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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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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
AMBCrypto

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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