The Bancor network is a decentralized liquidity network. It allows you to hold any Ethereum token and covert it to any other token in the network. If you’re unfamiliar with the project check out my previous article.
Today we’ll check out actually using the protocol.
First, go to Bancor Protocol and sign up.
You’ll have to create a password and save a seed phrase. Make sure to store both in a safe place.
When you sign in you’ll be given an option of signing in through Messenger, Telegram, or WeChat. I use Telegram. Just follow the links, it’s easy.
To fund your wallet first click on the person icon at the top right of the screen (see the picture below). Then click on My Wallet and then the Receive button.
Once you have tokens in your wallet you can easily convert.
Take a look a the screen shot below, all you do is click on the Buy button of whatever crypto you want. Then when the buy box pops up you exchange it for the crypto you want to get rid of.
Tip… save your transaction IDs just in case something goes wrong.
I sent tokens and exchanged. Very quick. Easy peasy.
Keep in mind though the wallet is in beta, so don’t go crazy. But I like what I see from Bancor so far.
and trade cryptos on Binance
Thanks for the heads up! Getting paid today. Will try it. Re steemed.
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Cheers!
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Bancor have been doing some great things lately, and I noticed that they are announcing a lot of partnerships!
It's really interesting as I noticed them a while go, didn't think much of them to be honest, and now they are doing a lot of work. I'm happy to see this, and I think that they will do really well in the coming months.
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It's a good play on the whole Ethereum ecosystem.
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Bancor protocol works with any ERC20 token. The liquidity comes from a Smart Token Relay which holds DAI and BNT, enabling conversion between them using the #Bancor formula which assures liquidity at a market-driven conversion rate.
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Thanks for the info!
... a DAI use case, interesting.
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I might be way off but isn’t this an online wallet hosted on Bancor’s server? Assuming you trust them this is fine but if they aren’t using proper security(like any exchange) you could still be hacked. So an offline hard wallet still is king, correct?
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Correct. I did mention the wallet was beta and to use small amounts. Just position size according to the risk and then if the worst happens your still ok.
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Fair enough.
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I need something like that
Good job
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One of my main concerns about Bancor was that it was supposed to have a reserve of Ethereum and last time I checked it had been depleted.
It looked a bit too much like a form of fractional reserve banking for me to be totally comfortable with it.
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hey updator... thanks lot for your great post.
upvote
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Thanks!
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Great! I'll give it whirl. Thanks @g-dubs :)
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Thanks!
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Coins mentioned in post:
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i think you sharing a fantastic post about bitcoin... thanks for new updates...
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You're welcome!
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Thank you g-dubs for making a transfer to me for an upvote of 1.49% on this post!
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Thank you so much for this! My biggest investment is in Ethereum. I shall go explore. 🙏😍
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ETH is a good one ;-)
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My favorite. I clicked with the vibrational frequency of it straight away. It is what got me interested in Crypto. 😊
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Sounds really great, good to know this it will definitely helps
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1.61% @pushup from @g-dubs
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Sneaky Ninja Attack! You have been defended with a 1.33% vote... I was summoned by @g-dubs! I have done their bidding and now I will vanish...Whoosh
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Ini salah satu ilmu yang sangat berguna bagi generasi sekarang...
Terimakasih atas pencerahannya
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You got a 1.21% upvote from @buildawhale courtesy of @g-dubs!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
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Thank you g-dubs for making a transfer to me for an upvote of 1.49% on this post!
Half of your bid goes to @budgets which funds growth projects for Steem like our top 25 posts on Steem!
The other half helps holders of Steem power earn about 60% APR on a delegation to me!
For help, will you please visit https://jerrybanfield.com/contact/ because I check my discord server daily?
To learn more about Steem, will you please use http://steem.guide/ because this URL forwards to my most recently updated complete Steem tutorial?
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This post has received gratitude of 1.43 % from @appreciator thanks to: @g-dubs.
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This post has received a 2.73 % upvote from @aksdwi thanks to: @g-dubs.
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You got a 1.33% upvote from @postpromoter courtesy of @g-dubs!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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the more cool it continues
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Thanks for sharing,
I will try Bancor soon.
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excellent project. will look into Bancor project more. thanks for sharing
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Very informative post, If that platform is trusted, this is great opportunity for everyone.
Cheers!
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