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      "parent_author": "blockchainil",
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      "author": "steemitboard",
      "permlink": "steemitboard-notify-blockchainil-20190507t113247000z",
      "title": "",
      "body": "Congratulations @blockchainil! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@blockchainil/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@blockchainil) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=blockchainil)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-witness-update-2019-05\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/7CiQEO.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-witness-update-2019-05\">SteemitBoard - Witness Update</a></td></tr><tr><td><a href=\"https://steemit.com/steemmeetupaachen/@steemitboard/steemitboard-to-support-the-german-speaking-community-meetups\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmeoNp9iCaCfd2D6TqnWa3Aky2mU4Fm3xaSmjTM91YoNBS/image.png\"></a></td><td><a href=\"https://steemit.com/steemmeetupaachen/@steemitboard/steemitboard-to-support-the-german-speaking-community-meetups\">SteemitBoard to support the german speaking community meetups</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "blockchainil",
      "permlink": "this-month-in-crypto-october-2018",
      "title": "This Month in Crypto — October 2018",
      "body": "<center>https://i.imgsafe.org/5b/5b02b73ffa.jpeg</center>\n\n2018 has not been kind to crypto investors the world over. The total market cap has been in a decline since January and the majority of altcoins gaining traction are proving to be vaporware or incredibly overvalued. Speculators are also growing tired of false bull flags and of rumors of mainstream adoption via traditional  financial institutions. So some of us may be thinking , was the cryptop boom simply a short-lived fad? We certainly don’t think so. The crypto ecosystem is just starting to develop, and this round-up of news gets us excited for what’s to come . \n\n<center>https://i.imgsafe.org/5b/5b0b6e6ded.png</center>\n\n[BancorX](https://eos.bancor.network/) —  The Bancor team, in partnership  with LiquidEOS (an EOS block producer), is once again pushing the boundaries of liquidity. BancorX enables users to convert EOS tokens directly on the blockchain using the Bancor protocol, and it allows for cross blockchain interoperability with constant liquditiy and no fees Since Bancor does not hold user funds, all users will still be subject to receiving airdrops. BancorX is currently live on the Testnet and will go live on the mainnet shortly.\n\n<center>https://i.imgsafe.org/5b/5b1510c66d.png</center>\n\n<b>Ledger Nano S Adds New Coins </b>— If 2017 was the year of innovation, 2018 is the year of integration. The popular hardware wallet Ledger has added 7 new tokens (EOS, WAVES, HYC, RISE, PIRL, FIC, and AKA) and will continue to add more tokens in the coming months. Ledger is currently holding a vote every first Tuesday of the month asking the community which coins should be listed next. As of now, Ledger supports 711 crypto assets while its main competitor, Trezor, is compatible with 689 (not including EOS).\n\n<center>https://i.imgsafe.org/5b/5b288e83a8.png</center>\n\n<b>PNC Bank Joins Ripplenet</b> —  Ripple(XRP) has announced their partnership with PNC. Ripplenet connects banks and other traditional money lenders s  to provide friction-less transfers using the XRP token.  Although Ripple aims to solve transactional friction between parties, it is not technically a cryptocurrency because the network it operates on (Ripplenet) is not a blockchain. Ripplenet is currently active in 40 countries and 6 continents. Following the news, XRP saw its largest run of the year in the third week of September gaining more than 111% in three days.\n\n<center>https://i.imgsafe.org/5b/5b38419b40.jpeg</center>\n\n<b>United States Securities and Exchange Commissioner Hester M. Pierce Calls For Light Regulations</b>— In a statement at Cato Institute’s FinTech Unbound Conference Piece stated,\n<i>\"What authority do we have to require that assets underlying securities be regulated as if they were securities? Even if we had this authority, private markets can and do regulate themselves. The crypto community includes lots of people who are very willing to speak up, criticize one another, and bring to light technological, corporate governance, and other perceived weaknesses in cryptocurrencies.”</i>\nIn July, Pierce denounced the Commission’s proclamation  blocking  the listing and trading of  shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. (“BZX”)\n\nAs cryptocurrencies become a more frequent topic of discussion for SEC officials, we may see Exchange Traded Funds approved by the end of the year.\n\n<center> https://i.imgsafe.org/5b/5b44dcee48.jpeg</center>\n\n<b>Continued Blockchain Support in Congress</b> — U.S. House of Representatives member Tom Emmer (R-MN) plans to introduce three new pro-crypto bills in the coming weeks. The “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”\n* <b>The Resolution Supporting Digital Currencies and Blockchain Technology</b> calls for Congress to put forth a clear regulatory stance on cryptocurrencies that creates a concise legal framework for investors and financial institutions.\n* <b>The Blockchain Regulatory Certainty Act</b> states that decentralized entities that do not hold consumer funds do not need to be registered under government regulation.