Snip-Bancor Partnership Takes to the Next Level, Rewards Investors with Free Coins

| Updated
by Svetlana Rud · 3 min read
Snip-Bancor Partnership Takes to the Next Level, Rewards Investors with Free Coins
Photo: WOCinTech Chat / Flickr

Snip-Bancor partnership takes to the next level, rewards investors with free coins in order to add thousands of BNT holders to the Snip network.

Decentralized news platform Snip revealed next step of its partnership with Bancor concerning reward policy for investors.

Snip is a decentralized service that provides shot news and summaries. The main peculiarity of this website is possibility to write an article by any user. Moreover, writers are rewarded with tokens according to the popularity of their posts and comments.

Bancor is an Ethereum-based platform for decentralized exchange of ERC20 tokens.

According to new reward policy, all BNT holders will encouraged with SnipCoins, and vice versa by special launch airdrop.  It will become easier to convert both tokens thanks to the existing protocol. It is planned to send 450 SnipCoins to any wallet holding at least 300 BNT and to send 1.5 BNT to any wallet holding at least two ETH worth of SnipCoins.

“By adding thousands of BNT holders to the Snip network, we hope to reach many more people at an early stage and turn them into real Snip believers,” Snip CTO Rani Horev said.

Thanks to the partnership with Bancor, which was announced in September, Snip received possibility to join the Bancor Decentralized Liquidity Network “making SnipCoin easier to use and in encouraging buyers to hold the token and use it inside the Snip ecosystem.”

“At Snip we’re focused on buyers and partners who are true believers in the Snip platform and we’ve found the Bancor team to be an excellent partner and advisor. We’re now looking forward to expanding beyond the core team and engaging the thriving Bancor community,” the Snip team wrote on its official blog.

The partnership with Bancor was announced in two days before Snip crowdsale campaign that began on September 29. Thanks to this ICO, Snip planned to raise 13,000 ETH (nearly $4 million). According to Snip website, planned sum has already raised, but crowdsale will continue until October 29.

It should be noticed that Snip collaborated with AdEx network, an international decentralized advertising network in August. AdEx is famous for its successful ICO, when they have raised $10.000.000 in just three hours.

While cryptocurrency market is continuing to develop and Bitcoin price is growing, Dutch Bank ING has reported complain concerning high energy cost associated with every Bitcoin transaction.

According to Teunis Brosens, Dutch Bank senior economist, average Bitcoin transaction takes 200kWh which is in five times higher than for Ethereum transaction and in 20.000 times higher than for a credit card transaction.

“This number needs some context. 200kWh is enough to run over 200 washing cycles. In fact, it’s enough to run my entire home over four weeks, which consumes about 45 kWh per week costing €39 of electricity (at current Dutch consumer prices),”Teunis Brosens said.

Probably, Teunis Brosens’ statement is simple proofless charges against cryptocurrency.

Blockchain News, News, Token Sales
Related Articles