BitClave is partnering with Bancor to use Smart Tokens across the BitClave Active Search Ecosystem (BASE). BitClave has joined the Bancor network and will become a member of its protocol family. The Consumer Activity Token (CAT) will be using the ERC-20 token standard, compatible with all supported exchanges and wallets, and will now also be automatically convertible to every token in the Bancor network in compliance with the Bancor protocol.
BitClave is a startup company using blockchain to eliminate ad service middlemen and create a direct connection between businesses and customers. BitClave is building a decentralized search engine that helps its users truly find what they are looking for and get compensated every time they search privately for products and services from their favorite brands, making third-party advertising networks unnecessary and annoying ads a thing of the past.
On the BitClave Active Search Ecosystem, customers exercise full control over their identity, deciding who has access to their data while earning CATs each time businesses use their data to make them offers. Through this platform, businesses can serve personalized, relevant offers directly to users who have already expressed interest in their products and services, significantly increasing their return on advertising spending. The initial vision for the BASE and CAT is based on Ethereum technology — an open source, blockchain-based, distributed computing platform which utilizes smart contracts.
Bancor enables the easy creation of smart tokens, which allow for newly embedded functionality into cryptocurrencies. With the ability to hold other tokens in reserve and to be traded directly with their own smart contracts, as opposed to any counter-party or in exchanges, smart tokens can instantly be converted for tokens of all types on the network, enhancing liquidity and facilitating usage-driven and algorithmic price calculation. Smart tokens and their holders benefit from continuous liquidity and increased stability thanks to their automated, built in market maker and algorithmically calculated prices.
“We are very proud to announce this cooperation with Bancor and become a part of its ecosystem. We believe the smart token standard will contribute to the future evolution of our BASE platform, benefiting businesses and consumers with the liquidity and stability that will allow this new ecosystem to flourish from day one,” said BitClave’s founder Alex Bessonov, the former chief security officer of LG Electronics.
“We’re incredibly excited about the diversity we’re seeing in the adoption of the Bancor protocol by smart token creators including BitClave. A decentralized search platform with a distributed advertising model is an important application of blockchain technology for the benefit of society.” said Guy Benartzi, co-founder of Bancor.