\n* <b>Safe Harbor for Taxpayers with Forked Assets Act</b> provides people who have made capital gains on digital currency forks with clarity in regards to tax reporting.\nEmmer, the co-chair of the Congressional Blockchain Caucus, stated that,  <i>“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”</i>\n\n<center>https://i.imgsafe.org/5b/5b5903544f.jpeg</center>\n\n<b>Coinbase Announces New Listing Process</b> — In a series of tweets, Coinbase said that providing access to a multitude of digital assets in a compliant and secure way has been an objective of theirs since day one. This was followed by the announcement of a new listing process. The listing process allows users to apply to get a token listed through an application form which will be reviewed internally. Although the application process is free, Coinbase reserves the right to charge in the future claiming that:\n<i>“…we [Coinbase] reserve the right to impose an application fee in the future to defray the legal and operational costs associated with evaluating and listing new assets”</i>\nCoinbase is currently exploring several new tokens including Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x. 0x has been listed as of the 11th of October.\n\n###### <i>BlockchainIL is a consulting & advisory group working to guide the development of projects innovating on the blockchain.</i>\n###### Follow BlockchainIL on [Twitter](https://twitter.com/blockchainil?lang=en)\n###### Check out our [Website](https://blockchainil.com/)",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"news\",\"ethereum\",\"coinbase\"],\"image\":[\"https://i.imgsafe.org/5b/5b02b73ffa.jpeg\",\"https://i.imgsafe.org/5b/5b0b6e6ded.png\",\"https://i.imgsafe.org/5b/5b1510c66d.png\",\"https://i.imgsafe.org/5b/5b288e83a8.png\",\"https://i.imgsafe.org/5b/5b38419b40.jpeg\",\"https://i.imgsafe.org/5b/5b44dcee48.jpeg\",\"https://i.imgsafe.org/5b/5b5903544f.jpeg\"],\"links\":[\"https://eos.bancor.network/\",\"https://twitter.com/blockchainil?lang=en\",\"https://blockchainil.com/\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "blockchain",
      "author": "blockchainil",
      "permlink": "this-month-in-crypto-october-2018",
      "title": "This Month in Crypto: October 2018",
      "body": "2018 has not been kind to crypto investors the world over. The total market cap has been in a decline since January and the majority of altcoins gaining traction are proving to be vaporware or incredibly overvalued. Speculators are also growing tired of false bull flags and of rumors of mainstream adoption via traditional  financial institutions. So some of us may be thinking , was the cryptop boom simply a short-lived fad? We certainly don’t think so. The crypto ecosystem is just starting to develop, and this round-up of news gets us excited for what’s to come .",
      "json_metadata": "{\"tags\":[\"blockchain\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "bancor",
      "author": "blockchainil",
      "permlink": "bancor-yellow-paper",
      "title": "Bancor Yellow Paper",
      "body": "@@ -190,18 +190,30 @@\n  Paper. \n-We\n+Richurd Smarth\n  wrote t\n@@ -216,16 +216,21 @@\n te this \n+post \n to summa\n@@ -331,16 +331,148 @@\n or team.\n+ Richard is an employee of BlockchainIL (https://www.blockchainil.com/) which provides consulting services to the Bancor Foundation.\n *%0A%0A# Abs\n",
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      "parent_permlink": "bancor",
      "author": "blockchainil",
      "permlink": "bancor-yellow-paper",
      "title": "Bancor Yellow Paper",
      "body": "@@ -138,16 +138,195 @@\n n.png)%0A%0A\n+*Note: This is not an official Bancor Yellow Paper. We wrote this to summarize the Bancor Protocol and the contents of this post are not officially endorsed by the Bancor team.*%0A%0A\n # Abstra\n",
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      "author": "alonshvartsman",
      "permlink": "re-blockchainil-bancor-yellow-paper-20180819t072557224z",
      "title": "",
      "body": "Interesting, I started reading up more about smart tokens and had no clue that BNT is the first one of its kind.",
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      "parent_author": "blockchainil",
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      "author": "bitemycrypto",
      "permlink": "re-blockchainil-bancor-yellow-paper-20180817t055431676z",
      "title": "",
      "body": "A good overview of Liquid Tokens, hopefully atomic swaps will become the industry standard for dexs and wallets in the future.",
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      "parent_author": "",
      "parent_permlink": "bancor",
      "author": "blockchainil",
      "permlink": "bancor-yellow-paper",
      "title": "Bancor Yellow Paper",
      "body": "@@ -12595,81 +12595,87 @@\n com/\n-document/d/1bNa16rk0qst54XBAbzyG_kBVZa8hkhp9koNtiAyM1Ow/edit?ts=5b6a6caa#\n+spreadsheets/d/1gZtQmb7rravEzu7UktWa5WRkTMe9NuJzEfyNBFn6LL8/edit#gid=1014885684\n ) . \n",
