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Has anyone tried BancorX yet?

I've been interested in cross-chain for a while now, and I've heard good things about BancorX like it's fee-less, fast etc Has anyone tried it, and if so what do you make of it? https://i.redd.it/qq7gv7yyh7321.png
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Bitcoin Cash Heats Up | Crypto Governor | AMD Mining | BTC Price | MetaMask Privacy | BancorX Launch

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EOS FOR IDIOTS: BancorX

Welcome to the first article in a brand-new series called EOS FOR IDIOTS.The goal of this series is to make EOS really easy to understand. I want to make it possible for literally anyone to understand how EOS works.The format could evolve based on feedback from EOS newbies, but for now, each article will contain a simple summary at the very beginning. This will ensure that even the lightest of readers can quickly get the gist of the topic.Another mini goal of this series is to give information about EOS without causing migraines. Most articles about EOS end up giving people only two things: confusion and migraines.EOS is complex and an EOS FOR IDIOTS series is way overdue. In this series, words like algorithm, will be avoided like the plague. 99% of the population doesn’t really know what an algorithm is, so I will use the word math instead of algorithm (whenever possible). Additionally, you will never see any computer code contained in this series.When I find a video that does a better job of explaining the concepts, it will be linked at the beginning of the article, right after summary. Cheers to the future of (hopefully) migraine-free EOS articles and thank you for reading the very first article in the EOS FOR IDIOTS series.BancorXWebsite: https://eos.bancor.network/Telegram: https://t.me/bancorHow To Use BancorX:https://medium.com/media/3c3fa61eb585fbdba54606238a658fb8/hrefSign into the Scatter Chrome extension: https://chrome.google.com/webstore/detail/scatter/ammjpmhgckkpcamddpolhchgomcojkleGo to https://eos.bancor.network/Decide which tokens you want to sell and buy.Press the Next and Proceed buttons to do the transaction.Press the Accept button in Scatter, you’re done!Which EOS tokens are available for exchange on BancorX?CET, HORUS, DEOS, IQ, LUME, MEETONE, MBC, COAT, PGL, HVT, KARMA, FBX, EPRA, DICE, BLACKWhat Problem Does BancorX Solve?BancorX solves the problem of people not being able to buy and sell smaller tokens on EOS in an instant manner. BancorX is able to do this because it does not rely on buyers and sellers. Instead, math is used to enable any token seller to instantly convert one token to another in the EOS ecosystem.Smaller tokens and exchanges suffer from a lack of buyers and sellers. Because exchanges have to match up a buyer who wants to buy the exact amount of a particular token from a seller, this causes the tokens to not be very liquid. Liquid just means the ability of a token to be bought and sold quickly. If a seller has to wait for three days for a buyer to show up, then the usefulness of the token degrades.BancorX is able to solve this problem by getting rid of buyers needing to be matched up with sellers.In Bancor, there is no matching up of people. Bancor uses smart contracts and math to create a formula for converting one token to another. I’m not going to delve into how this complex process is done because that doesn’t follow the ethos of EOS FOR IDIOTS. If you want to learn more in-depth details about how Bancor’s math works, you can delve into it. I got as far as understanding that token conversions on BancorX are made possible by smart contracts and relays.“Wait a minute. The title of this article is BancorX but you keep mentioning Bancor…..What’s the difference between Bancor and BancorX?”Bancor is currently operating to create conversions between ERC-20 tokens on the Ethereum network. BancorX is now operating on the EOS network, plus cross-chain conversions are now possible. This means that you could convert an ERC-20 token for an EOS base token. BancorX is the EOS compatible token exchange where you, for example, will be able to convert your BLACK tokens to KARMA tokens instantly.Note: BancorX launched on November 5, 2018. Even though the Scatter Chrome extension is not being updated, BancorX is still only usable via that extension. We tried using the Scatter desktop version with BancorX, but it didn’t work. If you had different results, please leave a comment below.More About Bancor :https://medium.com/media/53fcf8d35d3c73fc4c6869c1cfeb428c/hrefAnd now for a comic:About UsStellabelle recently joined the GenerEOS team. GenerEOS is a social enterprise block producing candidate with a mission of promoting and supporting scalable and highly reliable block production whilst giving back block rewards to Social Causes.Based out of Sydney, Australia, GenerEOS is founded by a team of like-minded blockchain enthusiasts with diverse backgrounds and a passion to make a difference in the world and fostering the spirit of generosity by giving back.Subscribe to the GenerEOS Medium publication to read more in the EOS FOR IDIOTS series and keep updated on everything EOS.The Future of GivingWebsiteTwitterSteem TelegramRedditGithubFacebookEOS FOR IDIOTS: BancorX was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

BancorX Launches With Promise of Decentralized Instant Cross-Chain Crypto Conversion

The Bancor Network announced the launch of a new generation crypto exchange service. The new service acts as a fundamental disruptor to the existing exchange paradigm that requires depositing funds on a centralized exchange, or order matching on a decentralized exchange. In a post on the official Bancor Twitter account on Nov. 5, Bancor revealed that the new service called BancorX will enable seamless conversion within over 110 ERC-20 and EOS-based cryptocurrencies. We are thrilled to announce that our Cross-Blockchain Decentralized Liquidity Network, #BancorX, has officially been pushed live — enabling automated token conversions between 110+ ERC20 and EOS-based tokens. https://t.co/E54nlUElmG pic.twitter.com/NSocQZr11A — Bancor (@Bancor) November 5, 2018 How BancorX Works According to information released by Bancor, unlike on a typical centralized or decentralized exchange, BancorX enables the automated cross-chain exchange of cryptoassets that are based on the Ethereum and EOS blockchains directly in user wallets, which eliminates the risk of depositing funds in a centralized exchange or waiting for order matching on a decentralized exchange. The functionality of BancorX is based on the ability of BNT (Bancor Network Token) to function concurrently across both EOS and Ethereum blockchains, which enables seamless cross-chain transactions. To make this possible, BNT automatically issues and destroys itself simultaneously across different blockchains, which means that a BNT that moves from Ethereum to EOS, for example, is removed from circulation on Ethereum and added to circulation on EOS – thereby keeping the token’s supply constant. If for instance, a user converts an ERC-20 token in a crypto asset based on the EOS blockchain using BancorX, the ERC-20 token is immediately converted into BNT, which is then sent to the BNT smart contract on the Ethereum blockchain. The smart contract receives information for the destination blockchain (in this case EOS), and the BNT is completely removed from circulation on Ethereum. The BancorX EOS smart contract then issues a corresponding amount of BNT on the EOS chain, and this BNT amount can be converted into EOS or any EOS-based cryptoasset using Relays on the Bancor Network. If a user is converting from an EOS token to an Ethereum token, the same process repeats itself in reverse. Added Security Features According to Bancor, a fail-safe has been included in the exchange framework, with a transfer quote built into BancorX smart contracts which assign a maximum amount of BNT that can be transferred across chains at any time. This quote is then periodically reset with each new block produced as it is depleted by transfers, ensuring that the system continues to work smoothly. An excerpt from the announcement post on Bancor’s blog reads: “As BancorX goes live and the first BNTs flow from ETH to EOS and back again, Bancor will aim to remove friction, unify the user experience and ensure the system’s continued decentralization and utility. With real blockchain interoperability, the possibilities for token-powered applications proliferate dramatically. We are thrilled to introduce this new tool — and to see what you do with it.” The post BancorX Launches With Promise of Decentralized Instant Cross-Chain Crypto Conversion appeared first on CryptoSlate.
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
Bitcoin Exchange Guide

Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.
AMBCrypto

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.
CoinGape

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
Bitcoin Central
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