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Bancor Proposes Multi-Million Dollar BNT/ETH Airdrop

Bancor has announced plans to airdrop its entire BNT/ETH reserve as part of a major company shakeup and token redesign. The decentralized liquidity network, famed as one of the most successful ICOs of all time, raised $153 million in July 2017. Since its inception, Bancor has always held an ETH reserve equal to 10% of Bancor Token’s (BNT) market cap. Now the company wants to accelerate and incentivize network liquidity by dropping its ETH reserve on BNT holders. That could see Bancor conducting one of the largest token giveaways ever. Millions at Stake for the Bancor Community To quantify the potential worth of the forthcoming token drop, at press time BNT’s market cap is sitting at $24 million, with a 10% ETH reserve of $2.4 million. While that sizeable sum would qualify as one of the biggest airdrops ever recorded, it was only in July that the BNT market cap was sitting at $45 million, with an equivalent reserve of $4.5 million. There is considerable scope for the future ETH reserve to increase (or decrease) in value depending on the fortunes of the network at the time of the upcoming snapshot. Following the giveaway, Bancor intends to make significant changes to BNT, with the token evolving to incorporate an inflationary model, with a starting rate of 0%. As part of an ongoing strategy to develop and add value to the company, changes to the future inflation rate will be voted upon by BNT holders with the inflation mechanism leveraged to fund strategic liquidity pools, oracles, and developers. Expressed in simple terms, when BNT holders vote to do so, the company will mint BNT tokens to fund key projects, as long as the network believes the increased inflation of the token will be outweighed by increased value to the project. Grants for Growing the Bancor Ecosystem As part of the changes, Bancor has founded the Bancor Foundation Grants Program which will be tasked with broadening the range of developers and startups working on the network. The first projects earmarked to benefit from the initiative are PEG Network and CoTrader, with the former developing a stablecoin version of BNT (USDB) and the latter working on a permissionless liquidity portal. Peg Network’s USDB will allow future access to Bancor’s liquidity pools without direct exposure to BNT, something which could help create alternative USDB pools and fund additional, increased liquidity options. With CoTrader also enhancing liquidity, the focus of Bancor in the short term appears clear. No action will be necessary to qualify for the drop, with BNT/ETH tokens placed directly into the wallets of BNT holders. BNT/ETH can easily be exchanged for ETH on the network, or can be held to give users an ongoing stake in the BNT Liquidity Pool. The exact date of the BNT holder snapshot and the subsequent airdrop have been promised to occur within a month of the September 9th announcement. The post Bancor Proposes Multi-Million Dollar BNT/ETH Airdrop appeared first on ZyCrypto.
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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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