      "json_metadata": "{\"tags\":[\"bancor\"],\"image\":[\"https://cdn.steemitimages.com/DQmV7p95JijHTrHFP4jc5fTt4poj3tgi4pgAF2UXCKzzSHg/Ontwerp-zonder-titel-1-min.png\",\"https://cdn.steemitimages.com/DQmReaAWkRP9gKoPWXgqiHDEwabWXawsr42magpDgiD6fvh/Screen%20Shot%202018-02-05%20at%2017.38.20.png\",\"https://cdn.steemitimages.com/DQmZ7QLqxqtfgYFe3HASpHv4R18MfFnQNtZ9j7i3rpxe9Wr/Bancor-wallet-e1522835897104-678x381%20(1).png\"],\"links\":[\"https://docs.google.com/spreadsheets/d/1gZtQmb7rravEzu7UktWa5WRkTMe9NuJzEfyNBFn6LL8/edit#gid=1014885684\",\"https://www.bancor.network/?utm_source=multisocial&utm_medium=social&utm_content=rsblil&utm_campaign=conversation\",\"https://support.bancor.network/hc/en-us/articles/360002962792-How-to-open-a-new-Bancor-Wallet\",\"https://www.bancor.network/communities/5967699a4a93370018b7b891/currency\",\"https://www.bancor.network/communities/5a1d8d69171b01000182777c/currency\",\"https://www.bancor.network/communities/5a1fd4ee31b0890001c2b93e/currency\",\"https://www.bancor.network/communities/5a9f8403ad1988000122eae0/currency\",\"https://www.bancor.network/communities/5ac0b6a6fdb5b6b9ec5010cc/currency\",\"https://medium.com/@richurdsmarth/how-to-get-a-token-listed-on-bancor-b7f615cd779f\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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{
  "trx_id": "6263c05124cf0719a9c04333e3f55335e384a1e8",
  "block": 25126207,
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  "op": [
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      "parent_author": "",
      "parent_permlink": "bancor",
      "author": "blockchainil",
      "permlink": "bancor-yellow-paper",
      "title": "Bancor Yellow Paper",
      "body": "![Ontwerp-zonder-titel-1-min.png](https://cdn.steemitimages.com/DQmV7p95JijHTrHFP4jc5fTt4poj3tgi4pgAF2UXCKzzSHg/Ontwerp-zonder-titel-1-min.png)\n\n# Abstract\n\nBancor is a decentralized network that provides automated and continuous liquidity for over 100 ERC-20 Tokens. Bancor enables anyone to create a Smart Token - a cryptocurrency which can hold balances of one or more tokens within its smart contract as connected “reserves” — essentially creating relationships between tokens in the network using smart contracts. Any token in the network can be converted to any other token in the network by depositing to and withdrawing from these reserves, at rates that are calculated by the smart contracts using the transparent Bancor Protocol formula. Instead of using a traditional buyer/seller matching system to facilitate price discovery and exchange, Bancor utilizes its own unique algorithm to allow smart contracts to buy from and sell to users at predictable rates which are continuously recalculated based on demand. The transactions are made possible by utilizing the stored token reserves within the smart contracts and the Bancor Formula which uses their real-time supply and the requested transaction volume to accurately price any token conversion. When tokens are being purchased, their price gradually increases according to the formula. When tokens are being sold, their price gradually decreases according to the formula. The greater a smart token’s supply and reserve balance(s), the lower the impact of any given transaction on its price. Because of this algorithm, tokens using the Bancor Protocol will always have access to liquidity at a predictable price, based on actual demand (as represented by real transactions.) Bancor currently pre-sets its gas-price so that transactions happen within 1–2 minutes. This allows transactions to be processed with minimal slippage because it works outside of the buyer/seller method, which can produce unpredictable price fluctuations according to the traditionally used bid/ask order book. The Bancor Network uses a decentralized architecture, meaning that no user or Smart Token reserve funds are stored within the network, and users and Smart Token creators are always able to access their tokens through third -party wallets such as MEW, using their own keys and passphrases, which Bancor also does not store.\n\n# Market Terms\n#### What is BNT?\nBNT is the symbol for the Bancor Network Token. BNT is the world’s first Smart Token™. BNT is the hub token that connects all tokens in the Bancor Network, allowing every token  to be easily convertible to every other token via one efficient conversion transaction. BNT’s smart contract holds a reserve balance in ETH, and tokens joining the Bancor Network hold a reserve balance of BNT in their smart contracts..\n\nBNT can always be purchased simply by sending ETH to an address — which instantly issues BNT tokens back to the sender, according to its current price, using the formulas in the Bancor Protocol white paper. Selling BNT for ETH is always possible as well by using the same method - sending BNT to an address and automatically receiving ETH back to the sender’s wallet, at the rate calculated by the Bancor Formula. The total circulating supply of BNT is dynamic, as new BNT tokens are created when they are purchased by sending ETH to the smart contract, and existing BNT is destroyed when it is sold by sending BNT to the contract in exchange for ETH.\n\n\n#### What is a Liquid Token?\nA Liquid Token™ is a new type of cryptocurrency invented by Bancor. Liquid Tokens are built on smart contracts with “connectors” to other tokens. These connectors are essentially reserve balances of other tokens, held by the Liquid Token’s smart contract. These balances allow Liquid Tokens to be bought and sold for any tokens to which they are connected by simply depositing to and withdrawing from their reserves. The prices at which Liquid Tokens can be bought and sold for other tokens they are connected to are calculated by the Bancor Formula, and continuously adjust to reflect real-time supply and demand for each token, based on its particular supply, reserve balance and size of requested transaction at any given time.\n\n\n#### What is Gas?