Bunz Launches Ethereum Token BTZ, Faces Backlash For Betraying Own Ethos
Canadian online bartering community Bunz announced April 9 that it is coming to the forefront of the ongoing crypto revolution by launching its own token based on Ethereum. Expectedly, the move did not go down well with many who called Bunz out for going against its ethos of promoting and nurturing a cash-free economy.
Regardless of the backlash that comes off as a minor setback, the company prides itself as the first Canadian entity to have launched a cryptocurrency to an already “established, engaged community of users.”
Bunz Trading Zone
Dubbed BTZ (pronounced bits), the acronym for Bunz Trading Zone, the new coin will be issued to its 200,000-member strong community with each member receiving 1,000 tokens. Initially, 1,000 BTZ tokens would amount to nearly $10.
“I went into a coffee shop today and bought a cup of coffee for 300 BTZ,” Sascha Mojtahedi, Chief Executive at Bunz, said in a conversation with Vice.
However, this is only the beginning, and BTZ could potentially shoot up to a much higher fiat equivalence depending on how the community reacts to it, along with a host of other factors.
Bunz stated in the press release that it has already entered agreements with more than 100 local retail, food, and beverage stores who are willing to accept BTZ for their products and services.
You Can Own BTZ While it is Still ‘Dirt Cheap’
The company added that since there is only a finite amount of BTZ, it will be selective while distributing the tokens. For example, all early adopters and active community members will earn extra credits for engaging with the app from the very beginning. These users will be able to earn BTZ by playing a proactive role in the growth of the community.
In other words, the company wants existing members to be more frequent with their posting of items for trade. The higher the number of views a listing bags, more rewards will be allocated to its creator. Other easy ways to win extra BTZ tokens include sharing the Bunz app in your network or watching educational videos about Bunz Trading Zone. You cannot buy the tokens yet as the company wants to first establish a solid use case for BTZ.
“Bunz’s fundamental goal is to build a community that promotes a sustainable future. Part of making the world more sustainable economically means the decentralization of social networks and marketplaces, making way for stronger local communities. New technologies like cryptocurrency are making that possible,” said Mojtahedi.
“BTZ is an extension of the Bunz bartering revolution. We see a future where large institutions will be replaced with decentralized systems that are owned by the people who use them, instead of the people that built them.”
Mojtahedi, previously a manager at Toronto-Dominion Bank, joined Bunz in 2014 and currently leads a team of 26 full-time employees. According to the CEO, Bunz users have completed more than a million transactions to date and boasts nearly 2.3 million active listings from more than 200 cities across the world.