Hey everyone! Great news today!
So you remember the announcement about integrating with Bancor? Here we go — Arbidex Token went live on the Bancor Network!
However, before digging into details, we would like to remind you some important details about Arbidex Token.
ABX-token is used on ARBIDEX platform.
The token is an access tool to the main functionality of the platform, i.e. trading at multiple exchanges from one single interface using one account created in Arbidex system. ABX-token holders will have access to additional functionality that will allow them to make extra profits from trading and arbitrage transactions.
ABX-token has the following functions:
1. Discount on trading commissions at all the exchanges connected to the system.
2. Access to additional platform services.
3. Token is a mechanism of voting for the listing of new assets on Arbidex platform.
What is the Bancor Network?
Bancor is a decentralized liquidity network allowing every integrated token to be instantly converted for any other.
The Bancor Network provides an on-chain, fully decentralized solution for conversions between tokens in the network, through a low-cost, autonomous and adjustable liquidity mechanism.
BNT is the hub token that connects all tokens in the Bancor Network, allowing them to be easily convertible to each other thanks to their liquidity to BNT. BNT holds a connector balance in ETH (more on this below), making all the networks tokens convertible to and from ETH, as well as any other token in the network.
The Bancor Protocol standardizes a new type of token that is natively liquid. These “Smart Tokens” are ERC20 compliant, by depositing to or withdrawing from their connector balances. Smart Tokens actually issue new supply units when purchased and remove units from circulation when sold, a new concept called Dynamic Supply.
You can think of these connectors like modules, programmed into a token’s design, and these modules are like accounts, owned by the Smart Token itself. Smart Tokens can be bought and sold for any of their connector tokens, and can issue new units when purchased while destroying units that are sold.
By holding a shared connected token balance in BNT, Smart Tokens in the Bancor Network are all purchasable and sellable for each other. These conversions happen directly through the Smart Token contracts, at continuously calculated rates, without needing to match buyers and sellers as in traditional or even decentralized exchanges.
Bancor’s suggested method for accessing the BUY/SELL functionality on the Bancor Network is to utilize the MetaMask Chrome Extension. A full wallet native to the Bancor Network is on the horizon pending final security audits.
The MetaMask extension enables you to create an Ethereum wallet and manage transactions right from your browser. You can find the complete Bancor tutorial here: https://steemit.com/bancor/@bancor-network/4gurrp-how-to-use-the-bancor-web-app
Here is the main steps:
Step 1: Visit https://www.bancor.network/discover and identify ABX
Step 2: You’ll be able to choose what the source of the purchase is, whether ETH or another token. Click on ‘’ETH’’ to open the token selection box.
Step 3: Enter the amount you wish in the appropriate box.
After clicking on BUY or SELL, the MetaMask extension will activate and a confirmation window will popup.
Step 4: Confirm the transaction from MetaMask by clicking on “Proceed”
That’s it! Both teams couldn’t be happier about this!
Bancor Support
Reach out to Bancor on Twitter, Reddit or Telegram for conversion support.
Arbidex Support
As always, feel free to reach out to the Arbidex team on Telegram.
