►
From YouTube: Bancor Wallet Raises the Bar
Description
The Bancor Unified Wallet was recently released. This new wallet enables token holders to store EOS and Ethereum based tokens in the same wallet, and easily convert among these tokens. In this episode, we explore the inner workings of this wallet, examining how the Bancor Protocol itself works.
CONTACT
Twitter: @EOSWeekly
Telegram: @eosweekly
SOURCES
Bancor Announcement:
https://blog.bancor.network/bancors-new-unified-wallet-is-live-enabling-one-click-conversions-between-eos-ethereum-tokens-e249f79dbf98
Bancor Wallet:
https://www.bancor.network/
Bancor whitepaper:
https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf
Bancor relays:
https://support.bancor.network/hc/en-us/articles/360000471472-How-do-Relay-Tokens-work-
Chintai 2.0 announcement:
https://medium.com/@ChintaiEOS/chintai-2-0-chex-update-4c2a55fe9fac
A
Welcome
to
Yost
weekly
on
Monday
March
11
banker
announced
the
bank
or
unified
wallet.
This
new
wallet
is
incredibly
powerful
in
that
it
enables
you
to
hold
any
I/o
space
token
and
any
aetherium
based
token
in
the
same
wallet
and
convert
any
one
token
to
any
other
token,
in
a
single
click
instantaneously,
for
example,
you
could
convert
IQ
tokens
which
are
US
based
into
basic
attention,
tokens
which
are
aetherium
basis
and
then
convert
those
basic
attention,
tokens
back
over
to
say
the
main
euros
token
and
so
on.
Any
combination
will
work.
A
A
The
reason
why
tis
challenging
for
other
wallets
or
exchanges
to
provide
instant
conversions
among
all
the
niche
tokens
is
due
to
the
lack
of
liquidity.
Most
of
the
data
talk
ins
like
the
ones
highlighted
here,
are
just
getting
started,
so
there
isn't
always
a
buyer
for
every
seller,
nor
a
seller
for
every
buyer.
This
isn't
as
much
of
an
issue
for
the
base
tokens
like
yoson
aetherium.
A
There
are
plenty
of
people
out
there
buying
and
selling
io-san
aetherium,
so
matching
buyers
with
sellers
for
these
types
of
tokens
is
easier,
but
when
it
comes
to
the
DAP
tokens,
most
of
them
don't
have
a
wide
distribution,
yet
so
they're
usually
isn't
a
buyer
for
every
seller,
nor
a
seller
for
every
buyer.
So
how
is
it
possible?
A
We
can
dig
into
this
fairly
easily,
because
the
token
conversions
that
are
transpiring
in
the
bank
or
wallet
are
completely
and
totally
transparent.
Everything
is
on
chain.
This
here
is
a
high-level
view
of
what
the
bank
or
engine
looks
like
once
you
map
it
out.
This
is
the
EOS
side
of
it
anyway.
There
is
a
very
similar
structure
built
into
the
etherium
blockchain,
which
we're
not
showing
here
the
oracle
up
here:
transmits
messages
across
chains
which
makes
the
conversions
between
iOS
and
a3
impossible.
A
We're
going
to
explain
how
all
this
ties
together
so
that,
hopefully,
by
the
end
of
this
video
you'll,
understand
how
the
bank
or
wallet
and
the
underlying
protocol
works
at
the
conceptual
level.
It's
important
to
understand
this
for
anyone
who
wants
to
stay
current
on
blockchain
technologies,
because
we're
only
going
to
hear
more
and
more
about
the
bank
core
protocol
going
forward.
You
probably
recall
that
it's
this
same
Bank
our
protocol
that
powers
our
RAM
market
on
the
EOC
chain,
the
RAM
market,
doesn't
use
the
same
accounts
that
you
see
here.
A
These
accounts
are
used
specifically
for
conversions
involving
the
EOS
token
and
the
Euro
step
tokens,
but
the
concepts
are
the
same
as
we
move
forward
towards
the
tokenized
economy.
