Bancor Progress Update: November 2018

News & Progress Updates November 22, 2018
Bancor Progress Update: November 2018


Bancor Progress Update: November 2018

For the first time in history, two blockchains have been connected. Earlier this month, Bancor officially pushed BancorXlive — creating a cross-chain bridge that enables automated conversions between 125+ EOS and Ethereum-based tokens.

BancorX marks the network’s first expansion onto a new blockchain and lays the groundwork for future blockchain integrations. Following the launch, Bancor’s EOS Liquidity Network saw a surge of activity as users experienced the benefits of cross-chain liquidity and Bancor’s EOS features — including zero transaction fees and one-second execution.

Check out the Bancor EOS Liquidity Network.

All this occurred while the Bancor team and community members continued spreading the word about the Bancor Protocol, including a refresh of the Bancor site, participation in the United Nations first-ever session on blockchain in Switzerland and coverage of Bancor’s community currency initiative in Bloomberg Business Week.

BancorX Goes Live!

More than a dozen EOS tokens are now live on Bancor’s liquidity network, creating continuous on-chain liquidity between 125+ ERC20 and EOS tokens.
Live EOS tokens now include: EveripediaeosBLACKBetDiceMEET.ONE, KARMAProchain, Chaince& more!

Ways to get involved with BancorX:

It’s worth noting that the current version of BancorX is just an initial beta. A unified cross-chain experience and other developments are already in the works. Learn more about the roadmap in the BancorX explainer site and in our “How It Works” post.

New Bancor Explainer

We’re excited to share a brand new explainer video which you can send to your friends and family to help folks more easily understand Bancor. This is the first of many in a series of user focused materials that will help us all get the word out.

Bancor’s new explainer video can be found on Bancor’s refreshed About site.

Bancor & Grassroots Economics in Bloomberg BusinessWeek

Will Ruddick (Grassroots Economics co-founder), left, rides with Protus Wanzala, a motorbike driver who accepts community currency as payment for rides. Photo featured in BusinessWeek’s story on Bancor’s initiative in Kenya, titled “Closing the Cash Gap With Cryptocurrency

Following months of work with Bloomberg cryptocurrency reporter Dune Lawrence and Kenya correspondent Eric Ombok, Bloomberg BusinessWeek published an in-depth story on Bancor’s community currency initiative in Kenya, in partnership with local non-profit Grassroots Economics.

From the article:

Bancor’s name is a clue to its grander economic ambitions — it’s a reference to a currency conceptualized by John Maynard Keynes in the 1940s to remake the system of international trade. In Kenya, the startup is working to prove not only that crypto is useful for something besides speculation or illicit trade but also that it can be the basis for financial inclusion and economic stimulus for the poorest.

Read the full story in Bloomberg BusinessWeek.

Bancor Speaks at the United Nations’ First Ever Session on Blockchain

Bancor co-founder Galia Benartzi spoke at the UN’s first-ever session focused on blockchain technology.

Bancor’s initiative in Kenya was also front and center at a historic event in late October — the United Nations’ first ever session focused on blockchain technology, titled “Blockchains for Sustainable Development”. Bancor co-founder Galia Benartzi was invited to present Bancor’s vision for Liquid Community Currencies (LCCs) and early findings from the Sarafu Network pilot in Kenya alongside various global and blockchain leaders, including Eva Kaili (Member of European Parliament), Dr. Marius Jurgilas (Bank of Lithuania), Dr. Abdalla Kablan (Malta Stock Exchange) and Changpeng “CZ” Zhao (Binance founder).

Liquid Community Currencies, Galia said, represent a new form of aid which has the potential to incubate local economies and build resilience, rather than creating dependencies and dissipating as recipients spend donations outside their communities.

In a separate UN session the following day, Will Ruddick (Grassroots Economics co-founder) shared details on the implementation of the Bancor-powered community currencies in Africa, including the pilot’s 2019 impact goals:

  • Launch Liquid Community Currencies in 40 new communities across Kenya & Uganda.
  • Activate wallets for 100,000 business owners across communities with over 400,000 total people.
  • Facilitate over $5.5 million in community-level volume to help close the gap for key Sustainable Development Goals.
A visualization of live community currency transactions in the Sarafu Network. On the left, transactions between four village-level tokens. On the right, transactions grouped by product/service (e.g., Water, Food, Rent, etc.)

More Community Updates

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:

To BancorX and beyond,

The Bancor Team

Thanks to Olivia Gorvy and Galia Benartzi.

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