Decentralized grocery ecosystem INS integrates Bancor protocol
INS, the decentralized ecosystem for the grocery market, today announced the integration of the Bancor Protocol, a standard for autonomously convertible blockchain cryptocurrencies, to offer inter-chain liquidity to INS holders via Bancor’s Smart Tokens.
INS will create a unique type of Smart Token called a Token Relay which will allow anyone to convert INS to ETH, BNT, and every other token in the Bancor Network, directly from popular Web3 wallets, at formulaically calculated prices.
“Liquidity is a major issue within the cryptosphere, and a constant concern for token holders,” INS founder Peter Fedchenkov said.
“This integration will ensure that INS token holders have continuous and autonomous liquidity and relative stability, regardless of trade volume or exchange listings.”
Aiming to disrupt the $8.5 trillion global grocery market, the INS Ecosystem connects manufacturers directly with consumers with a goal to make groceries more affordable for consumers.
INS has received strong industry support, with confirmed interest from some of the largest manufacturers globally as well as independent suppliers from the UK, Netherlands, Brazil, Italy, Russia and other countries. INS was founded by the creators of Instamart, the largest venture-backed online grocery delivery operator in Russia.
Within the INS ecosystem, manufacturers will be able to list and sell products directly to consumers, gain customer feedback, and reward customers. INS’s smart contracts power loyalty programs and their innovative use of blockchain enables an efficient, transparent supply chain. The INS native token serves as a method to power direct manufacturer-to-consumer loyalty programs and can additionally be used as a means of payment.
“Bancor is thrilled to have INS — a substantial project that has the potential to transform the global grocery market—participating in Bancor’s Decentralized Liquidity Network as it takes another step towards autonomous convertibility between all cryptocurrencies,” Bancor cofounder Eyal Hertzog said. “We look forward to tracking their development for the benefit of consumers, manufacturers, and producers worldwide.”
The 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 compliant tokens, without needing to match two parties in an exchange.
“As we approach our token sale it is of vital importance that we partner and collaborate with leaders in this fast-moving space,” Mr. Fedchenkov said. “Bancor is known as a champion in innovation, industry expertise and technical excellence, and we are pleased to be part of this growing community.”
The INS token sale will take place on Nov. 27, 2017, interested parties can use ETH, BTC, LTC, DASH, and bank transfers to participate in the sale. With a target of 100,000 ETH, the INS token sale will see INS tokens sold at a rate of 1 ETH = 300 INS.