Yesterday we hosted a live AMA with Bancor Co-founder Eyal Hertzog on Tron’s Telegram group following the activation of Tron’s token, TRX, on the Bancor Network for decentralized liquidity. Eyal discussed cross-chain liquidity, the mechanics behind Relay Tokens and the relative unimportance of Bitcoin’s price. In coming weeks, Bancor will be hosting regular AMAs in member token Telegram groups, so keep an eye out for our next one!
TRON is a decentralized entertainment content sharing platform that aims to be a P2P version of iTunes or the Google Play Store. TRX went live on the Bancor Network on January 31st, 2018. Since then, the total volume of TRX conversions is roughly $380,000, while more than 7,825,916 TRX tokens have been converted. And we’re just getting started -- yesterday’s AMA kicked off an awareness campaign that will ensure that the TRX community knows they can buy TRX continuously and easily on the Bancor Network from here on out.
Questions summary:
Max: Thanks Eyal, my question is regarding cross chain liquidity. I listened to your recent interview and you said that Bancor needs to be run on a smart contract enabled platform. Tron's mainnet is released soon, is Bancor being on the Tron network and cross chain conversions a possibility?
Eyal: Since Tron is expected to support smart contracts, I believe that Bancor Protocol could be extended to the Tron Blockchain and enable transferring of BNTs between TRON and other blockchains, as well as Relay Token’s on top of Tron's blockchain.
Max: Ok cool, so it's a case of waiting for solutions like cosmos to facilitate this. I think I read on Reddit that Bancor is opening its own cross chain department also? Along with expanding the team into Asia.
Eyal: This is on the roadmap for 2018, we will release more details as we approach these milestones.
Fra: The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher[1] conceptualised in the years 1940–1942 and which the United Kingdom proposed to introduce after World War II. The name was inspired by the French banque or ('bank gold').[2] This newly created supranational currency would then be used in international trade as a unit of account within a multilateral clearing system—the International Clearing Union—which would also have to be founded
Eyal: This is a cool video where Galia, one of our Co-founders, describes how Bancor was inspired by this specific proposal - naturally we've upgraded it to modern crypto times and the "supranational" analogy is now decentralized...
Fra: hackme project without have hack.me right or Am I wrong?
Eyal: That domain is not related to us -- our hack me campaign is on our demo environment to test the security of our new wallet. The demo environment: http://demo.bancor.network/discover
Bambira: I can see a token called trxbnt on bancor - what is it exactly?
Eyal: This is a Relay Token, which is essentially the gateway between TRX and the rest of the Bancor Network. TRXBNT is a new Smart Token with 2 connectors, one holds a balance of TRX, the other of BNT, and allows for instant conversion between the two. The way this works is that you can purchase TRXBNT with either TRX or BNT and you can sell it for either one, thus allowing for the conversion.
Bob: Hey @Hertzog, what are the key advantages to using Bancor's liquidity network versus traditional crypto exchanges?
Eyal: Liquidity on Bancor is unrelated to the current trade volume. Even with no volume at all, high liquidity is possible for any token. A few other points -- no added fees beyond blockchain, no registration required, on chain conversions, predictable price slippage, unrestricted trading pairs, more stable prices thanks to frictionless arbitrage...
Kevin: You guys think bitcoin will fall below $8,000?
Eyal: I think the price of bitcoin is relatively meaningless for thelong-termm prospect of this industry, similar to how the smartphone industry did not hinge on the stock price of RIM, creators of Blackberry.
Rahul: How Bancor is different than ZRX relay protocol?
Eyal: ZRX is a protocol that allows for decentralized matching of bids / asks, connecting buyers and sellers, meaning that liquidity still relies on trade volume. We are fans!
Max: Will the new wallet work on mobile and desktop browsers?
Eyal: Yes -- Bancor's new wallet will be on mobile and desktop.
Thanks everyone for your questions, join us in the Bancor telegram group (https://t.me/bancor) if you have any more. It's been a pleasure and we are excited to have Tron in the Bancor Network 🚀