The
use
cases
for
the
Bancorp
protocol
will
only
be
growing.
For
example,
just
a
few
weeks
ago,
jin-tae
announced
a
major
upgrade
coming
soon,
where,
instead
of
empowering
the
lending
of
just
eos
tokens,
jin-tae
is
going
to
expand
to
support
the
lending
of
any
token
and
shantae
is
creating
a
new
token
called
cheques,
which
is
going
to
be
the
lifeblood
of
this
new
chin.
A
A
It
will
be
interesting
to
see
if
chin
tie
does
end
up
using
the
bank
or
protocol
or
if
they
go
with
some
other
approach,
but
once
you
understand
how
the
Bank
Corp
protocol
works,
you'll
begin
to
recognize
these
types
of
scenarios,
where
it
could
be
helpful
for
a
given
application
to
apply
the
bank
or
protocol.
For
example,
any
app
that
creates
a
marketplace
between
buyer
and
seller
could
potentially
benefit
from
it.
So,
let's
dive
into
this
diagram
now,
as
we
study
this
the
best
place
to
start,
is
this
layer
of
what
they
call
relays.
A
Basically
relays
are
like
the
ghosts
in
the
machine
that
you're
trading
with
when
there
is
nobody
else
on
the
other
end
of
a
trade
relays
are
what
make
it
possible
to
trade
any
token
any
time,
and
once
you
understand
how
these
relays
work,
the
rest
of
this
structure
here
becomes
pretty
easy
to
understand,
but
in
order
to
understand
relays
instead
of
the
ghosts
analogy,
the
better
way
to
truly
understand
these
things
is
through
a
thought,
experiment
that
involves
watermelons
or
more
specifically,
watermelons
and
grapes.
So
stick
with
us.
A
While
we
talk
about
fruits
for
a
second
here
and
we'll
tie
it
back
to
tokens
and
relays
in
a
minute,
so
the
thought
experiment
goes
like
this.
Imagine
you
had
to
find
the
fair
market
ratio
of
watermelons
priced
in
terms
of
grapes.
How
many
grapes
equate
to
one
watermelon?
It's
not
one-to-one
right.
Most
people
would
agree.
You
need
at
least
20
or
30
grapes
to
equal
the
value
of
a
single
watermelon.
But
if
you
couldn't
look
up
the
pricing
anywhere
and
had
to
figure
out
the
fair
value
on
your
own,
how
would
you
do
it?
A
Here's
how
Bank
solve
this
in
a
rather
elegant
way,
banker
suggested
that
if
you
were
to
set
up
a
stand
at
a
busy
marketplace
and
you
brought
in
a
whole
truckload
of
watermelons
and
a
whole
truckload
of
grapes-
and
anybody
who
came
along
with
grapes
could
trade
you
for
a
watermelon
and
anybody
who
came
along
with
a
watermelon
could
trade
you
for
grapes.
You
are
the
simplest
of
merchants.
Fiat
money
is
never
exchanged
just
grapes
for
water,
melons
and
watermelons
for
grapes.
The
only
catch
is
this.
A
The
conversion
rate
is
set
by
you,
the,
and
whenever
someone
comes
along
and
trades
with
you,
you
will
make
a
minor
adjustment
to
the
conversion
ratio.
For
example,
if
you
start
the
conversion
rate
at
one
watermelon
for
one
grape
and
someone
comes
along
and
gives
you
a
grape
and
takes
the
watermelon,
the
conversion
rate
would
change
to
two
grapes
per
watermelon.
A
So
the
next
person
would
have
to
provide
two
grapes
to
get
that
watermelon,
which
would
again
cause
a
change
in
the
conversion
rate,
moving
it
up
to
three
grapes
per
watermelon
fast
forward
to
when
it
gets
to
say
50
grapes
per
watermelon
and,
at
this
rate,
it'll
have
gotten
attractive
enough
for
people
to
trade
the
other
way.
