Welcome to our Bancor (BNT) news page. Here you'll find some of our featured Bancor Exchange content pieces as well as all our latest Bancor Algorithm posts.
Bancor Exchange Hacked, Nearly $23 Million ETH, NPXS & BNT Worth Stolen
Another Hack Takes Place, This Time to Bancor With A Theft of $12 Million Ethers
Did you try logging into bancor.network today? Did a message indicating maintenance and Bancor’s soon return pop up?
The maintenance has flourished due to a hacking that Bancor, a cryptocurrency exchange fell victim to.
A released statement revealed that over $23 million worth of cryptocurrencies were stolen. The breakdown includes 24,984 ETH (valued at about $12 million), Bancor’s native coin, BNT with a total value of $10 million and lastly, NPXS, totaling about $1 million.
Bancor tweeted the news out earlier this morning, indicating that it was in fact a security breach. The team involved also comforted many crypto investors indicating that “No user wallets were compromised.” For the time being, an investigation will make its way with an in-depth report that will be released shortly.
As for the hack, CCN reported that it took place at 00:00 UTC and was only successful because the main wallet responsible for making advancements was hacked. Fortunately, Bancor was able to save the stolen BNT by using a protocol that the team described as a last resort that is “used in an extreme situation to recover from a security breach”. However, the same cannot be said about the other stolen cryptos.
In addition to the fact that Bancor will be working alongside other exchanges to trace and further prevent the hacker from withdrawing the funds, the wallet in which the ethers were sent to was also exposed to the general public.
Getting back to the combined efforts of the exchanges along with Bancor, Cointelegraph reported that the CEO of Changelly, Konstantin Gladych confirmed that the thief managed to make the swap through Changelly.
As per CoinMarketCap, BNT’s value dropped from 3.15USD to about 2.73USD, with a temporary dip at 2.54USD. Altogether, this comes out to a drop of roughly 13.333%. The relatively small drop could be partly due to Bancor’s built-in mechanism that prevented the thief from getting away with part of the robbery.
EOS' Dan Larimer Responds To Its Bancor Algorithm And RAM Trading
EOS RAm Trading speculations have been on the rise lately as EOS Redditors have exclaimed that someone has recently turned $10,000 worth EOS into $80,000 by only making RAM Trading. According to recent price spikes, the RAM in EOS RAM is worth about $4 USD per KB.
Because of this, the CTO of EOS, Daniel Larimer, has recently explained to the media about the current EOSIO RAM Market and the Bancor Algorithm. According to the company, while RAM can be purchased the clients cannot exchange it amongst themselves. This means that the transactions have to made via the company, as there is no P2P market. EOS’ supply of RAM will be overseen by voters.
Adopting A Free Market Approach
According to the CTO, EOSIO adopts a sort of a free market approach when dealing with the allocation of rare assets. It is because of this that there is no P2P market. The company states that by only letting the clients buy and sell RAM, it enables the market to have more liquidity while encouraging value disclosure and price discovery at the same time.
If the market has less unallocated RAM, the cost will be higher, while if the market has a lot of it, the prices decrease, which explains how people are able to make so much money by buying and selling RAM. They follow the oldest rule of capitalism: buy low, sell high.
The Bancor Algorithm
The algorithm known as the Bancor Relay is the key to this free market. Initially designed to ensure that the flows of buying and selling RAM in the market work, it looks like there is an issue with the algorithm.
According to Daniel Larimer, Bancor Relay weights on the EOS blockchain, but there is a parameter on the algorithm that has been set a 0.05% instead of 50% as it was supposed to and this introduces a heavy factor of volatility in the market. In fact, considerably more volatility than it should.
To solve this issue, the CTO of EOS has stated that some teams will be working on this in the near future to find proper solutions to this problem and change the code.
Bancor Protocol Trades Tomatoes On The Blockchain For The First Time
Since the creation of the first blockchain for Bitcoin in 2012, the cryptocurrency community has long dreamed of using the technology in order to fight against poverty. With decentralization of power as the cornerstone of the tech, blockchain seems uniquely predisposed to bring power back to the hands of the disenfranchised, especially in parts of the world where traditional financial resources might not be available.