\nGas is the unit used to measure the fees required to execute a particular computation on the Ethereum Network. In Bancor, token conversions require computations on the Ethereum Network which incur fees paid in gas to Ethereum Network “miners” (explained below).\n\nBefore we delve into how gas works, it’s important to understand why it is necessary. Ethereum is a Turing complete computing language that can simulate any computer algorithm, including loops. If there were no gas fees, a malicious actor could easily try to disrupt the Ethereum Network by executing an infinite loop within a transaction, without any repercussions. Thus, fees protect the network from deliberate attacks. This could be similar to charging a small fee per email sent in order to prevent spam.\n\nGas is charged based on the relative complexity of the computing operation requested. For example, adding two integers is less computationally intensive than multiplying them together, so addition requires less gas than multiplication to execute on the Ethereum Network.\n\nGas price is the amount of Ether a user is willing to spend on every unit of gas, and is measured in “gwei.” “Wei” is the smallest unit of Ether, where ¹⁰¹⁸ Wei represents 1 Ether. One gwei is 1,000,000,000 Wei.\n\nGas limit represents the maximum gas that a user is willing to spend on a transaction. If the user has enough Ether in their account balance to cover this maximum, the user is refunded for any unused gas at the end of the transaction, exchanged at the original rate. In the case that the user does not provide the necessary gas to execute the transaction, the transaction “runs out of gas” and is considered invalid. Additionally, a record of the transaction failing is recorded, showing what transaction was attempted and where it failed. Since the machine already expended effort to run the calculations before running out of gas, none of the gas is refunded to the user.\n\nBancor currently uses a fixed gas recommendation in order to simplify the user experience of executing token conversions in the Bancor Network, and to prevent as many as possible from failing, resulting in lost gas to the user. By having the gas settings fixed, we eliminate the problems of frontrunning and market manipulation. \n\n#### What is Price Slippage?\nPrice slippage refers to the difference between the expected price before a transaction is executed and the actual price at which it is executed.\nSlippage occurs on the Bancor Network due to the dynamic variables of the Bancor Formula. Every transaction changes the price slightly, either up or down. The larger a given transaction’s size relative to the liquidity depth of the requested token, the higher the price slippage. Read more on liquidity depth below.\n\nBecause transaction prices are determined based on the real-time variables at the moment of execution, the actual price at the time of execution may vary from the expected price at the time the conversion was requested, depending on which other transactions were executed in this time.\n\nBancor allows users to set a Minimum Price they will accept for each transaction in order to improve the user experience and minimize any difference in expected prices, which still benefiting from on-chain real-time settlement. Read more on the minimum return feature below.\n\n\n#### What is Liquidity Depth?\nLiquidity depth represents the amount of BNT tokens that exist in a Liquid Token’s connector balance. This value can be used to calculate price slippage when buying and selling tokens through the Bancor Network. A token with a high liquidity depth relative to the size of a requested transaction will experience a lower price slippage during the transaction. In other words, buys and sells will affect its price less.\nThe effective price slippage for a given transaction can be easily estimated by dividing the size of the transaction by the liquidity depth of the requested token. For example, say token XYZ has a liquidity depth of $100,000 and a user wishes to buy $5,000 worth of XYZ. The estimated price slippage would be:\n\n<center>![Screen Shot 2018-02-05 at 17.38.20.png](https://cdn.steemitimages.com/DQmReaAWkRP9gKoPWXgqiHDEwabWXawsr42magpDgiD6fvh/Screen%20Shot%202018-02-05%20at%2017.38.20.png)</center>\n\n \nIn other words, if XYZ token's price before this transaction is $1, the effective price for this purchase will be $1.05. \n\nAs a comparison, If token XYZ had a liquidity depth of $500,000, the same $5,000 transaction would result in 1% price slippage.\n\n\n#### What is Minimum Return?\nMinimum return is a value that a user can optionally include with every conversion transaction. This value is the minimum number of tokens you will accept in return for the tokens you are converting. If the real-time conversion price when your requested transaction is executed results in less than this value, your transaction will not be executed, and your gas will be returned. This feature serves as a protection mechanism for cases when the price of a token changes rapidly, allowing users to “abort” transactions that would be outside of their acceptable range of uncertainty.\n\nImagine a case in which a user wishes to convert 1 ETH and expects to receive 100 BNT in return. In such a case, they can set the minimum return to 90 BNT indicating that if the rate changes during the execution process to the point where they will receive less than 90 BNT as a result of the conversion, they no longer wish to execute the conversion and the transaction will not be executed.\n\n#### What is a Relay Token?