Hello to all,
We've updated our website, whitepaper and Bitcointalk forum. Feedback and questions are welcomed.
We have also launched our Bounty program inside the actual Bancor Web Service to help test out the MVP. You can access it here: https://app.bancor.network
All Bounty tokens are now real Ethereum tokens and will use Smart token functionality to become intrinsically tradeable to BANCOR tokens at the end of the ICO (bounty) period.
Web App: https://app.bancor.network
TKN will support BANCOR. Thus, all Smart tokens using BANCOR as a reserve currency can be automatically converted to BANCOR (with no exchange or matching of parties in a bid/ask model) and used wherever VISA is accepted.
Please refer to the ABOUT section in each Bounty program's community page (https://app.bancor.network). It is clearly detailed there.
But in a nutshell, take the translation bounty. It is collectively worth 0.2% of all the BANCOR issued at the ICO. Each translation item earns different amounts of Bancor Lingo Tokens (BNCLNG), the Bancor bounty translation token, as detailed in the Translation section. At the end of the ICO, 0.2% of all the BANCOR will be inserted into the BNCLNG "Reserve" with a 100% CRR (Constant Reserve Ratio, learn more about this by reading the whitepaper: https://t.co/PT3Z66ElOy). You can then convert your BNCLNG to BANCOR. You can also trade your BNCLNG as this is a real, live Ethereum token.
Just as an example, if there are 10,000 BNCLNG and 1,000 BANCOR tokens in its reserve, the ratio will be 10 BNCLNG to 1 BANCOR token.
This is actually the first live example of a Smart token. It is intrinsically tradeable. We are piloting it with our Bounty program and will in the near future make this available to ANY bounty program. It is the first of many use cases for Smart tokens.