ETH, BNT, STX, GNO…A Network Starts With Nodes

Today is a special day for Bancor, when a dream years in the making takes its next steps towards a fundamentally new reality.

The first step was the Token Generation Event on June 12, 2017 which BNT in the hands of thousands of users around the world to begin to realize the vision of an automated decentralized liquidity network that could unlock the gates of innovation for millions of token creators big and small.

The second step, a week later, was activating BNT, Bancor Network Token, the world’s first Bancor-compliant Smart Token. Its held Ethereum balance (what we call a “Connector”) allows it to be autonomously converted to and from ETH anytime, directly through its smart contract, without reliance on an order book and with no counter-party to trade with.

The third step, in late September, was enabling a basic user interface which would allow a larger audience of buyers and sellers to more easily convert BNT to and from ETH through a Web App rather than between wallets in a multi-step and fairly technical process. Only by making the Bancor Protocol more readily accessible to non-technical users can we forge ahead on our mission to promote the development and use of community currencies around the world. There is much more work to do be done here.

Today we are excited to share a fourth and significant step, the integration of the first additional tokens into the liquidity network using the open source Bancor Protocol. As of today, users can also convert STX (Stox) and GNO (Gnosis) along with BNT and ETH, directly between smart contracts, outside of exchanges, using a simple Web App in conjunction with popular Web3 wallets such as MetaMask, Parity or Mist. While STX is a Smart Token holding a single BNT Connector (4% Weight), GNO is a third-party Token Relay (a specific template Smart Token), holding one GNO and one BNT Connector, each with a 50% Weight. Though these products aren’t yet perfected polished, they are a tremendous step forward from what’s possible today, and a great harbinger of what’s to come.

Check out the new token conversion options at https://app.bancor.network/discover and join one of the bounty programs if you’d like to contribute to improving the product and ecosystem.

If you’ve got an existing ERC20 token or are launching a new one, contact us to learn more about how you can integrate the Bancor Protocol into your token to provide holders with continuous, on-chain liquidity. contact@bancor.network

As a baby starts with cells, a network starts with nodes. We welcome these first tokens and many more that will follow to form a new world of liquidity now.