\nA Relay Token is an ERC20 compliant Smart Token that is configured with two reserves, one that holds a balance of BNT and one that holds a balance of another ERC20 token. A Relay Token enables conversions between BNT and the ERC20 token using an on-chain transaction in the Bancor Network. Because BNT can be converted into any other token in the Bancor Network, the ERC20 token can now also be converted to any other token, in another (immediately subsequent) on-chain transaction.\n\n\n\n#### How to create a Relay Token\nAnyone can create a Relay Token including but not limited to the original issuer of the  connecting ERC20 token. A Relay Token creator sets up a Relay Token by depositing an amount of BNT in one address and another amount of an ERC20 token in another address, and then creating a smart contract that points to the two addresses. The Relay Token creator maintains custody of the connected token addresses and the Relay Token smart contract to ensure the distributed design of the Bancor Network.\n\nA Relay Token may be optionally configured by its creator to take a fee from each token conversion it executes in the Bancor Network. Each conversion fee that accrues in a Relay Token is deposited to (and increases) one of its connected token balances. If the market value of either of a Relay Token’s connected tokens drops, the value of the Relay Token itself will drop, assuming the decline in price of the connected token in question is larger than the accumulated conversion fees, or the increase in price of the other connected token.\n\n#### How to Buy a Relay Token\nAnyone can buy a Relay Token by sending  any amount of either of the connected tokens to the Relay Token’s address, and receiving the corresponding amount of Relay Tokens in return, based on the Bancor Formula. Each purchase of a Relay Token generates  new units of the Relay Token, while each sale of a Relay Token destroys the existing units being sold. When buying or selling a large amount of a Relay Token relative to its liquidity depth, it is recommended to do so in increments, alternating between each connected token. This is because the Relay Token will constantly adjust prices based on the transaction, changing the ratio of prices between each connected token and the Relay Token. This price slippage in large conversions can be partially offset by executing the transaction incrementally, allowing prices to adjust gradually.\n\nCurrently, Relay Tokens use a standard 50/50 ratio configuration between their two connected tokens. For example, if a Relay Token holds 100 BNT and 100 XYZ tokens, and both BNT and XYZ token prices are $1 on the market, this means that the Relay Token’s total value is $200. See “Example 2” in the [Relay Token Examples Spreadsheet](https://docs.google.com/document/d/1bNa16rk0qst54XBAbzyG_kBVZa8hkhp9koNtiAyM1Ow/edit?ts=5b6a6caa#) . If the ratio between BNT and XYZ was not pre-set to 50/50, the higher weighted token’s price would have a greater effect on the Relay Token’s total value. It is currently not possible to configure Relay Tokens with a non standard ratio in the Bancor Network. \n\n(As a comparison, if BNT is $2 and XYZ is $1, the Relay Token’s value is $300)\n\n\n\n\n#### How Relay Tokens Process Token Conversions\nA Relay Token is an ERC20 token that is configured with two connected tokens in its smart contract. You can think of a Relay Token as a smart contract that manages two different buckets of tokens. Each bucket contains an amount of an ERC20 token. These buckets are set to an initial price when the Relay Token is created. The Relay Token always considers the value of both buckets to be equal (according to its preset 50/50 ratio setting), no matter what. For simplicity’s sake, let’s say one bucket contains 1 BNT and the other bucket contains 1 XYZ, and 1 XYZ = $1.00, so 1 BNT = 1 XYZ = $1.00.\n\nNow say you want to convert 5 BNT for some XYZ. You send 5 BNT to the Relay Token address, which adds the 5 BNT to the Relay Token’s BNT bucket(making the balance 105 BNT). The Relay Token will then return to the user 5 XYZ which it withdrew from the Relay Token’s XYZ bucket (making its balance now 95 XYZ).\n\nRemember that even though the amounts in the buckets have adjusted, the Relay Token still considers the two buckets equal in value and will calculate the value of each token according to that formula, so now the prices of each token are as follows:\n\n> 105 BNT = 95 XYZ\n> 1 BNT = $1.05\n> 1 XYZ — $0.95\n\nAs you can see from the example above, every transaction changes the conversion rate between the connected tokens in a Relay Token. This ensures that the balances held in the connectors cannot mathematically ever be depleted. As the supply of tokens on one side of the balance is reduced, the exchange rate between the two sides increases so that it will never reach zero.\n\nAnother benefit of this model is that the demand of any one side of the balance dictates its price relative to the other side. When the supply of one connected balance is reduced, its price increases. As with all Smart Tokens, when a Relay Token’s calculated conversion rates differ from prices on other exchanges, traders are incentivized to act as “liquidity movers” between the Relay Token and other exchanges, ensuring conversion rates represent “real” market prices over time.