BLOCKv entered into a partnership with Bancor Network, the first protocol for autonomously convertible Smart Tokens™, to create a VEEBNT Token Relay that will enable anyone to easily convert VEE to and from ETH online.

Now our community members can purchase VEE tokens to use on the platform without the need to rely on secondary markets that are volatile, unpredictable and most of the cases rely on exchange intermediaries to solve the Double Coincidence of Wants problem. ( Double Coincidence of Wants is when a seller of a set number of tokens needs to find a buyer that wants to purchase the same number of tokens at the same time in order to complete the trade.)

Our VEE tokens are essential to access our platform and build vAtoms and we are excited to provide an opportunity for our community members to easily obtain VEE tokens and start working on our platform.

Bancor utilizes an innovative token “Connector” method. Bancor gathers different project tokens into a single network where each project maintains a balance in its smart contract in order to use the Bancor Network Token (BNT) as a “Connector.” Tokens can be bought or sold with the use of BNT, ETH, or any other token in the network at a continuously calculated price based on the Bancor formula, which balances the buy and sell volumes. The conversions take place directly between smart contracts and the pricing mechanism is an open source algorithm that ensures full transparency.

The benefits of this partnership for BLOCKv are:

• No Spread — With Bancor’s non-profit automated market maker, token holders can buy and sell their tokens at the exact same price. This allows to minimize the price volatility and is important for BLOCKv’s business model and pricing to use the platform.

• No Complex Registrations — Users can convert a token to another type of token directly on-chain with the use of their Web3 compatible wallet including Parity and MetaMask. Currently integrated tokens include ETH, BNT (the Bancor Network Token™), EOS, BAT, OMG, GNO, STX, and many more.

• Transparency — The Bancor Formula ensures price transparency by incorporating the transaction size and needs into the order book. Furthermore, the pricing algorithm is open source.

• No Counterparty Risk — The conversion of tokens happen directly with a smart contract. Decentralization and elimination of intermediaries is one of the key benefits of blockchain technology. Eliminating the need for exchanges is speaking blockchain.

“This is a very important partnership for us”, says Reeve Collins, CEO of BLOCKv. “Developers use our tokens to access our platform and build smart virtual goods — vAtoms. Being able to purchase VEE tokens is one of the fundamental benefits we can offer our growing community that wants to participate in the ecosystem. Ensuring that VEE Tokens are easily convertible through the Bancor Network solves a major pain point for our supporters.”