So
somebody
comes
along
with
a
watermelon
and
takes
the
50
grapes.
When
this
happens,
the
conversion
ratio
changes
the
other
way
going
back
down
to
49
grapes
per
watermelon.
A
By
implementing
this
very
simple
logic
of
adjusting
the
conversion
ratio
in
a
certain
direction
based
on
which
of
the
two
fruits
are
offered.
Your
conversion
ratio
constantly
adjusts
towards
the
fair
market
ratio.
This
is
what
relays
do,
but
instead
of
two
fruits
a
stand
and
a
merchant
with
a
conversion
rate,
the
ancora
relays
have
two
types
of
tokens:
an
account
and
a
smart
contract
in
eos
relays
are
set
up
as
accounts.
A
This,
for
example,
is
the
actual
relay
account
for
the
karma
token,
you
can
see
that
it
has
a
balance
of
both
karma
tokens
as
well
as
BN
t
tokens.
Each
of
these
relay
accounts
here
have
a
similar
arrangement
of
two
tokens
in
them.
Like
the
kurma
account,
you
just
saw
one
of
them
being
the
BN
t
token,
the
bank
or
network
token,
and
the
other
is
the
dap
token
or
the
eos
token
itself
in
this
particular
relay
in
the
middle.
But
the
logic
for
the
eos
token
works
the
same
as
any
of
the
other
relays.
A
The
DAP
tokens
and
the
eos
tokens
are
like
the
watermelons
in
each
of
these
relays.
The
BN
t
tokens
can
be
thought
of
as
the
grapes
because
the
grapes
exist
across
all
of
the
relays.
This
means
that
in
a
two-step
process,
you
can
convert
watermelon
for
grape
and
grape
for
watermelon,
thereby
converting
any
one
of
these
tokens
into
any
other.
A
Go
through
a
full
example
a
bit
slower.
Now,
let's
say
this
account
here
has
karma
tokens
that
they
want
to
convert
to
higher
vibes
tokens.
To
do
this,
the
bank
or
wallet
would
send
the
Karma
tokens
up
to
that.
This
is
Bank
account,
along
with
a
message
that
specifies
the
desired
conversion:
the
smart
contract
in
the
account
processes
the
message
and
sees
that
the
first
step
is
to
send
the
Karma
tokens
up
to
the
Karma
relay
here.
A
The
Karma
tokens
arrive
at
the
Karma
relay
and
are
exchanged
for
the
equivalent
amount
of
BNT
tokens
in
the
process.
The
conversion
ratio
of
Karma
to
BNT
changes
slightly,
then
the
relay
processes
the
message
and
sends
those
BNT
tokens
back
to
the
disses
bank
or
account.
Now
this
is
bank
or
a
smart
contract,
knows
from
the
updated
message
that
the
first
step
of
the
conversion
is
complete
and
that
it's
time
to
send
those
BNT
tokens
onward
to
the
higher
vibes
relay
where
the
BMT
tokens
can
be
converted
to
higher
vibes
tokens.
A
The
conversion
rate
of
higher
vibes
to
BNT
is,
as
always,
updated
during
this
transaction
once
this
second
conversion
is
complete
for
the
file
transfer,
those
higher
vibe
tokens
are
sent
directly
to
the
originating
account,
completing
the
conversion
process,
of
course,
to
the
unused
or
of
the
bank
or
wallet.
All
of
this
happens
so
quickly
that
it
just
appears
instantaneous,
as
you
saw
from
this
example,
the
BMT
tokens
which
reside
in
all
of
the
relay
accounts
serve
as
generic
units
of
value
that
can
easily
move
in
and
out
of
all
the
other
bank
or
relays.
A
Keep
in
mind
that
these
relays
are
not
connected
is
some
sort
of
price
check.