\n\n\n<center><h2> Product Section (w/ links) </h2>\n![Bancor-wallet-e1522835897104-678x381 (1).png](https://cdn.steemitimages.com/DQmZ7QLqxqtfgYFe3HASpHv4R18MfFnQNtZ9j7i3rpxe9Wr/Bancor-wallet-e1522835897104-678x381%20(1).png)</center>\n\n[Bancor Wallet](https://www.bancor.network/?utm_source=multisocial&utm_medium=social&utm_content=rsblil&utm_campaign=conversation) —  Enables users to buy, store and manage any ERC20 token and offers built-in access to token conversions with instant on-chain settlement between any token on the Bancor Network. \n\n[How to Open a Bancor Wallet](https://support.bancor.network/hc/en-us/articles/360002962792-How-to-open-a-new-Bancor-Wallet)\n\nTokens with the highest 24-hour volume in the Bancor Network (8/7):\nBNT https://www.bancor.network/communities/5967699a4a93370018b7b891/currency\nKIN https://www.bancor.network/communities/5a1d8d69171b01000182777c/currency\nBAT https://www.bancor.network/communities/5a1fd4ee31b0890001c2b93e/currency\nBABB https://www.bancor.network/communities/5a9f8403ad1988000122eae0/currency\nRVT https://www.bancor.network/communities/5ac0b6a6fdb5b6b9ec5010cc/currency\n\n## Vision / Brand Values\nBancor’s goal is to provide continuous and accessible liquidity to all tokens that wish for it. In an expanding world of decentralized applications, where currencies can be created by anyone with access to the Internet, Bancor works to resolve the crisis of illiquidity - or transactional friction - between an increasing number of potential tokens. Currently, Bancor is working on cross-chain functionality to extend its automated liquidity network to emerging blockchain ecosystems.  Entrance barriers, such as expensive listing fees, tedious voting processes or high volatility costs for users, restrict liquidity to a subset of the potentially viable tokens. Bancor does not charge listing fees and utilizes the Bancor Protocol method of exchange, which levels the playing field for buyers and sellers of tokens by replacing the order book, and thus volatile bid/ask matching, with a transparent and predictable smart contract. Anyone can add any ERC-20 compatible token to the decentralized network quickly and easily. As the Bancor Network expands to include more tokens within and outside of the Ethereum Network, more and more token communities will benefit from automated liquidity and the benefits to users it provides. \n\nYou can read more about how to add your token to the Bancor Network here — [How to Get Your Token Listed on Bancor](https://medium.com/@richurdsmarth/how-to-get-a-token-listed-on-bancor-b7f615cd779f)",
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      "title": "This Week in Crypto: McDonald's, Medicine, MEW, and More",
      "body": "_Weekly updates from the cryptosphere!_\n\nhttps://media.giphy.com/media/WtCHRSPCuqS8E/giphy.gif\n## **McCrypto?**\nIf you don’t know what a Big Mac is, you definitely are living under a rock. The precious double patty burger was introduced by fast food giant McDonald’s 50 years ago, and ever since then, it has been a big hit to say the least. To celebrate the Big Mac’s 50th birthday, McDonald’s got innovative with their marketing strategy, deciding that crypto would be the icing on the cake for an already very popular burger. The fast food chain is releasing a limited edition MacCoin, which will be available at stores across the globe in early August, and can be redeemable throughout the remainder of 2018 for a free, oh so delicious, Big Mac. In order to get one of McDonald’s limited edition MacCoins, customers simply need to purchase a Big Mac. Their purchase will include their meal as well as a MacCoin which they can then use at another time to purchase a Big Mac in one of 14,000 participating locations. \n\nhttps://media.giphy.com/media/dpBv7BqtqlM7S/giphy.gif\n## **Blockchain to be applied in Healthcare**\nAmongst the many industries that are researching blockchain applications, healthcare is heavily exploring the technology. Mount Sinai Hospital in New York has launched the Center for Biomedical Blockchain Research which will focus on researching how blockchain can be implemented in medicine. The research plans include looking into drug development, preventing counterfeit drug sales, clinical trials, and more transparency in the field overall. \n\nhttps://media.giphy.com/media/blkhmBHiD4jGU/giphy.gif\n## **World’s First Blockchain Court** \nThe world’s first ‘Court of Blockchain’ is being brought about by the Dubai International Financial Centre Courts and Smart Dubai. DIFC and Smart Dubai partnered together in what they hope will be a series of projects to make the Dubai government completely on the blockchain by 2020. The goal of this partnership is to create a blockchain powered judiciary.\n\nhttps://media.giphy.com/media/l1LcitrlHas5jQLhS/giphy.gif\n ## **MEW Goes on iOS and Android** \nThe popular wallet service, MyEtherWallet, or MEW, is offering its users MEWConnect, which will allow for cold storage on phones. Apps will be available on iOS and Android. This application will allow users to have access to their funds in a secure way without having to use their private keys at all. A secure connection is established by MEW between the user and the blockchain, allowing for the access. This application is just one prime example of all of the adaptations and innovations being made for smartphones coming from the crypto world. \n\nhttps://media.giphy.com/media/CzVQHDnNKqtCE/giphy.gif\n## **Cristiano and Crypto** \nThe crypto world is expanding its horizons and immersing into a number of industries, but one of the coolest? Definitely professional football. Football superstar Cristiano Ronaldo just made a $100 million transfer from Spanish football team Real Madrid to the Italian powerhouse Juventus. The huge amount will potentially be paid in Bitcoin rather than a traditional fiat currency. Already making headlines for being one of the largest deals in football history, being paid in cryptocurrency would take this news to a whole other level. \n\n_Any exciting news stories we missed? Let us know in the comments._",