However, there seems to have been very little significant progress in the way of blockchain for the disadvantaged. Instead, the technology has been constantly revised, used, and innovated to suit the needs of large businesses. While this is no doubt a positive step in the direction of mass adoption and embrace of cryptocurrency and blockchain technology, the philanthropic spotlight for cryptocurrency has always been on the ways that it might help the poor—not the rich.
Bancor is one blockchain startup which seems to be working towards the noble goal of decentralization for the needy. The company produces the Bancor Wallet, which is a decentralized wallet with zero transaction fees and lightning-fast payments. The technology’s use of the POA Network means that its users never pay anything in exchange for their quick and efficient transactions.
On August 9th, the company released a blog post regarding their most recent successes in fighting poverty using the blockchain. Bancor successfully used their wallet to trade currency in a third-world village called Mombasa. The company is working to tokenize the Sarafu-Credit system, a community currency system implemented by select villages within Kenya.
Bancor Tokenization Campaign
The Bancor work to tokenize the credit system in Kenya focuses on the Bangla-Pesa, which was the first paper currency to come out of the Sarafu-Credit system from 2013. Using the Bancor wallets, it is possible for community members to trade the currency with zero transaction fees. Additionally, a public record of these transactions is kept on the Bancor blockchain.
One more unique benefit to the Bancor wallet system is that it allows community members to change their Bangla-Pesa into Ng’ombeni-Pesa, which is the currency used in a neighboring community. This adds a new level of transaction to communities, because the currencies could only be exchanged with extreme difficulty before the introduction of the Bancor blockchain and wallet setup.
Further, Bancor included a digitized marketplace with which members of the community can advertise their goods and services with ease. When the Kenyan currency (shillings) is not available to the average member of the community, the Bancor token economy allows consumers to locate and purchase the goods essential for their own lives.
Additionally, the Bancor setup has a variety of user-oriented services to make it easier than ever for community members to effectively participate in their local economies.
Blockchain And Poverty
This integration of the blockchain into the third world has been an incredible boon for the local economy. According to the company, the blockchain allows the creation of currencies in just minutes, the full security offered by blockchain technology, as well as a variety of economic incentives to participate in the unique economy.
Perhaps the largest and most extensive benefit to the use of the Bancor blockchain system is that it could allow disenfranchised populations to gain access to credit—something that the world economy seriously lacks. Zero-interest credit can be used on the network of the Bancor blockchain.
The global economy is missing out when it comes to credit supply—conservative estimates put the deficit at around USD $2 trillion. Communities are empowered by solutions using the blockchain, and the successful implementations of this tech, according to Bancor, could “pull communities out of poverty.”
Circle's Poloniex Crypto Exchange Adds Bancor (BNT) to Trading Platform
Circle Introduces BNT To Poloniex
Circle has recently announced on its blog that Bancor (BNT) is now a part of the Poloniex exchange. This new addition follows the announcement of USD Coin and Decentraland, the last two tokens approved to be listed by the company on its exchange in recent weeks.
According to the blog post, each token is tested and reviewed before being listed so they are all secure for the investors. The process is made to avoid listing scams or tokens that have problems like instability, which could lead the investors to suffer severe losses in case they invest in bad and untested tokens.
At the moment, you can already deposit and withdraw tokens from the exchange. The first trading pairs that will be available will be BNT/USDT, BNT/BTC and BNT/ETH. These trading pairs will be available from October 19 at 16 pm UTC onward.
About Bancor (BNT)
The new asset which will be listed is the BNT (Bancor Network Token) tokens from Bancor. Bancor is a decentralized network focused on liquidity that uses the Ethereum blockchain as a basis. Bancor will use a set of smart contracts to deal with the liquidity of the platform and to enable the conversion of assets, which is different from the decentralized exchanges that use matching books.
This way, liquidity can be easily programmed and accessed by other decentralized services and apps outside of the network.
Poloniex is a cryptocurrency exchange that was bought by Circle.