PUBLISH innovates the way tokens are sold, introduces “Benchmark Token Sale” (BTS) mechanism
Wed, 03 Jul 2019, 08:05 am UTC
Delivering on its previous promise of revamping the token sale mechanism, blockchain media solution provider PUBLISH has announced the successful implementation of the new system on TokenPost Korea Edition, a digital-native news website serving as PUBLISHprotocol’s first use case.
Inspired by “a safe token sale mechanism”, introduced in 2017 by Vlad Zamfir, the mechanism will allow users to buy and sell NEWS tokens from PUBLISH at a relatively low price towards the beginning of the token sale when the available supply is high, and at incrementally higher prices as more and more tokens are sold off.
By doing so, PUBLISH—as a major token holder and administrator—is signaling effective ceiling and floor prices to the market, which in turn will disincentivize any unhealthy speculation and “pump-and-dump” schemes. Further explaining its rationale behind the new mechanism, it said:
“Any price discrepancies between the ask/bid prices offered by PUBLISH on TokenPost and those available on the free market through various cryptocurrency exchanges where NEWS is listed should, in theory, be minimized by arbitrage traders.”
The token sale page can be accessed by visiting https://www.tokenpost.kr/news-token. Tokens can be purchased in major cryptocurrencies, including Bitcoin and Ethereum.
Currently, the facility is only possible from within the TokenPost platform, meaning that while tokens can be purchased and sold on TokenPost Korea Edition, tokens cannot be transferred in and out of the platform at this time. PUBLISH said it is currently working to roll out this functionality in the near future.
Moreover, the facility is only available to Korean citizens and residents who are registered on TokenPost Korea Edition and have gone through KYC checks. PUBLISH is also working with a third-party KYC provider to make this available on a global scale through TokenPost International Edition in the near future.
PUBLISH’s proprietary token NEWS started trading on Hoo cryptocurrency exchange this week. The company has also launched the beta version of PUBLISH’s decentralized hot wallet, “PUBLISHwallet.”
Furthermore, the Korea Internet Newspaper Association (KINA) has entered into an agreement with PUBLISH to introduce PUBLISHsoft, a blockchain-based content management system, into its operations.
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