Nearly $13 Million Now Staked on Bancor Network, 138 Tokens Supported

Bancor, a Zug, Switzerland-based firm focused on developing a “protocol for the creation of smart tokens” which can be traded through a decentralized exchange (DEX), has published its quarterly progress report (for Q1 2019).

Some of the key updates this year for Bancor (BNT) include building a “single interface” for the platform that is compatible with both the Ethereum and EOS network. This common interface can be accessed through Bancor’s “Unified Wallet” which allows users to convert between tokens residing on separate blockchains.

Bancor Adds Support For EOS’ REX & Samsung S10 Smartphone

Other important upgrades consist of “added functionality to Bancor’s Web App” which features advanced token analysis tools, support for the Ledger hardware wallet, and free-of-cost EOS accounts. Additionally, several ERC-20 compliant and EOS-based tokens were listed on Bancor’s network - along with “major integrations of Bancor protocol” such as support for the EOS Resource Exchange (REX) and the Samsung S10 smartphone.

According to Bancor’s official blog post, the protocol developers have managed to onboard more than 1,500 new users from their Kenya-based community “currency pilot” program, called the Sarafu Network. The program has reportedly “reached 70% usage in target villages.”

Support For MetaMask, TREZOR, And 138 Different Tokens

Bancor network users may also use the TREZOR hardware wallet to store their tokens and there’s also support for MetaMask (a tool that allows users to run Ethereum-based decentralized applications, or dApps, directly from their web browser, without having to download a full node).

The newly launched upgrades for Bancor also include updated token pages with “interactive price history charts.” These are currently displayed in ether (ETH), USD, and EUR. Moreover, the new features allow users to access “enhanced portfolio management” tools which have the option of “ filtering tokens by blockchain” and viewing token account balances.

Some important stats and milestones achieved by the Bancor network are as follows (as of March 31st, 2019):

  • “Tokens on Bancor Network — 138,”
  • “Token pairs on Bancor Network — 9,591,”
  • “Liquidity staked to Bancor Network — $12.7M+.”
  • “Active wallets on the Bancor Network in Q1 — 11,032 (+40% from Q4 2018),”
  • “Blockchains supported: Ethereum, EOS, POA,”
  • “Employees at Bancor Network R&D office — 50"

Zuckerberg Says Libra Can Boost Facebook's Ad Revenue, China Sees It as a Much Bigger Deal

Facebook CEO Mark Zuckerberg has, during a shareholder meeting, explained how the Libra cryptocurrency project will help the social media giant make money. China, on the other hand, published a book addressing the challenges Libra poses, arguing it could become the future of world currency.

In a transcript posted by Thomson Reuters, we can read Zuckerberg replied to a question asked by a shareholder on how Facebook will be making money off of the Libra cryptocurrency project. Zuckerberg responded by going into Libra’s potential impact on e-commerce on Facebook, and its potential impact on advertising revenue.

According to the social media giant’s CEO, Facebook does not charge a set price for ads and instead works with a bidding system, where every business trying to advertise will bid to compete for ad space. The system, Zuckerberg said, allows them to get the “lowest possible price.”

He added that combining ads with an effective payment tool such as Libra can benefit businesses further as it could make commerce more efficient:

If we can make commerce be more effective for businesses if when they run an ad, somebody who clicks on that ad is now going to be more likely to buy something because they actually have a form of payment that works that’s on file.

Advertising on Facebook, as such, becomes more worthwhile for businesses, which could in turn see them bid higher on ads and increase overall ad prices. This would effectively boost Facebook’s 0s advertising revenue.

Zuckerberg also reiterated other advantages of Libra, pointing out the payments infrastructure “hasn’t been updated in a very long time.” China, which has plans to launch its own digital currency called DCEP, sees Libra as more than a way for Facebook to make money.

Libra Could Hit China’s Efforts to Increase Yuan Influence

In a book published by the Central Party School of China to educate government officials on digital currency and propose policy measures to deal with emerging challenges like the Libra project, experts argue the latter is an excellent example of a public-private partnership and has the potential to become the future of world currency.

This would mean, according to the book titled “Discussing Digital Currency with Leading Officials,” that Libra could get in the way of the Chinese government’s attempt to increase the influence of the yuan.

Hongzhang Wang, former chairman of the China Construction Bank and one of the authors on the book’s preface, said in a recent article:

China originally relied on mobile payment to get ahead, but now Libra has the potential to change the game again.

Wang added that this would allow companies in the U.S. to build a digital currency system that could “threaten or even surpass” Alipay and WeChat Pay using blockchain technology.

Featured image via Unsplash.