Bancor Progress Update
September 21, 2017
Hello Community,
Fall is in full swing at Bancor and we’re delighted to begin rolling out the first building blocks of the Web App which will make the emerging Bancor protocol ecosystem more accessible to the world. Over the coming months, expect to see this product add features, improve usability and gain higher visibility in the blockchain community, en route to its ultimate destination.
Here’s the latest:
USER INTERFACE
We launched the first elements of the UX for interacting with the Bancor smart contracts on Ethereum MainNet, enabling anyone to easily buy and sell BNT directly on-chain via the Web App. This is a major step forward from the more complex wallet purchasing flow that is still available (and also improved) via MyEtherWallet. This Web3 functionality, which the community has been asking for, is an essential building block not only in allowing existing ecosystem players to easily buy and sell BNT, but on the path to manifesting our vision to bring Smart Tokens to the long tail, where one-click purchasing is essential.
There is an exciting roadmap ahead for additional functionality such as self-service creation of smart tokens and token changers, as well as advanced search, sorting, tutorials and better usability (UX), plus so much more. However, we wanted to get the actual app into your hands as soon as possible, so please play around with it and send any feedback to contact@bancor.network or join the new bounty communities to take a more active role.
The app is live on our site at app.bancor.network!
SMART CONTRACTS
If you’ve checked our Github lately you know that the past weeks have seen a tremendous amount of activity in the Bancor contracts. As a reminder or intro, Bancor currently has 4 live smart contracts, each audited by reputable industry security authorities.
- The Ethereum ERC20 SmartToken Contract. This is a template for the standard Bancor protocol compatible ERC20 Smart Token, and is available off the shelf (in conjunction with the BancorConnector Contract, below) for teams looking to create new tokens to be compatible with the Bancor protocol. Smart Tokens can be autonomously convertible for ETH and all other tokens in the Bancor network.
- The Ethereum ERC20 BancorConnector Contract. This contract allows Smart Tokens to be autonomously convertible to and from their reserve tokens. It also allows existing standard ERC20 tokens to be linked with BNT in order to create new Smart Tokens which connect to the Bancor network (aka Token Changers). Anyone can use this contract off the shelf (in conjunction with the SmartToken contract) to create linkages which allow any ERC20 token to be convertible to and from all other integrated tokens, and ETH, directly through the smart contract, with no counter-party.
- The BancorFormula Contract. This is the price-discovery engine which implements the protocol’s formula to generate automatic pricing based on real-time parameters, as outlined in our whitepaper.
- The CrowdsaleController Contract. This field-tested contract handled the Token Generation Event for BNT on June 12, 2017 and is available off the shelf for teams launching Smart Token ICOs.
This month, we’ve made numerous improvements to both the template BancorConnector and BancorFormula contracts, such as:
- Added conversion data parameters to aggregated price history in order to generate more accurate graphs and stats in edge cases. You can also see the new BNT graphs on our website and in the Web App.
- Improved the constant reserve ratio, now allowing a range of .0001% — 100% for increased granularity and customization. This came through exploration of new use cases with innovative Smart Token creators and required some intricate programming as Solidity does not yet support powers in fractions.
- We increased our testing capacity and currently have 150+ million tests in our database and continue to build rigorous testing protocols.
- Created the ability to set a fee, which is defined as a maximum by the Smart Token creator, and editable by permission. These fees accumulate into the reserve balance and become part of price calculation according to the Bancor protocol price formula.
- Allowed designation of a “manager” role per Smart Token. Currently the manager’s permissions can include setting/changing a Smart Token’s fee as well as disabling of trade through the smart contract.
- Removed the option to destroy and issue tokens by Smart Token creator. This is a significant step towards decentralization and a milestone in BNT’s field-tested stability.
PROTOCOL ADOPTION
It is an exciting time as the first wave of Smart Tokens and Token Changers announce their intention to adopt the Bancor protocol and join the resulting network of inter-connected tokens. As with any network, the first nodes are the hardest, and we are learning a lot about the challenges new token creators face and how Bancor can help. New Smart Tokens are experimenting with various ways of implementing the protocol and we are tracking project developments carefully in order to standardize guidelines and materials to streamline future deployments. These are a few projects that have announced Bancor-compatibility, and many more are in queue. You can follow an up to date thread on Reddit here.
EVENTS
Speaking live at events has been one of the best ways this year for the Bancor team to meet and build with the brightest minds in the industry, as well as to get the message out about the protocol. We’ll continue to participate wherever possible as we enter the next phase of network development and new Smart Token onboarding. Here’s where we’ll be in the upcoming month, if you have additional suggestions or would like to meet on site, please send a message to contact@bancor.network:
CapitalFest Amsterdam Sept 27
Ethereum Meetup Singapore October 11
CoinAgenda Las Vegas October 24–26
Ethereal San Francisco October 27
In case you missed Eyal’s panel at TechCrunch Disrupt SF this week, here it is. And for a longer discussion, check out his talk at Startup Grind in Tel Aviv last month.
COMPLIANCE
Nothing could be more complex than how various jurisdictions, now and in the future, will approach the transition to a crypto-currency and decentralized technology landscape. We have been meticulous over the past months about on-boarding the best teams in every jurisdiction in which we operate and in creating durable structures for the future. While this often takes longer than anyone would like, we are committed to building a product and ecosystem that is as resilient as it is innovative. And we want to be a part of any constructive conversation about how we can all step forward together into a truly new era of empowerment, accountability and collaboration. As this is not a journey for Bancor alone, we are currently working to build out a large consortium of key players in the ecosystem that will work collectively to debate and develop best practices and pool resources for the most effective legal and lobbying progress. Our vision is to engage positively and directly with stake holders to encourage best-outcome creation for the industry.
To sustainability and beyond,
The Bancor Team
