Decentralised Grocery Market to Increase Liquidity with Bancor
A decentralized ecosystem for the grocery market, INS has announced its 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 into any token in the Bancor Network, directly from Web3 wallets at formulaically calculated prices.
Peter Fedchenkov, INS Founder, said: “Liquidity is a major issue within the cryptosphere, and a constant concern for token holders. 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 to consumers with the goal of reducing the price of groceries. The company was founded by the creators of Instamart, a venture-backed online grocery delivery operator in Russia. INS has noted interest from multiple large manufacturers globally, as well as independent suppliers from the UK, Netherlands, Brazil, Italy, Russia and other countries.
Using the INS ecosystem will allow manufacturers the ability to list and sell products directly to consumers, gain customer feedback, and reward customers. Smart contracts enable loyalty programs and use of blockchain creates 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 Co-Founder, Eyal Herzog remarked: “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. 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 a token ‘connector’ method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange.
Fedchenkov concluded: “As we approach our token sale it is of vital importance that we partner and collaborate with leaders in this fast-moving space. 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 the 27th of November, 2017. ETH, BTC, LTC, DASH, and bank transfers will be used 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.