Bancor Protocol, the standard for creation of intrinsically tradeable cryptocurrencies or ‘Smart Tokens’, today announced a collaboration with WINGS, an Ethereum-based platform that harnesses the power of crowds for discovery and promotion of projects that seek funds, to help value and promote the upcoming crowdsale of the BANCOR network.
The BANCOR network token will be the first Smart Token benefiting from the liquidity and automatic price discovery directly through its smart contract, without the need for a second party to exchange with, nor dependent on being listed in an exchange. Members of the WINGS DAO will be able to forecast on the result of the upcoming Bancor token sale this June and share their forecasts with their social networks.
Accurate forecasts will receive higher payments rewards which could be as high as $250,000. Members of the public will be able to see the forecasts of their social connections as well as aggregations of the crowd’s sentiment for Bancor. For many people new to cryptocurrencies and smart tokens, crowd valuations are an important part of their understanding the project’s climate for success.
Boris Povod, President of the WINGS Foundation Council said:
“BANCOR is a truly innovative concept in the cryptocurrency space that will allow 1000s of new currencies to float on the Ethereum network. We designed WINGS to allow people from all over the world to value and promote projects they believe in and are excited to have a team and project as strong as Bancor to be the first crowdfund presented to the WINGS community.”
Eyal Hertzog, Cofounder, and Chief Product Architect at Bancor commented:
“We are excited to work with WINGS on harnessing the power of the crowd to help people evaluate the sentiment around the Bancor Protocol project. Bancor at its core is about allowing mass participation in the emerging value network economy, and this is another great way to bring people in and empower individuals to participate actively.”
Set to begin on June 12th, once the Bancor crowdsale ends, the WINGS DAO will be rewarded based on the performance of the crowdsale with a mix of Bancor token and Ether, capped at $250,000.
WINGS token holders will be able to collect their algorithmically determined forecasting reward, based on the math model designed by Dr. Sergey Popov, simply by calling on a smart contract which will distribute their allotted Ethereum and BANCOR tokens as well as adjust their publically available WINGS Forecast Rating.