Introduction
In the existing scenario, I am unable to find a single currency that is applicable to every part of the world. Most of them can be used in a particular country, some in neighboring countries and some with far-reaching resources in many countries but not simply everywhere. In order to use a particular currency in another place, we have to change it to the currency prevalent in that place and then use it. We now have Token Union to solve this major problem faced by every one of us.
Basic Information
In simple and explicable terms Token Union is an exchange center that works automatically to convert Ethereum-based tokens to easy-usage tokens and vice versa. It is based on Blockchain technology to create an open-source booking protocol that can be used to benefit participants from several industries that include automotive, retail, healthcare, finance, travel and hospitality. It is user-friendly and has refreshing and interesting ideas that will prove beneficial to all of us who are attached to this interface. This decentralized app is actually a reward for holding ERC20 and Ether tokens.
Problems and Solutions
Storing crypto-assets securely has become a problem for the token holders. There is a huge monetary difference as the user tokens may not appreciate in value as the other tokens. The ecosystem needed a solution that would enable fair value. Token Union rewards the user in the same token used in its Holding Contract. The tokens get converted via Bancor. For example, if you receive 100 tokens as a reward and you already have two types of token in the ratio 70:30 in your account then the reward will be converted in the same ratio of both tokens that is 70:30 in your Holding Contract. This transaction increases your position size.
Token Union helps via mobile app and web app to keep your eye in real time on Holding Contract any time, which was not possible earlier. Monitoring your holdings has become easy and fast.
Earlier earning rewards was not a part of the ecosystem but Token Union has made this a possibility. When a token is sent by a user to Holding Contract he becomes eligible for earning rewards. This is possible only by the same token which he has in the Holding Contract.
The existing systems require permission from central authority for its functions but in case of Token Union, it is not so. Certain conditions have been written into the code and Token Union operates by itself based on those guidelines.
Team
The team has been associated with several products but Token Union is its masterpiece. People working in numerous fields in several places have come together to create something new, wonderful and worthwhile.
Conclusion
Token Union has evolved as a decentralized system of banking that can be used in the whole world for any type of transactions. It is a hybrid approach that has incorporated off-chain and on-chain software components and smart contract respectively to offer extra scalability. Finally, we are getting a public inventory that is transparent and would work towards lowering barriers for online markets and I can easily say that it is a match made in heaven.
Website - http://tokenunion.io/
Whitepaper - https://docsend.com/view/hj4tdrk
Telegram - https://t.me/tokenunion
ANN - https://bitcointalk.org/index.php?topic=3743898.0
Published by - dannywhelan
Profile - https://bitcointalk.org/index.php?action=profile;u=1606458