BANCOR Protocol - Autonomous tradable cryptographic tokens on Ethereum Blockchain



  • BANCOR Protocol Token Activation Update







    Dear Bancor community, we are going to take a few more days to ensure the stability of the Bancor protocol smart contract, which activates the BNT smart token. BNT will then be exchangeable for ETH and vice versa, directly through the smart contract, with new BNT being automatically issued when purchased with ETH, and destroyed when liquidated for ETH.

    We know everyone is eager to see BNT activated and so are we. The team is working around the clock to ensure this happens in a safe and reliable way. It is important to remember that the Bancor protocol is the first of its kind, so we are taking extra precautions for everyone’s shared success. We take the mandate we’ve been given to protect and evolve the project very seriously.

    Stay tuned, we will update as soon as possible and provide 24 hours notice before activation so everyone has a chance to prepare.

    By,

    The Bancor Devs







  • How to Trade your BANCOR (BNT) on MyEtherWallet








    Following our recent announcement on opening BNT for trading, we would like to provide our community with additional tools on how to securely trade BNT tokens using different popular wallet options.

    Here we outline how to trade using MyEtherWallet:

    Pre-Requisite

    Before you start, please locate the following and make sure you have them available for the next steps of the process.

    • BNT token contract address: 0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C
    • EtherToken contract address: 0xD76b5c2A23ef78368d8E34288B5b65D616B746aE
    • BancorChanger contract address (will be revealed)
    • EtherToken contract ABI
    • BancorChanger contract ABI

    Please note that all images use demo details. Do not try to use the addresses indicated in the images.

    Change BNT Token

    Both “Buy” and “Sell” actions are now part of the contract and will be executed with the “Change” action. This will simplify the process by changing one coin to another instead of having separate actions of “Buy” and “Sell” as a two step function.

    From ETH to BNT (“Buy” BNT)

    Changing ETH to BNT can be done easily following the steps below:

    Step 1:

    Send funds from your wallet to the EtherToken contract address.

    Click “Send Ether & Tokens”

    Enter the EtherToken contract address (found at the top of this post) as the “To Address”

    Set “Gas Limit” to 150,000

    Step 2:

    Open MyEtherWallet and select the “Contracts” tab.

    MyEtherWallet “Contracts” tab

    Step 3:

    Before actually changing ETH into BNT, you will need to allow the changer contract to access your EtherToken balance.

    Enter the EtherToken contract address and ABI (found at the top of this post) and click “Access”.

    Step 4:

    • Select the “approve” action
    • Enter the “spender” address (this is the BancorChanger contract address)
    • Enter the amount you would like the contract to be able to take from your address in wei (no funds will be moved in this action)

    Step 5:

    Now you are ready to change ETH to BNT. Follow these steps carefully:

    Enter the BancorChanger contract address and ABI (found at the top of this post).

    Step 6:

    • Select the “Change” action
    • Enter the “from” address (this is the EtherToken contract address)
    • Enter the “to” address (this is the BNT token contract address, found at the top of this post)
    • Enter the amount you would like to change from ETH to BNT in wei
    • Important: Enter “Min return” amount (see details below)

    What is Min Return? This indicates the minimum amount of tokens you are willing to receive at the end of the change, basically setting a maximum price you are willing to pay for each token. We recommend using 90%-95% of the price visible on our site.

    For example, you aim to change 5 ETH to BNT. If you set the value to 225 (you need to indicate this in wei which would be 225,000,000,000,000,000,000) this means the transaction will only be executed if the current price can return you 225 BNT or more. If it cannot, you will lose the gas fee that accompanies your transaction. This is why we recommend the slight buffer on your desired price.

    Step 7:

    Click the “write” button and confirm your transaction.

    This concludes the purchase action and will result in changing your ETH to BNT tokens.

    From BNT to ETH (“Sell” BNT)

    Step 1:

    Open MyEtherWallet and select the “Contracts” tab

    myetherwallet “Contracts” tab

    Step 2:

    Enter the BancorChanger contract address and ABI (found at the top of this post).

    Step 3:

    • Select the “Change” action
    • Enter the “from” address (this indicates the BNT token contract address)
    • Enter the “to” address (this indicates the EtherToken contract address)
    • Enter the amount you would like to change from BNT to ETH token in the smallest nomination (keeping in mind 18 digits after the decimal point. if you want to change 1 BNT to ETH, you need to indicate 1,000,000,000,000,000,000 BNT)
    • Important: Enter “Min return” amount (see details below)

    What is Min Return? This indicates the minimum amount of tokens you are willing to accept at the end of the change, basically setting a minimum price you are willing to offer for each token. We recommend using 90%-95% of the price visible on our site.

    For example, you aim to change 500 BNT to ETH. If you set the value to 11 (you need to indicate this in wei which would be 11,000,000,000,000,000,000) this means the transaction will only be executed if the current price can return you 11 ETH or more. If it cannot, you will lose the gas fee that accompanies your transaction. This is why we recommend the slight buffer on your desired price.

    Step 4:

    Click the “write” button and confirm your transaction.

    Step 5:

    Now that the funds are in your EtherToken address, you will need to withdraw them into your ETH wallet address.

    Enter the EtherToken contract address and ABI (found at the top of this post) and click “Access”.

    Step 6:

    Select the “withdraw” action, enter the relevant addresses and amount.

    Price Discovery

    Our smart contract enables the option to check the price rate using our price discovery protocol which is programmed into the contract. However, we recommend using our website’s price discovery page for easy access.

