MyBit, an Ethereum-based Internet-of-Things (IoT) investment platform, has recently announced via Twitter that its attempt to implement the Bancor Protocol was done to offer its users with ongoing, cross-chain liquidity.
The tweet goes as follows:
“We are thrilled to announce that MyBit integrates with Bancor Protocol. Join our Discord here[bit.ly/Discord-twitter] or read our special blog for more information @CoinJournal @Cointelegraph @cryptonewsday @Bancor…”
Based on the blog post, it appears that users will now be able to convert any two tokens without third-party interference. Furthermore, this integration claims to use a ‘connector’ token that automatically calculates the price without having to put together two parties in the exchange.
MyBit team appears to support the Bancor Network, as they view them to being “the opposite of a traditional, centralized exchange”. Furthermore, the team has also shared excitement in being able to work with Bancor, especially given the fact that the two parties involved share several common views. Most importantly, the team believes that its integration can rid the platform of common problems like that of trust issues, exaggerated fees, the “lack of liquidity and having to manually find buyers and sellers”.
In the recent post, the team also plans to, “integrate all of this functionality into its DApp”. To ensure that users have a swell time with its DApp, the team plans to make things as simple as a “one-click buy option”, with the same strategy applied to token swaps.
Apart from the numerous developments and partnerships that MyBit has successfully completed, it appears that its token, MYB, has dropped to USD$0.07, from a value of USD$3.72 on May 29, 2018. Will the MYB token overcome its current position and come back stronger?
To keep updated on MyBit’s endeavors, follow them at:
- Discord: https://discordapp.com/invite/tAACC3h
- Facebook: https://www.facebook.com/MyBitDApp/
- Reddit: https://www.reddit.com/r/MyBitToken/
- Telegram: https://t.me/mybitio
- Twitter: https://twitter.com/MyBit_DApp