Api
outside
the
chain
relays
are
black
boxes
that
operate
totally
independently
of
the
outside
world
and,
as
you've
seen
from
our
example
relays
serve
two
purposes
simultaneously.
First,
they
serve
as
token
reserves
so
that
there
is
always
a
supply
of
all
the
NICHD
app
tokens
available
for
trade
and
secondly,
by
pricing.
A
One
token,
in
terms
of
the
other
and
having
an
intelligent
pricing
mechanism
that
adjusts
the
ratio
with
every
trade,
these
relays
stay
in
sync,
with
the
fair
market
value
anytime,
the
ratio
gets
out
of
sync
with
the
real
world
prices
of
any
of
these
tokens.
Arbitrage
traders
are
there
in
the
background
watching
for
these
types
of
imbalances.
We
will
quickly
capitalize
on
any
fancies
trading
in
the
direction
that
yields
a
profit
themselves,
while
at
the
same
time
bringing
the
ratio
back
to
where
it
should
be.
A
If
you
want
to
learn
more
about
the
math
behind
the
conversion
ratio,
please
see
the
bank
or
white
paper
and
the
other
sources
listed
in
the
show
notes.
We
definitely
oversimplified
the
math
a
bit
during
our
watermelon
and
grapes
analogy
if
you
dig
into
the
math
you'll
see
that
it's
impossible
for
the
reserve
token
for
any
relay
to
ever
be
fully
depleted
now.
A
One
last
but
important
scenario
to
cover
is
the
cross
chain-
conversions,
for
example,
converting
higher
vibes,
which
is
on
us
over
to
the
basic
attention
token,
which
is
on
aetherium.
How
is
this
done?
It's
a
very
similar
process
to
the
last
example,
with
one
little
leap
in
the
middle,
so
the
first
step
is
still
the
same,
where
the
higher
vibes
token
is
converted
to
B
NT,
the
higher
vibes
rellenos
from
the
message,
which
includes
the
etherium
address
that
this
is
headed
over
to
aetherium,
so
as
instead
of
sending
those
b
NT
tokens
back
to
that.
A
This
is
banker
account.
The
higher
vibes
relay
sends
the
b
NT
up
to
the
bank
or
exxon
AOS
account.
This
is
where
the
oracle
coordinates.
The
transfer
of
b,
NT
tokens
back
and
forth
across
chains
will
see
the
b
NT
tokens
being
both
issued
as
well
as
burned
or
retired.
The
oracle
is
coordinating
this
burning
on
aetherium
and
issuing
here,
or
issuing
here
and
burning
on
aetherium.
This
is
how
banker
ensures
that
the
total
number
of
B
NT
tokens
remains
constant
during
these
cross-chain
conversions.
A
In
our
example
of
converting
higher
vibes
to
basic
attention
token,
the
BM
T
is
burned
here
and
issued
on
ethereal
that
B
and
T
would
then
be
directed
to
the
relay
for
the
basic
attention
token
on
the
etherium
chain,
which
would
then
convert
the
BM
T
to
basic
attention
tokens
and
move
the
basic
attention
tokens
to
the
etherium
address
in
your
banker,
unified
wallet.
The
architecture
of
this
is
set
up,
such
that
it's
getting
easier
for
banker
to
implement
this
structure
on
other
chains,
watch
for
them
to
be
expanding.
A
Support
over
to
us
io,
forks,
such
as
Telos,
or
to
other
third-gen
chains
such
as
tronic.
The
link
to
the
bank
or
wallet
is
in
the
show
notes
below.
If
you
want
to
try
it
out,
it's
web-based
there's
no
need
to
download
nor
install
anything.
Bank
are
made.
It
super
easy
to
get
started
where
you
are
authenticated
through
SMS
telegram
or
messenger,
and
banker
creates
the
EOS
account
for
you
free
of
charge
and
gives
you
enough
CPU
and
RAM
to
get
started.
That's
it
for
this
week's
episode.