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      "title": "This Week in Crypto: Smartphones, Patents, and a Whole Lotta $$",
      "body": "https://media3.giphy.com/media/7TtZ2h5fEZYzu/giphy.gif![](https://cdn.steemitimages.com/DQmYGcgiwvFQ6zGuPsXFdg9MfuafdGFu4dJtHjwnjBoYrZB/image.png)\n\n## **CFA Exams to get Even More Killer**\nThe already insane Chartered Financial Analyst aka CFA exams are getting a new twist: crypto. The CFA exam is known to be killer, covering a vast array of financial topics. The exam is taken by over hundreds of thousands of individuals, and presents those who pass with a certification of accreditation. By early 2019, a financial technology section will be added to the exam. Topics covered in this section include crypto and blockchain. Machine learning, AI, and automated trading may also be added into this section. \n\n\n## **Blockchain and Smartphones**\nHTC Corp and Sirin Labs have both announced the release of blockchain enabled smartphones. The companies are scaling into the growing market of blockchain based technology and are planning on combining the technology with the ever popular smartphone. The built in blockchain technology in the phones includes cold wallets for crypto storage, exchanges, encrypted communication, and more. According to HTC corp, there is a growing list of customers that have participated in the phone’s presale ahead of its launch. Both Sirin Labs and HTC Corp believe that blockchain technology in a smartphone is something that will place them ahead of the competition, as a growing demand for blockchain will create a market for phones enabled with it. \n\n\n## **JP Morgan Blockchain Patent** \nBanking giant JP Morgan has filed a patent application for “Virtual Receipts” that  “are tokens that can provide investors, brokers, and firms with a channel to link an  asset with its digital representation on a distributed system for ownership tracking, transfers, transactions, distribution and other processes that may be conducted on a distributed system. The patent also includes plans to issue a security token (these would be the virtual depository receipts) that will be managed by the U.S. Securities and Exchange Commission. \n\n\n## **Chinese City Launches $1 billion Blockchain Development Fund**\nThe district government in Nanjing City plans to launch a $1.4 billion blockchain fund that will be backed publicly as well as by private investors.The fund will go towards startups, crypto projects, academic institutions, and industrial companies that plan to use blockchain technology.Other Chinese cities have also launched blockchain funds as the nation and its president believes that blockchain is an economic breakthrough.\n\n## **Worldwide Spending on Blockchain expected to reach $11.7 Billion  by 2022** \nThe International Data Corporation projects that by 2022, $11.7b will be spent on Blockchain. The projection for the end of this year is expected to be $1.5 billion. This projection shows a 73.2% annual growth rate.The number is a result of blockchain technology being adapted by many different industries.The banking and finance industry is the biggest contributor to this number with a projection of $552 million being spent.",
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      "body": "![giphy.gif](https://cdn.steemitimages.com/DQmQMn75yNxMUCztWFX6A6kURobq6qb5Su61xk5ur7D1yji/giphy.gif)\n\n# **This Week in Crypto**\n_Weekly updates from the cryptosphere!_\n\n## **Facebook’s Creates a Blockchain Division** \n\nSocial media powerhouse Facebook is known for continually expanding their operations and exploring new ways to be at the forefront of technology. Their most recent exploration? Blockchain. Facebook has launched a blockchain division that is focused on finding ways to implement blockchain technology. Earlier this summer, Facebook created a blockchain team to research the technology which was led by former PayPal president David Marcus. As Facebook continues to dive deeper into blockchain, the company appointed Evan Cheng as director of engineering,blockchain this past week. \n\n \n## **MEW Gets Hacked** \n\nPopular wallet service MyEtherWallet, which manages ether wallets announced that they had been hacked this past week. MEW relayed information to their users via social media stating that the Hola Chrome extension had been compromised. Through further investigations by the Hola team as well as MEW, it was concluded that MEW users were specifically targeted. MEW encouraged their users to transfer their funds and worked on efforts to re secure accounts. MEW is a decentralized platform allowing its users to take control of all aspects of their accounts. \n\n\n## **Uzbekistan to Legalize Cryptocurrency** \n\nThe government of Uzbekistan is working towards legalizing cryptocurrencies in an effort to help the country’s economic development. President Shavkat Mirziyoyev has issued a decree to guide the country’s plans in regards to a digital economy. The decree includes plans for using smart contracts, mining, circulating crypto assets, crowdfunding, and