TokenBnk is the world’s first Ethereum-based Savings Account. It is a decentralized application that allows a new way to earn ROI on your crypto, just like interest in a traditional bank’s savings account.
Users deposit tokens into their Savings Contract and earn rewards in the denomination of the same tokens they hold, just like interest in a bank. Set it and forget it.
In order to withdraw, users must pay a predetermined withdrawal fee in native token, TBK. When summoned, a smart contract programmatically distributes the fee amongst all network participants as a reward, proportional to the percentage of the Total Network Value (TNV) they constitute.
The rewards a user receives automatically get exchanged to the same tokens they hold in their Savings Contract. For example, if you receive 1,000 TBK as a reward and hold 50% Ether and 50% OmiseGo, 500 TBK worth of Ether and 500 TBK worth of OmiseGo will be deposited back into your Savings Contract, thereby increasing your underlying position size.
The TokenBnk protocol does not rely on a central authority to function. It operates entirely on its own, based on predetermined conditionals written into the code. It will function as intended for as long as the Ethereum blockchain exists.