Bancor Progress Update: December 2018

News & Progress Updates December 21, 2018
Bancor Progress Update: December 2018


Bancor Progress Update: December 2018

It’s been 18 months since Bancor’s Token Generation Event on June 12, 2017. Since then, the crypto markets have seen a number of soaring highs and tumbling lows. Yet the ethos among most serious blockchain development teams has remained the same: Keep calm and build on.

In recent weeks, the Bancor team shipped a redesign of the Web App, a precursor to the unified experience, which will enable decentralized conversions between Ethereum and EOS from a single interface. Meanwhile, early data from Bancor’s community currency pilot in Kenya showed a large up-tick in adoption; various third-party projects embedded Bancor’s conversion functionality into their apps; and LiquidEOS rose to the #1 spot in the EOS Block Producer rankings.

Here’s the latest:

Web App Redesign

Bancor is deploying incremental updates to the Web App leading up to the unification of (Bancor’s Ethereum-based Web App) and (Bancor’s EOS-based Web App). Once completed, users will be able to perform decentralized token conversions between Ethereum and EOS-based tokens in a single transaction (today, cross-chain conversions on Bancor require multiple steps).

The latest iteration includes a new menu and navigation:

And other new features such as a customizable discover view on mobile which allows you to add and remove columns for easier token analysis:

View your token balances on the discover page simply by hovering on the icons in your “Holdings” column:

Let us know what you think of the new look in Bancor’s Telegram channel, and stay tuned for more UI updates in the coming weeks & months.

18 Months Live

To celebrate Bancor’s 18-month anniversary, the digital marketing specialists at Cyberius created an infographic showing Bancor’s progress to date.

The graphic features major development milestones thus far, activities across the globe, and the latest stats on the Bancor Network:

Check out the full infographic here.

Kenya Update: A 40% Increase in Local Commerce!

We recently received the first month of transaction data from Sarafu Network, the Bancor-powered community currency pilot in Kenya launched by local non-profit Grassroots Economics. This is the first time in history we’re able to track the impact of community currencies on the blockchain, and the initial results are inspiring.

Here is a snapshot of the data collected in the past month:

  • 5 Liquid Community Currencies in circulation in the following communities: Nairobi Area — Kawangware, Kibera & Kangemi; Coastal Area — Bangladesh & Kwa Ng’ombe
  • 450 active users (with 100 wallets being added per week)
  • 2,850 transactions
  • 444,531 Tokens in Circulation = 4,358 USD in value
  • ~$10,000 USD in Monthly Transaction Volume

Local Statistics:

  • Per capita daily income: <$2 USD
  • Average cost of one meal: $.20 USD
  • Total monthly income of user base: 450 users x $2 USD x 25 days = $22,500 USD

Given $22,500 USD total monthly income of the user base, $10,000 USD in transaction volume represents a 40% increase in local commerce among initial users!

In a blog post on the data, Will Ruddick, Grassroots’ co-founder, shared more details on the communities impacted:

These informal settlements are very large (over 100k residents) and we haven’t even reached 1% of one community yet — but let’s say we had (and will very soon); then at full capacity, one community, in one month, should be able to increase their trade by more than $200,000 USD!

A breakdown of Sarafu Network transactions across various categories of goods & services.

Grassroots Economics recently released a video of the Sarafu Network currencies in action, showing community members transacting in Bancor-powered local tokens using feature phones not connected to the Internet:

Get involved with the Sarafu Network & Grassroots Economics, and contact Bancor to learn more about creating or supporting a token-based community built with Bancor.

LiquidEOS Hits #1

After its many contributions to the EOS ecosystem over the past few months, the LiquidEOS team was honored to be voted into the #1 spot among EOS Block Producers.

LiquidEOS released a brand new website where users can access the team’s latest releases.

In addition, LiquidEOS recently proposed a new method for measuring blockchain activity called the Transaction Frequency Index.

Bancor Ecosystem

CanYa is one of many apps that has integrated Bancor directly into their user experience.

The Bancor Protocol allows developers to build networks where participants create and convert user-generated tokens. Crypto Spotlight recently did a round-up of the top projects utilizing Bancor to automate asset conversions in their apps and blockchains, including EOS, CanYa, PEG and more.

Read the full post, Top Blockchain Projects Utilizing the Bancor Protocol

One of the easiest ways to integrate Bancor in your app is by adding Bancor’s conversion widget, embeddable in any site or app with just a few lines of code. The customizable widget allows users to instantly convert 130+ EOS and Ethereum-based tokens in the Bancor Network directly from their wallets, without leaving the originating app/site. Here are just a few examples of Bancor’s conversion widget in the wild:

Sense | Token | HireVibes

Interested in adding Bancor to your website or app? Get in touch!

Looking back on 2018, we are immensely proud of the milestones achieved by Bancor’s team, community and the broader blockchain industry. Through the market’s highs and lows, pioneering projects with strong use cases have persevered, giving rise to resilient token ecosystems spread across a growing number of blockchains. The belief in one token or one blockchain to rule them all is increasingly fading. Now, more than ever, crypto is a multi-faceted industry — reinforcing the need for shared global infrastructure and user experiences that support the emerging long-tail of tokens.

In 2019, Bancor will continue to release and refine the building-blocks of its initial product vision: an open-source network of custom tokens which are easily and affordably convertible. These innovations aim to unlock new forms of collaboration by equipping online ecosystems and real-world communities with the ability to issue a currency that is stable, safe, easy to access and designed to serve the needs of its users.

We are incredibly excited for the road ahead and deeply grateful for the support of our team, advisers and community.

To a New Year & Beyond,
The Bancor Team

Note: Starting in 2019, Bancor will move to quarterly progress reports. These reports will provide more comprehensive updates that include several months of development work as the product matures in its features, usability and reach.

As always, we’d love to hear your thoughts on the product, progress or anything else on your mind. For an ongoing discussion with the community and team, please join our Telegram group where great moderators keep the cryptopeace.

Here’s how to get involved with Bancor:

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