expand Bitcoin Name System functionality
Zoltan Vardai8 hours agoOrange Domains aims to expand Bitcoin Name System functionalityOrange Domains seeks to expand the use cases of BNS domains while creating more interconnectivity with traditional DNS-based domains.
Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation
Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation Solana started the week trading near a two-month high, as momentum remained marginally bullish
Cardano’s Voltaire era nears with June hard fork milestone
Helen Partz10 hours agoCardano’s Voltaire era nears with June hard fork milestoneChang will be the first hard fork in the final era of Cardano’s roadmap, introducing community-run governance and on-chain community co
Trump token dumps 31% despite doubts he’s behind the DJT token
Brayden Lindrea6 hours agoTrump token dumps 31% despite doubts he’s behind the DJT tokenTrump hasn’t confirmed or denied ties to the DJT token, but a blockchain analytics firm and industry leaders raised doubt that T
Fact Checking Media Tries to Debunk Great Reset Theories, Articles Ignite Heated Discussions Over Reboot Agenda
Fact Checking Media Tries to Debunk Great Reset Theories, Articles Ignite Heated Discussions Over Reboot Agenda On December 22, Twitter trends indicate that thousands of people on
Rebranded Localcryptos Lets You Cash Out BTC Peer to Peer – Minus the Hassle of KYC 
Rebranded Localcryptos Lets You Cash Out BTC Peer to Peer – Minus the Hassle of KYC  If you’ve ever had a sudden need for fiat while all in crypto, you’ll understa
‘Central Banking Is Socialism for the 1%’ – Report Cites Wealth Inequality Driven by Stimulus
"Central Banking Is Socialism for the 1%" - Report Cites Wealth Inequality Driven by Stimulus For a while now, central banks like the Federal Reserve have been participating in q
Trump reelection campaign raised $3M in crypto for Q2 2024
Turner Wright6 hours agoTrump reelection campaign raised $3M in crypto for Q2 2024The most significant contributions came from Gemini co-founders Cameron and Tyler Winklevoss, who announced their support for the Republic
Venezuelans Can Now Use Bitcoin to Pay for Goods at 20,000 PoS Terminals
Venezuelans Can Now Use Bitcoin to Pay for Goods at 20,000 PoS TerminalsVenezuelans will now be able to use bitcoin to pay for goods and services at more than 20,000 point-of-sale (
US Federal Reserve Seeking Manager to Research CBDCs and Stablecoins
US Federal Reserve Seeking Manager to Research CBDCs and Stablecoins The U.S. Federal Reserve (Fed) has posted a job advertisement that seeks to hire a role rela