On April 25, 2018, the Prontapay team tweeted news that, upon completion of its’ ICO, Prontapay’s PRO token will be joining the Bancor network.
PRESS RELEASE: Prontapay (PRO) - Future Collaboration With Bancor Network
This looks to be an important collaboration between the two projects. Bancor can often times be referred to as an exchange although in no way represents itself as part of the group of exchanges that the crypto ecosystem has become accustomed to. Through their system, there does not necessarily need to be a buyer for every seller, thus posing a solution to the liquidity problem that many crypto assets may face.
The Bancor Network is different than most centralized and decentralized exchanges. Bancor’s website states that “Bancor is a decentralized liquidity network that allows you to hold any token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet” (about.bancor.network/network/).
The Bancor team states in their whitepaper that they “propose the Bancor Network for decentralized liquidity, based on the Bancor Protocol, which leverages the capabilities of smart contracts to build liquidity directly into tokens themselves. Such tokens, which we call Smart Tokens, are always available to be both bought and sold directly through their smart contracts. In other words, the token’s governing software offers to sell tokens to buyers and buy back tokens from sellers” (Bancor Whitepaper, p. 4-5).
As of May 3rd, 2018, the Prontapay ICO has roughly 41 days left for investors to get involved in the pre-sale (ends June 14). The main ICO will take place thereafter, from July 1st - August 1st. (prontapay.io). Prontapay has already distributed 2,039,070 PRO tokens, of 25,000,000 available for pre-sale (with total supply being 250,000,000). Prontapay also succeeded in selling out their private pre-sale, with 5,000,0000 tokens sold. (Above information from prontapay.io).
Some Important Points to Consider:
Prontapay Token Name - PRO
Price - 1 PRO = 0.000286 ETH (At current Ethereum price of roughly $720 per ETH, 1 PRO can currently be bought for roughly $0.21 USD)
Current Bonus - 100% (Once 5,000,000 PRO tokens are purchased, the bonus will drop to 40%).
Tokens Available for pre-sale - 25,000,000 PRO
Tokens Available for main ICO - 50,000,000 PRO
Prontapay aims to revolutionize the way the traditional invoicing system currently works.
“Our vision is to be the world’s first blockchain invoice solution to truly cross over into the mainstream system & help businesses of all sizes get paid more efficiently, on time and create a more stable fast and secure invoice ecosystem” (Prontapay Whitepaper, p. 2).
In short, Prontapay aims to use smart contracts to allow for interacting businesses to achieve invoice payment solution. When the business that receives goods or services, digitally signs the specified smart contract, they are agreeing to an automatic Ethereum payment, debited from their account, on the specified date agreed upon in the smart contract. This technology has the potential to aid in the increase of prompt payments for goods/services, and make the whole process simpler, all while being recorded on the blockchain for transparency.
The Prontapay PRO token will be used as a reward for both parties interacting in the Prontapay invoicing system. “After every successful invoice transaction on the Prontapay Platform, both issuer and payer will be rewarded in ProPay Coin” (prontapay.io). This seems to fit well with the Bancor/Prontapay collaboration. Bancor aims to provide a solution for added liquidity for tokens. Bancor’s website states that no registration is required for use of their system, with “[o]n-chain conversions directly from your web3 wallet” and continuous liquidity, with users being able to “[c]onvert any token at any time regardless of buyers and sellers or trade volume” (about.bancor.network/network). This adds value to the Prontapay system, in that it may provide a way for customers to convert their PRO tokens, at their discretion.
On May 3rd, 2018, the Bancor team on Twitter, stated that “[w]ith over 75 #tokens connected to one another on the Bancor Network, more than 2850 pairs are possible and counting!” (@Bancor on Twitter). It seems as though Bancor is developing its platform as well, which should be mutually beneficial for Bancor and Prontapay.
This would fit well, in that it may provide a simple way for users to convert their PRO tokens on a decentralized network solution. The public is usually very concerned with which exchanges ICOs will be listed on, and when. Why? Because without exchanges and or liquidity options, it becomes very difficult to derive value from a project’s tokens, leading to a variety of problems.
Project collaborations and partnerships are important to their success. It can often be exciting to see projects with promising ideas continue their development and growth. Bancor may be an important piece of the puzzle for Prontapay, as they continue to work towards changing the current system of invoicing for the better.
*Article written based on my interpretation of the data.
*This is a sponsored content post. All opinions expressed in this post are based on my personal view and should not be considered financial advice for anyone to buy or sell anything. Always conduct your own independent research before making decisions for your portfolio.
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