Bancor & bitJob Collaborate to Create STU-BNT Token Changer
The partnership will ensure STU liquidity and engagement with the Ethereum token-sphere
In addition to creating a global, decentralized marketplace for student employment, a major aspect of the bitJob mission is to spread the word of blockchain technology as far as possible, and to educate the next generation through hands-on experience with digital currency. One of the ways to get students around the world to adopt the STU Token and digital currencies in general is for the bitJob project to invest back into the Crypto community.
With this in mind, we’ve chosen to join forces with Bancor — the industry leading token exchange platform — and proudly announce an investment: Progressively, bitJob will deposit 0.5% of the total STU tokens, and another equivalent of 0.5% of total STU in BNT, into a Bancor STU/BNT Token Changer.
This is scheduled to take place after our crowdfunding campaign , which is set to start at September 12th, 5:00 PM UTC. The campaign will end at October 13th, 5:00 PM UTC.
Advantages to the bitJob/Bancor partnership
Ensuring high liquidity and reserve:
As stated in Galia Benartzi’s excellent blog post, Bancor will lock away a sizable percentage of BNT for two years. Since BNT holds an ETH reserve, two-way ETH-STU conversions will also be possible. This ensures liquidity and value for the STU Token, and immediate engagement with the worldwide token marketplace.
The token changer will charge a small service fee after each conversion, which will be placed into a reserve of STU-BNT Smart Tokens. Anyone will be able to purchase these tokens with STU, BNT or ETH.
Eyal Herzog, Bancor CTO explains the utility of the STU-BNT Smart Token:
“Doing so will increase the token changer’s reserve balances and reduce the slippage (cost) of each conversion for end users. The holders of the token changer all benefit from the collected fees, pro-rata”. Eyal Herzog, Bancor CTO.
Tapping into the “longtail of currencies” using Bancor:
Please read Galia Benartzi’s wonderful piece: How the ‘Long Tail’ of Cryptocurrencies Spells Massive Opportunity for Society.
It lays out a well-known use case for user adoption and community-building. The time for growth is now, and we feel that liquidity is they key to engagement.
“When technical barriers are lowered and the liquidity problem is solved, the emergence of the user-generated-currency long-tail may be the greatest long-tail in Internet history”. Galia Benartzi, Bancor Co-founder.
Association with the Bancor Foundation:
The bitJob company culture is to ensure win-win incentives to everyone in every interaction. We believe in the Bancor team, vision, and product. That is why this collaboration will work the same way, by offering new values for both sides:
- bitJob will enjoy Bancor’s reputation and backing, providing us additional access and exposure to a wide community of token holders.
- Bancor will benefit from a direct line with bitJob partners like top universities worldwide, and will enjoy a rare chance to deeply impact and make a difference in the lives of young people around the world.
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