TokenBnk

Earn crypto by holding crypto 📈📈

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#3 Product of the DayNovember 02, 2017

TokenBnk is an Ethereum-based decentralized application that allows a new way to earn ROI on your crypto - kinda like interest in a traditional savings account. Learn more at tokenbnk.com.

Reviews

  • Pieter GorsiraFounder, Lawnmower
    Pros: 

    Powerful economic incentive model encouraging token holding

    Cons: 

    Experimental like most new Ethereum tech

    TokenBnk provides an entirely new incentive dynamic for the future token economy. It's a fresh concept that could have large implications for how, where, and why tokens are stored and transferred in the Ethereum network.

    Pieter Gorsira has never used this product.
  • Robert LeshnerProduct @ Postmates
    Pros: 

    Very few.

    Cons: 

    The only source of generating income to pay yield is from other users, which is *similar* to a ponzi scheme, or a "game of chicken".

    Read the entire whitepaper

    Robert Leshner has never used this product.

Discussion

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Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
Hi guys, I’m Shayne from TokenBnk. I’ve been into crypto for about 5 years now. Started with bitcoin and litecoin in ’13 before getting into the Ether presale, and now hold a variety of blockchain-based tokens. I started TokenBnk because I wanted a way to earn ROI on my idle tokens while still being exposed to positive price appreciation. I figured, holding fiat for extended periods of time while earning no ROI seems senseless, and it’ll likely be no different for crypto. With crypto being so volatile, lending it out to achieve ROI isn’t plausible because if it’s lent out in a fiat denominated loan at 8% and ether goes up 50% in the same time frame… you’re screwed. So I thought a lot about ways to generate yield that didn’t rely on lending. TokenBnk is based on the cryptoeconomic theory of financially incentivizing correct behavior. I learned from being in the Ether presale that if you deeply believe a given asset has exponential upside potential, the optimal strategy to capitalize on that is just buying and holding it. Any gains from day trading it in the meantime will be immaterial. So the way it works is you deploy a Savings Contract to the Ethereum blockchain via our interface, then you deposit any variety of ERC20 tokens to it and based on 2.5% of that value, a static withdrawal fee is created (denominated in our native token- legitimately needed as its price reflects demand for withdrawals). When people in the network choose to withdraw and pay their fee, that value gets distributed back amongst all network participants proportional to how much of the total network value their Savings Contract constitutes. At the user’s discretion, they can choose for the value they receive as a reward to be autonomously exchanged back into whichever tokens they’re holding. Above all, I view TokenBnk as an economic experiment only now possible due to advancements in blockchain tech that could ultimately prove to be an integral part and one of the leading methods of storing value in the token ecosystem of tomorrow. I’ll be around today if you have any questions. If you can’t comment and have a question my email is shayne@tokenbnk.com We’re going to be deploying TokenBnk to the testnet soon and are looking for beta testers. If you’re interested drop me a line. Pce
Daniel Li@d4nyll · Fullstack JavaScript Developer
@tokenbnk @shayneshaynesha Not a blockchain expert so apologies if this question is very obvious. How does the saving account generate yield? You said "the optimal strategy to capitalize on that is just buying and holding it" - how is that different from just leaving the cryptocurrency in your wallet?
Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
@tokenbnk @d4nyll It's about incentivizing buying and holding. So, the way that the yield is generated is that when people don't buy and hold - i.e. withdraw - they pay this fee. That fee is then distributed amongst all other network participants. That's where the yield comes from. Not a bad question at all
Eralp Bayraktar@eralpbayraktar · Computer Scientist
@tokenbnk @d4nyll @shayneshaynesha oh now I understand! you should mention this as this is your business model, we all make money off of people who withdraw. Without a business model this sounded like a scam :) I was wondering how are they making money off something locked by individuals?! Bc that's otherwise pretty hard.
Eralp Bayraktar@eralpbayraktar · Computer Scientist
@tokenbnk @d4nyll @shayneshaynesha now you get my upvote ;)
Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
@tokenbnk @d4nyll @eralpbayraktar hahaha good point. will make that more clear. thanks ;)
Jack Kim@jack7kim · Founder @ Ember Labs
Damn this is one of the best crypto landing pages out there 🔥
Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
@jack7kim Lol, it's an inside joke for anyone who didn't check the site. Jack designed the landing page 😂
Chris Crompton@chris_crompton1 · CivilChat Co-Founder
This doesn't sit well with me. The top comment is by the CMO of TokenBnk. The hunter is on their advisor team. There are empty bios when you click on any team member's picture. The download link for the whitepaper says your email "will only be shared with Shayne [the CEO]". The whitepaper says the way users earn on their savings account is through a withdrawal fee - what happens if everyone withdraws? What happens if no one withdraws? The social media accounts are empty or have little to no content. Not saying this is definitely a scam, but at this point it's not enough to sell me on it either...
Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
@chris_crompton1 Hey Chris, The comment by Jack is a bit of humor as he designed the landing page. As for the Docsend link, it's lead generation. You put in your email for that reason and I used my premium Docsend account, that's why it says my name. As for the empty bios - let me fix that up! Must be a mistake. As for what you say about the product: If no one withdraws, it's likely people in the network will say "hey, I'm not earning anything, I'm out" and withdraw, thereby increasing the reward for those who stay. On the flip side, if everyone starts withdrawing, that'll present an opportunity for people to come in and benefit from the influx of withdrawal fees.
Chris Crompton@chris_crompton1 · CivilChat Co-Founder
@shayneshaynesha What is the withdrawal fee?
Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
@chris_crompton1 at the time of deposit, the exchange rate of 2.5% of the ether denominated value of the deposit into TBK (our native token) becomes a static withdrawal fee- meaning the # of TBK stays the same regardless of price movements of your deposit. There are interesting economic implications to this, as the token effectively represents demand for withdrawal. I would definitely recommend you check out the Economic Implications section of our whitepaper if you'd like to learn more.
Vegard Wikeby@vegardwikeby · CEO @ WiMake Solutions
2,5% earnings for each withdrawal (collectively shared among current holders), so long term holders will be the winners. It's a great business model. Watch out for "real" banks to steal the idea and implement this, because this is quite remarkable. I never thought of this, it's mind blowing when one think of the possibilities as one are collectively supporting the cryptocurrency one are holding and creating demand for it to grow AND at the same time include a method of being able to earn interests on top of it.
Shayne CoplanMakerHiring@shayneshaynesha · TokenBnk.com
@vegardwikeby I'm glad you get it, man! You hit the nail on the head. I think there's a lot that has to happen before a traditional bank could adopt any model similar to this. Nonetheless, with us being the first to try execute this model, if we see positive results it'll definitely attract other makers in the space to adopt similar ones. It's a privilege to be working on something that's never been done before.
Vegard Wikeby@vegardwikeby · CEO @ WiMake Solutions
@shayneshaynesha Yes Shayne, great work and execution! I do however believe that you'll need to either partner up or license the tech/idea to other banks (or similar entities within financials) willing to start up as you need a strong/reliable/brand name behind to gain the trust for the masses. Then we're (you) talking ;) We've had one to many MtGox incidents!
Ben TossellHunter@bentossell · Partner, The Upstarters
Earn while you HODL As many of you are probably holding Ether or ECR20 tokens, this project is to help you earn with you HODL. I think it's really interesting way to capitalise on what people are doing naturally. It's why I've chosen to help the team! Disclaimer: I'm an advisor