We’re excited to announce a new integration that has been in the works for quite some time now - Bancor!

This one comes hot on the heels of the previous announcement regarding the development of our own blockchain using the Tendermint technology for the Cosmos Network.

This integration contains three benefits:

The first is that we can provide a user friendly and fast way for the Kuende Community to get Kuende tokens (KUE) and participate in challenges.

The second is that users and businesses can purchase Kuende tokens even with credit cards.

Third, Bancor will be creating a Kuende account to educate wider communities about crypto, exchanges, wallets, and more.

In order to understand just how important this announcement is, let me first tell you a bit about Bancor. In the description of the Abstract in their whitepaper:

The Bancor Protocol enables automatic price determination and an autonomous liquidity mechanism for tokens on smart contract blockchains. These Smart Tokens have one or more connectors to a network that hold balances of other tokens, allowing users to instantly purchase or liquidate a Smart Token for any of its connected tokens directly through the Smart Token’s contract, at a price that is continuously recalculated to balance buy and sell volumes.

This type of liquidity is important for the Kuende ecosystem. We want businesses to be using KUE, but we also want them to be able to distribute their own tokens to followers and as rewards for challenges. Users can in turn exchange their own tokens for KUE, or use their KUE to redeem them for prizes and digital items on the Kuende marketplace. Users and businesses with the ability to seamlessly swap coins will benefit everyone on the Kuende platform.

User Empowerment

As long as the blockchain and cryptocurrency are relegated to being considered in the realm of “tech”, there will not be the adoption levels suitable for most blockchain businesses. Just like computers used to be specialized machines to now being handheld devices anyone can use, we want everyone to be using crypto and the blockchain.

Cryptocurrency, in particular, is something that puts the power into the holder, much unlike any other currency in the world. Unfortunately, not enough people understand this or they are scared away by the perceived unsafe nature. Our integration with Bancor is going to make it easy for people to access cryptocurrency, and they will feel more comfortable doing it. I have spoken with too many people who are worried when I tell them that I am involved in crypto and the blockchain. This needs to change, and it will change.

Business Engagement

Kuende’s Tokenomics sees businesses as being one of the primary purchasers of KUE. Remember, you need KUE to get involved in creating challenges. With the Bancor integration, businesses can purchase KUE more easily than ever - all they’ll need is a credit card.

Blockchain businesses stand to gain even more from Bancor. They can instantly swap any of their own cryptocurrency for KUE thanks to Bancor Protocol’s Token Relay. Under the Bancor Protocol, all cryptocurrency has a backwards compatibility that until this point wasn’t available.

And of course, because of this seamless transfer method, businesses can hand out their own tokens for rewards that can also be translated into KUE or any other token that the user wishes.

Relay Token

As mentioned before, Relay Tokens are part of the tech that really makes Bancor such an effective technology. Kuende will maintain its own Relay, ensuring that KUE can be easily swapped with other tokens, and vice versa.

We believe that this will help us diversify our marketplace purchase options. The more blockchain businesses that get involved on Kuende, the more options there are for users. And when there are more options and liquidity abounds, everyone wins.

User Education

We’re excited about this integration because Bancor is coming to Kuende and creating a profile! As you can see already, there are a lot of benefits for blockchain businesses being on Kuende. They can create challenges for their communities, post content, and engage with them much more effectively. Part of this integration is that Bancor will be educating Kuende users about cryptocurrency, how exchanges work, the types of wallets, and other blockchain knowledge.