Blockchain energy company utilizes Smart Token protocol to create ideal environment for POWR token sale participants
Power Ledger, the peer-to-peer market for renewable energy, has joined an expanding group of pioneering projects to partner with Bancor, the Smart Token cryptocurrency protocol, to maximize the trading liquidity of POWR tokens sold as part of its successful token sale, concluding this week.
As a result of this protocol integration, holders of the Bancor Network Token (BNT) will be able to convert BNT for POWR tokens, and vice versa, instantly and continuously. This technology solves the potential problem known as ‘Double Coincidence of Wants’ – where a seller of a set number of tokens must find buyers wanting the same number of tokens – at the same time – in order for a trade to take place. This is traditionally achieved through matching buyers and sellers in exchanges, and now can be executed automatically, directly on the blockchain, thanks to Bancor protocol smart contract technology.
Bancor’s smart contracts utilize a reserve token method which will allow POWR tokens to automatically convert to BNT, ETH and any integrated token in this decentralized liquidity network, according to an open-source algorithmic price. These conversions take place directly between smart contracts, outside of exchanges. Bancor ran a record-breaking token sale in June, collecting over $150 million for the project in under three hours.
This collaboration will bring increased liquidity to POWR tokens, in addition to their availability on various exchanges, to be announced. Precise timing of trade activation will also be announced following the conclusion of the public sale of Power Ledger’s tokens this Friday, October 6th.
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Power Ledger co-founder and Chair Dr. Jemma Green commented: “After the success of our token sale, we wanted to make sure that the trading environment is as attractive as possible for POWR token holders. Our integration with the Bancor protocol is the perfect solution because of the capability it provides for token traders to buy and sell them whenever they want.”
Power Ledger’s token sale, the first to be launched in Australia, issued a total of 350 million POWR tokens which will provide access to the company’s blockchain-enabled energy trading platform. Since the beginning of the token sale in September, the company has announced two more major trials of the platform with Origin Energy in Australia and Tech Mahindra in India.