Maryland News Desk

GN Compass is Joining The Bancor Network For Decentralized Liquidity – Creating a New GNCT Token. Bancor Protocol Ensures GNCT Continuous Liquidity and Engagement With The Ethereum Token-Sphere

GN Compass is Joining The Bancor Network For Decentralized Liquidity – Creating a New GNCT Token. Bancor Protocol Ensures GNCT Continuous Liquidity and Engagement With The Ethereum Token-Sphere

Calgary, Canada – February 5, 2018 – GN Compass is the first peer-to-peer lending platform for Cryptocurrency-Backed Loans™. investors invest funds in a pool at a certain interest rate with the invested amount being Backed by GN Compass Token (GNCT). Within GN Compass ecosystem, funds are distributed to borrowers. Borrowers directly pay back the loan plus interest to the investors.

Investors can freely exit their position by converting their GNCT tokens, hence allowing continuous liquidity. All transactions are verified and distributed on the Ethereum Blockchain. GN Compass is joining an expanding group of pioneering projects integrating the Bancor Protocol to maximize the trading liquidity of GN Compass tokens. 

As a result of this protocol integration, holders of the Bancor Network Token BNT) and any other token on the Bancor Network for decentralized liquidity (including ETH) will be able to convert their tokens for GN Compass tokens, and vice versa, instantly and continuously.

This technology solves the economic 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 “connector” token method which will allows GN Compass tokens to automatically convert to BNT, ETH and any integrated token in the liquidity network, according to an open-source algorithmic pricing mechanism. These conversions take place directly between smart contracts, outside of exchanges. Bancor ran a record-breaking token sale in June 2017, collecting over $150 million for the project in under three hours. 

We believe in the Bancor team, vision and product. This integration will further our intention to create new value for both sides and for all others in the network. Additional exposure through the network and its participants will benefit the GN Compass community who will also enjoy continuous convertibility and relative price stability. 

About GN Compass: 

GN Compass is the only peer-to-peer Cryptocurrency-Backed Loans™ ecosystem aiming to solve the liquidity problems in the lending market by bringing together investors/lenders and borrowers in the secured market place. 

About Bancor:  

Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “Connector” method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive.   

For more information, visit the website and read the Bancor Protocol white paper.

Media Contact
Company Name: Etheralabs.io
Contact Person: Bryan Feinberg
Email: [email protected]
Phone: +15515742169
City: New York City
State: New York
Country: United States
Website: www.gncompass.com/etheralabs/

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