Neat! I spent about 20m reading the code and this is a smart contract which keeps your Ether and ERC20 tokens (hostage?). When you take your money out, it collects a fee and distributes the fee to the rest of the accounts in the bank.
If you join this, you're expecting other people to take out their funds, which will earn you fees.
As far as I can tell, it creates a separate smart contract for each user who deposits ETH/coins. This is nominally more "secure" in that no one contract holds all of the balances. However, since they all share the same code they, hypothetically, would all share the same "bug", so I'm not sure how much security this buys you. It's an interesting pattern and I'd like to hear more about that design decision.
It also looks like you can hold up to 20 different ERC20 tokens in the current version.
One question I have is: why do you need to issue a new token for this?
@eigenjoy Yup that's the logic behind the separate smart contracts. We'll have to invest heavily in audits to make sure that code is secure: it's the number one priority.
I think in a market where most these projects' token economics are non-existent, TokenBnk has one of the best arguments for having a native token. At the time of deposit, based on 2.5% of that value, a static withdrawal fee is created (denominated in our native token). The interesting think about having a static withdrawal fee in our own token is that the token's demand correlates with demand for withdrawal, which brings a lot of game theory into the equation. No token with this logic has ever existed, so it should be very interesting to see how it plays out on the main net. Feel free to ask further questions or read the Economic Implications section of our whitepaper if you're still interested.
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this is amazing. So many people have been waiting for an eth-based saving account. also love the referral program to help you grow your subscriber list and in return give away 100 million tokens. Smart. Here is my link for those of you on PH who also want some free token as a giveaway: http://tokenbnk.com?referral=Syv...
Ok, this didn't make sense to me at first, I think the term bank and savings interest threw me off.
At first I thought it was like a lending platform. Getting interest on loans.
Actually, it seems to be purely a HODL incentive.
Users get penalized for withdrawing in the form of fees.
HODLers receive those fees as a reward for HODLing.
No fixed interest rate, if everyone HODLs, no interest is earned.
@thomas_howard1 Correct, but think that last situation through... If the whole network is HODLing, it's likely people will say "hey, I'm not earning anything, I'm out", thereby increasing rewards for others. It's really like a game of chicken at that point. And it's that situation that ultimately proves the successful incentivization of HODLing.
@thomas_howard1 thanks my man. Glad you get it. Join us on slack and telegram
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I dig it. Sounds better than keeping the crypto I'm not trading on the exchange in my exodus. Why not make some interest on those idle tokens? OK, up-vote from me. Any sort of referral program? Seems to be the in thing.
I think you raise a great point. The important thing to remember is there will definitely be scaling solutions and decentralized exchanges that proliferate at some point, and those we will use. The one's today are not necessarily those that will come up with the best solutions- and luckily we are nimble enough to adapt if new projects come out. But I understand your concern!
Fullstack Nate
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Here is my link for those of you on Product Hunt who also want some free token as a giveaway: http://tokenbnk.com?referral=HJF...
Pros:not sure yet.
Cons:Not sure yet. can you make the whitepaper pdf instead of a png
You've Got Spam
I am excited to see where it goes
Pros:It seems new and useful!
Cons:I am not sure.
Protocols piggy backing on other protocols while none have been proven concern me
Pros:The concept seems very good
Cons:Bancor integration mentioned as an advantage in the white paper
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