the use of blockchain technology. The decree is said to have gotten a positive reception from citizens of Uzbekistan. \n\n## **Bancor Experiences a Security Breach**\n\nEarly this week, Bancor announced that they are the victims of a security breach. ($13.5 million?) in cryptocurrency was stolen as a result of hackers attacking a wallet used for smart contracts. Bancor was able to freeze accounts in order to prevent any additional crypto to be stolen. The company also went under maintenance to work towards resolving the issue. Throughout this and at all times, users have access to their accounts, wallets, and funds as Bancor is decentralized. \n\n\n\n\n## **Chinese Cryptojacking Scheme** \n\nA chinese cryptojacking scheme resulted in one million computers being infected with mining bugs. The hackers planted viruses in the computers in order to mine crypto. Investigations find that the scheme was planned and executed by a team of 20 hackers. The viruses were planted through an online video game and once the computer was infected, hackers were able to completely control and have power of the computers. $2.25 million in cryptocurrency was stolen. \n\n_Any exciting news stories we missed? Let us know in the comments._",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@richurdsmarth/why-you-should-vote-for-a-block-producer-1820edc68ba",
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      "author": "blockchainil",
      "permlink": "why-you-should-vote-for-a-block-producer",
      "title": "Why You Should Vote for a Block Producer?",
      "body": "Since the EOS main-net went live, there has been a lot of confusion regarding the role of Block Producers. What exactly do they do? What are some things to look for in a block producer? Why should I care?\n\nThink of a Block Producer as a miner. Although miners don’t exist in the world of Delegated Proof of Stake, their roles do overlap. For starters, they both verify transactions and are rewarded for their efforts. Block Producers, as defined by EOSphere, are decentralized entities that operate and govern on the EOS blockchain on behalf of the EOS token holders. BPs are elected by the EOS stockholders and are incentivized through inflation of the EOS token.\n\n_Each staked token can vote for up to 30 different BPs_. Each token staked will count as 1 vote for every chosen candidate. For instance, if you vote for 30 BPs with 50 staked tokens, each on of the 30 BPs will receive 50 votes. Voting is ongoing and elections happen every two minutes (126 seconds.) Some of the most popular voting tools are made possible by LiquidEOS https://vote.liquideos.com/ and Greymass.\n\n# **Qualities of a Block Producer**\n**Scalability** or the ability to support a high number of transactions. The bigger EOS gets, the more transactions occur on the chain. Scalability, although tempered by dPOS, is still something to be considered.\n\n**Location Diversity**. Regional governments can intrude on operations and potentially interrupt a BPs activity. Weather and power outages are also factors that can affect operations. By geographically diversifying, these issues become less centralized and therefore less of an issue at all.\n\n**Technology and RAM capabilities**. If you don’t have much RAM you are unable to to process transactions nearly as quickly as a BP with more RAM. BPs are coming out and issuing statements promising transparency in the purchase of RAM until a new system for RAM pricing is thought of.\n\n**Hardware**. Are you using cloud based servers or utilizing bare metal infrastructures? Cloud based servers can be looked at as vulnerable and somewhat lazy compared to physical infrastructures.\n\n**Community/ Governance Engagement**. Let’s be honest, EOS is confusing, mainly because EOS is new. Not only is EOS new in blockchain, but in ideology. We not only rely on BPs to govern and confirm transactions, but to guide the meek. Engagement in the EOS community and involvement in the governance community are ways that BPs are able to go above and beyond for the purpose and success of the project.\n\n# **Why Voting for A Block Producer is so Important**\nIn your average democracy elections are held every couple of years. For example, in the United States incumbents are chosen from small pools of candidates and reside on both right(conservative) and left(liberal) side. This, in comparison to dPOS, is hardly democratic. In the EOSphere, Block Producers are chosen from hundreds of candidates. With elections being held every 2 minutes, it’s hard to imagine that any BP would act against accordance of the voters (token holders.)\n\nIn reality, EOS provides us with a robust democratic system never quite seen before. In order for any democracy to properly function, voter turnout must be of the highest importance. As token holders, we have a responsibility to engage, explore and encourage others to do the same.\n\n_“In a democracy you get the government you deserve”-Thomas Jefferson(maybe)_\n\nEOS is not an experiment; it is not a trial nor is it a dry run. EOS is an idea that has been taken one step further. This step needs to be taken with diligence and with diligence comes a new way to look at not only blockchain technology, but democratic systems as a whole. The constitution may not be perfect but it’s not suppose to be. “There is no perfect code or systems. It’s how efficiently & effectively we can make beneficial change.” Dan Larimier",
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