Now you Can Withdraw your BNK Tokens

Today is an exciting day for Bankera and its community. After multiple audits to ensure the security of the BNK smart contract, Banker token owners are able to withdraw their BNKs to external wallets if they wish to. BNK token deposits are also now supported at spectrocoin.com. It means that Bankera’s ERC223 smart contract is already visible on the Ethereum blockchain and it is not long before BNK tokens will hit exchanges.

Now you can withdraw your BNK tokens

How to withdraw BNK tokens?

Now that you can manage your BNKs, you might be facing a dilemma of what to do next. While BNK tokens cannot be traded yet, they are expected to hit the first exchange – HitBTC – in June. Until then, you are already free to withdraw your BNK tokens whenever you wish. You can move your BNKs to your external wallet and send them to your family and friends, or, you can continue holding your tokens at a fuss-free SpectroCoin wallet.

As you may already know, all BNK token holders are entitled to a weekly commission constituted of 20% of Bankera’s and SpectroCoin’s net transactional revenue. This commission is paid in Ethers to each BNK holder, proportionally to how many tokens he or she owns. While your BNKs are held at SpectroCoin, your part of commission is automatically included to your SpectroCoin Ethereum wallet weekly. This means that you do not need to take any extra steps to receive your share of commission since this part is handled solely by us. As we cannot ensure this service in 3rd party wallets, if you decide to move your BNK tokens out of your SpectroCoin wallet, your weekly commission will no longer be automatically transferred to you. Rather, you will have to claim it yourself through the Banker smart contract. Claiming your share of weekly commission or moving your tokens from SpectroCoin to your external wallet, however, will entail blockchain fees.

In the near future, BNKs will also be available to exchange on the SpectroCoin platform. This means that you will be able to take full advantage of your BNK tokens from one single wallet. Instead of owning several separate accounts – an external wallet to hold your BNK tokens, and an exchange account to trade your BNKs, at SpectroCoin you will be able to buy, sell, send and receive your BNK tokens. Additionally, SpectroCoin supports Peer-to-Peer transaction capability. When sending cryptocurrencies between SpectroCoin accounts, transactions happen off-chain. Thus, they can be made instantly, without having to wait for network confirmations. Such transactions are also free as users do not have to pay the network transaction fee.

Nevertheless, if you prefer to withdraw your BNK tokens to an external wallet, you can follow these steps:

Step 1. Make sure that your external wallet is compatible with the BNK token. Your external wallet either has to support ERC20 and/or ERC223 tokens and the possibility to claim weekly commission, or you have to have the private key to your wallet in order to access your BNKs.

Step 2. To learn how to withdraw BNK tokens or deposit them back to your SpectroCoin account, you can follow a step-by-step guide available on SpectroCoin’s blog.

How to claim the weekly commission via the Ethereum smart contract?

If you want to receive your net transactional revenue share once you have withdrawn your BNK tokens, you will have to claim it through the Ethereum smart contract. You can learn how to do it by following this simple guide:

How to claim Bankera's Weekly Commission via Ethereum Smart Contract?

1. You will be able to claim your part of the commission in “rounds” every week.

  • The rounds will change every week from Sunday to Monday.
  • The commission can be claimed in a few days once the award is configured.
  • Commissions can only be issued for finished rounds to those token holders who owned tokens at the end of the round.
  • Your part of commission is calculated based on how much BNKs you own. (For example, Jack, John and Bob have 1, 2 and 2 tokens respectively. If 100 ethers are placed in the round as a reward, Jack, John and Bob can claim 20, 40, 40 ethers respectively through the smart contract.)

2. You will have to pay a certain fee in ethers (gas) when withdrawing your share of commission in order for the transaction to go through. The gas fee will depend on the Ethereum blockchain at the moment of your transaction.

3. You can claim your part of weekly commission to your Ethereum wallet address by using a Bankera ERC223 smart contract Application Binary Interface (ABI).
For that, you will need to set up your ABI with the BNK token contract address: 0xc80c5e40220172b36adee2c951f26f2a577810c5. Then, you need to call the claimReward() function to get the “reward” in ethers from the smart contract to your Ethereum wallet (transaction sender address).

  • You can call this function anytime, as long as you have enough commission collected to pay for the transaction fee.
  • If you do not own a significant amount of BNK tokens, it will take longer for enough commission to accumulate. Thus, you will have to wait until several rounds pass to be able to receive your part of commission.

4. Your part of the commission will be transferred to your Ethereum wallet.

What’s next for Bankera?

Now that the Bankera ERC223 source code is finalized, our developer team will shift their focus to supporting BNK tokens as NEM Mosaics. Our BNK token stands out from the rest as it is not only designed to support the possibility to claim weekly commission funds, but also to operate on two different blockchains. In the future, BNK token holders will be able to switch between blockchain technologies and thus choose which cryptocurrency to receive their revenue share in: Ether or XEM.

As mentioned before, in the upcoming weeks, BNK tokens will be listed on HitBTC exchange. There, our contributors will be able to exchange BNK tokens to Bitcoin, Ethereum or USDT cryptocurrencies. Shortly after, BNK tokens will be available on SpectroCoin exchange as well. The reason why BNK will be listed on SpectroCoin after HitBTC is that SpectroCoin is a brokerage, not a trading platform, thus it has to set the BNK price based on different external exchanges, their prices, and liquidity.

Simultaneously, Bankera’s team is working on developing Bankera’s own exchange, a low-cost and secure alternative to existing trading platforms. On Bankera’s exchange, BNK token pairs will be free to trade. This means that it will be possible to exchange ETH to BTC, for example, completely for free, if first ETH is exchanged to BNK and then BNK tokens are exchanged to BTC. This should increase the BNK token demand and thus provide additional liquidity and utility for them. Additional demand for the Bankers will also be created by allowing users to pay for Bankera’s services, such as cards, robo-advisory services and more, with BNK tokens in the future.

There are certainly lots of exciting things still coming for Bankera. Be the first to learn about them by following our social media channels!

If you have any questions in regards to withdrawing and depositing BNK tokens or claiming your weekly commission, please contact our support via [email protected].

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