    Find your BNT Balance

    Not sure how much BNT you have? Want to confirm? Not a problem. Follow these steps and you will immediately see how much BNT you have in your wallet:

    Step 1:

    Go to etherscan.io (this will take you directly to the Bancor Token contract).

    Step 2:

    Go to point #6 “balanceOf” and enter the address from which you’ve sent the funds to purchase BNT.

    Step 3:

    Etherscan will return the current balance of the address (the number will be in wei, meaning 2,000,000,000,000,000,000=2 BNT.)

    As always, we welcome all community feedback on the process and these instructions and will constantly strive to improve them for ease of use. In the future, you’ll be able to use our simple web app and wallet to buy and sell BNT, and other smart tokens, in a friendly and secure environment.

    The Bancor Devs

    By,

    Asaf Shachaf



  • BANCOR Experimental: Simple BNT purchasing

    All day we’ve been watching our amazing community battle the steps to follow our trading instructions for buying and selling BNT directly from the smart contract.

    While this is revolutionary and many have succeeded, it’s also way harder than we want it to be and light years from the “long tail” accessible version we plan to release in the future.

    So, in the meantime, we’ve doubled down to create a slightly better process and we’re excited to share it with the community on the eve of this first day of trading.

    Below is a very simple smart contract that allows purchasing BNT by sending ETH to an address. DO NOT send ETH from exchanges or hosted wallets such as Coinbase, as they cannot accept BNT back and your ETH may be lost.

    We will next move on to make a similarly simple contract for selling BNT, but this is slightly more complex due the way Ethereum handles ERC20 tokens. We will update this post as soon as we have an ETA for when it will be ready to test. In the meantime you can continue to sell BNT using the instructions provided, and on listing exchanges.

    Please remember that this contract, while very simple, is still experimental. First try your transaction by sending a small amount of ETH to then verify you’ve received BNT in return.

    IMPORTANT: USING THIS CONTRACT WILL PURCHASE BNT AT THE PRICE EFFECTIVE WHEN THE TRANSACTION IS PROCESSED. THERE IS NO WAY TO LIMIT THE PRICE. If you are an early adopter, please report to the community about your experience.

    To use, send ETH to: 0x77a77EcA75445841875eBb67a33d0A97Dc34d924

    Please use a 300k Gas Limit, and again, please, try a small transaction amount first to test.

    When the transaction is processed, BNT tokens will be sent to the address from which the ETH arrived, and again this should not be an exchange or hosted wallet.

    We again remind everyone to be vigilant against scammers, and ONLY use addresses and instructions you copy directly from our official site and blog. Be alert for misspelled accounts, copy cat sites and other shenanigans. If you see something, say something. And always encourage your community members to check here first and get their information directly from Bancor official channels.

    We can’t wait to make this process even simpler and more intuitive until everyone we know can easily buy and sell smart tokens, at a predictable price, with the click of a button. Until then, we’ll keep hacking, and we thank the community so sincerely for your support and dedication to the project thus far. It’s been moving (up), to say the least.

    To simplicity and beyond,

    The Bancor Devs



  • BANCOR Introducing the Automated Price Floor Contract

    Price Floor Smart Contract Deployed

    In the lead up to the Bancor TGE, we committed to using 80% of all ETH raised over the cap to create a price floor for BNT.

    As of now, anyone who owns BNT and wishes to sell at the floor price, 100 BNT per ETH, is now able to do so using our twice audited Price Floor contract.

    In order to place an order to sell your BNT at the minimum price (1 BNT=0.01 ETH) follow these steps carefully:

    Step 1:

    Open MyEtherWallet and select the “Contracts” tab.

    • Contract Address needs to be BNT Token address 0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C
    • Copy/Paste the ABI details from here
    • Click “Access”


    MyEtherWallet “Contracts” tab

    Step 2:

    Select the “approve” action from the “Read/Write Contract” drop down menu:

    • Set “_spender address” to the new Price Floor Contract 0x7Ec6A713197FCBb4cFe7213800470b0940268549
    • “_value” needs to be the amount of BNT you plan to sell in wei (this easy wei converter https://converter.murkin.me/ lets you enter the BNT amount in the top box, where it says “Ether”, and see/copy the wei value).
    • If you’re not sure about your BNT balance, go to “view wallet info”, and on the right side, below your address you will be able to find your balance:

    Note 1: This action only allows access to the contract and will not exchange funds.

    Note 2: If this is not the first time you are performing this step, you will need to set the _value to 0 (zero), submit the transaction, then set the _value to the desired amount, and submit the transaction again.

    • Click “Write”

    At this stage, you will see this “Warning” message:

    • “Amount to Send” should be set to 0 (zero), anything else will result in failure.
    • “Gas Limit” should be set to 100,000.
    • Click “Yes” to proceed.

    Step 3:

    You will need to access a different contract now. Please scroll to the top of the MyEtherWallet page and update the information you are using:

    • Contract Address needs to be Price Floor Contract address: 0x7Ec6A713197FCBb4cFe7213800470b0940268549
    • Copy/Paste the ABI details from here
    • Click “Access”
    MyEtherWallet “Contracts” tab

    Step 4:

    Select the “sell” action from the “Read/Write Contract” drop down menu:

    • Click “Write”

    At this stage, you will see this “Warning” message:

    • “Amount to Send” should be set to 0 (zero), anything else will result in failure.
    • “Gas Limit” should be set to 100,000.
    • Click “Yes” to proceed.

    This process will sell BNT tokens at the Price Floor of 1 BNT = 0.01 ETH



  • BANCOR Protocol Release smart token v0.2

    Updated formula Build

    Download:



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