The below messages were posted by the Bancor team on the Official Telegram Channel

Token Changer Rollouts

Guy@Bancor: “Hopefully in a few weeks there will be a number of activations. Should see a snowball effect as we near end of year. Keep in mind that when self service smart token creation is released, you can make token changers for any ERC20 without asking anyone's permission… Info will be released as part of token changer formal rollout.”

Token Changer Fees

Guy@Bancor: "The smart token and token changer creator sets the transaction fee. For example with BNT we set it to 0%. We expect token changers will have small fees to incentivize other to become liquidity providers by buying and holding the token changers (thus participating pro rata in the fees)."

Guy@Bancor: "Its already finished, audited and deployed in Github. We will announce it in tomorrows blog. It will be accessible via the Web App in the coming weeks as we list the first token changers. I imagine most token changers will set fees of 0.1% or less."

More on Token Changers

Guy@Bancor: “You can now use app.bancor.network as a web interface to access your BNT or ANY Ethereum token. The web app integrates with MetaMask and Parity. You can also hold BNT on any erc20 compatible wallet including trezor, ledger, MyEtherWallet, exchanges, etc. One cool aspect of a token changer is that it lets you put your erc20 tokens to work as a liquidity provider. Let's say for example you are participating in the upcoming Enjin ICO and intend to HODL for some time. As they are setting up a token changer, you could then take your Enjin coins, send them to the token changer (which will issue you BNT/ENJIN smart tokens) and earn a piece of all the conversions to and from Enjin via the smart contract. When you want your Enjin tokens back, you send the smart tokens back to the changer and pull out your Enjin tokens.”

Guy@Bancor: “You would send your BNT to the BNT/ENJ token changer, buying BNT/ENJ smart tokens. That's it. You are now a prorata owner of that 'exchange pair'.”

Guy@Bancor: “We will message it clearly however being a fractional owner in an exchange pair is now possible for the first time ever. The purpose of blockchain is to democratise what was previously available to a limited few. One should however educate themselves. Just as ICOs allow for the democratization of early stage financing, it comes with the responsibility of knowing what your doing or you risk learning the hard way.”

Guy@Bancor: “The Web App will only allow you to create BNT-xyz token changers. You can always go into the code itself, make whatever modifications you wish to the open source smart contracts and build your own UX. Note that BNT is convertible to ETH with a single click so it will be seamless. It will also be convertible cross blockchain in the future.”

Guy@Bancor: “We invented the concept in terms of this mechanism of onchain settlement using reserves with no counterparty. But others will (and have already) started to copy our concepts in various ways. This is to be expected. We will only win if we out execute the competition.”

Guy@Bancor: “For now only BNT-XYZ via the frontends we build and support. Again, you can request ETH (think shapeshift style) and that's what you will get, through BNT in a single action. In the future, perhaps when BNT is already cross blockchain, we will open up more flexible reserve options including 3 reserves for token indexes.”

Using tokens for intended use

Guy@Bancor: "For example, many marketplaces to choose from for local currencies."

Guy@Bancor: "Numerous 3rd party developers will be creating marketplace Dapps. Token creators can add those Dapps for use with their local currencies, which primarily are used for buying and selling goods and services. Hence the importance of marketplaces for that particular user-generated token use case."

Earning Residual Income and Fees

Telegram User: “So I can earn residual income for just holding my enjin in the token changer?? But when I want all my tokens of ENJ back I get 100% of my ENJ back?”

Guy@Bancor: ”Yes. If you earned fees, you would actually get more...Simply by holding a token changer that has a fee and is used by end-users as a gateway (via the smart contract) to buy and sell the token”

Telegram User: “Ahhhhhh so I'm kind of like a middle man per say”

Guy@Bancor: “You are a liquidity provider. Like a pro-rata owner of your own exchange pairing.”

Guy@Bancor: “You could create your own token changer. For any ERC20 token (and eventually cross-blockchain). However, the token changer with the most liquidity will offer end users the best prices.”

Guy@Bancor: “When a fee is taken, the reserve grows. However, in this situation new smart tokens were not issued. Thus every smart token is now worth more of the reserve tokens. That's the 'way' you receive it.”

Whale’s Buying up All Tokens

Guy@Bancor: “That would be a good thing. It means the token changer has more liquidity. Which means you can buy and sell more without moving the price as much. Just like the bigger exchanges are more desirable because they have larger order books”

Suggestion to make video on token changer

Guy@Bancor: “We will. And the new website will describe it well using illustrations.”

On Being a liquidity provider to reputable decentralised coins

Guy@Bancor: “True. There is risk if you provide liquidity to a shitcoin that suddenly overnight someone wants to mass dump.”

Guy@Bnacor: “Then again, in the scenario you are describing, you held the shitcoin that went to 0. Had you held it in an exchange, your situation would have been worse.”

Involvement with bitClave

Guy@Bancor: “They are creating a token changer...We are also discussing with them ways they can use the protocol for deeper integration in the ecosystem they are building. Stay tuned for info in the near future.”

ENJIN Coin Project Thoughts

Guy@Bancor: “I am a gamer and play Minecraft with my four year old daughter so consider me highly biased. I like them! This is not an endorsement to buy Enjin. I do think in-game virtual items are a huge opportunity for crypto and I hope they execute on it well.”