10张图带你看懂Bancor协议

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以下内容来自微信公共帐号“EOS技术爱好者”,搜索“EOSTechLover”即可订阅,作者Lochaiching。转载必须保留以上声明。仅授权原文转载。


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The Bancor Protocol has been getting more and more attention recently. I got 22 pages of the latest version of this Protocol. After reading this pages, I have made a summary of the text.

This text first English then Chinese.

Bancor协议近期开始得到越来越多的关注,关于这份协议我拿到最新版本的页数有22页,看完这份资料,做出了本文的图文概要。

本文推送先英后中。


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Why is there a Bancor Protocol?

Because of the market background and current situation, this gap has generated a huge amount of traffic. First, the rise of digital assets, the arrival of Token era. At this time, buyers and sellers want to find their opposite buyers and sellers in the market at any time. In the traditional market, it is necessary to have opponents just in time for the transaction.

In exchange for example I attach a check, if I buy the EOS, the degree of EOS plate of cash flow is very large, with an inflated price, deep enough exchange above is to be able to clinch a deal soon. But what if I'm buying something that's a little bit off the side, a little bit of a trade flow? I could not make a deal for several days because the supply and demand did not reach a certain height, so the liquidity was too low to support enough transactions. The traditional solution would be to create a good enough financial asset to alleviate the problem.

The other is the "long tail effect", with the top 10 per cent holding 95 per cent of the total market and 99 per cent of transactions. In this case, the "long tail", the trading mechanism is not convenient and effective, and the obstacle is insufficient liquidity.

That is enough to make the Bancor deal work. Through software code to manage and use the algorithm to calculate rate, automatically to keep the liquidity in a benign state, even the very poor liquidity, small currency trading depth.

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为什么会有Bancor协议的出现?

因为市场背景和现有情况已经让这个缺口产生了一个巨大的流量。首先是数字资产的浪潮兴起,Token时代的到来。这个时候买卖双方想要在市场随时能够找到自己相对的买方和卖方,传统市场是需要刚好出现有对手方,才能进行成交。

比如我在交易所上面挂了一个买单,要是我买的EOS,整个EOS盘资金流动程度很大,用一个不夸张的价格,深度足够的交易所上面是能够很快成交的。但要是我买的是比较偏门的,买卖流通量小的币种呢?我挂一个买单,可能几天都不能成交,因为供给和需求并没有达到一定的高度,导致流动性低到不能支撑足够的买卖。按照传统的解决思路,应该就是要产生一个足够好的金融资产才能缓解这个问题。

另外就是“长尾效应”,前10%的持有者占了整个市场95%的代币,以及99%的交易量。这种情况下的“长尾巴”,交易机制不够方便有效,其中的障碍是流动性不够。

以上,让Bancor协议产生有了足够的缘由。通过软件代码程序来管理,用其中的算法计算率,自动地让市场流通性保持在一个良性的状态,就算是流动性很差、交易深度很小的币种。


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Smart Tokens are the core of Bancor's protocol. Programmed to adjust supply and demand, the formula is recalculated to maintain the price balance between the Smart Token and its connector at a certain rate. Connector is a very important concept in this agreement, then make further introduction, connector weight (the CW) to get more tokens, price has been stable, the stability is not static, but with an automated formula, keeping prices low volatility, even if a big sale, also won't for a moment to see the entire market prices smashed into a pit. It creates a slippage point, a flat price curve, where the buying and selling prices are averaged over time. The price of the formula makes the supply and demand of the smart token stable in a certain sense.

Variety and contemporary currency up, Tokens, network (Networks of Tokens) formed A variety of closely the structure of the network, and network, such as Tokens, using A formula running, through continuous calculation ratio, and the connected it any Tokens have A continuous transformation of transformation, the connected Tokens can be Tokens, Tokens, C, B Tokens, D.

Let me give you A question. Think about why there should be A network of Tokens instead of Tokens B that are directly connected to Tokens A. What is the long-term purpose of building such A network?

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智能代币(Smart Tokens)是Bancor协议的核心。程序化来调整供需,公式会重新计算从而维持Smart Token和它的connector价格平衡在一定的比率。connector在本协议是一个很重要的概念,接下来会做进一步的介绍,connector weight(CW)让更多代币价格得到了稳定,这里的稳定不是一成不变,而是用一个自动化的公式,让价格保持波动性不大,就算一个大卖单,也不会在一瞬间看到整个市场价格被砸出一个坑。它制造出一个滑点,平和价格曲线,买卖价格取到了阶段性的平均值。公式下的价格让智能代币的供需达到了一定意义上的稳定。

而当代币种类多起来后,代币网络(Networks of Tokens)中形成了一个种类繁多、且关系网密切的结构网络,比如代币A用Bancor公式,通过连续不断的计算比率,和它任何的connected代币有一个连续不断转换的转换,这个connected代币可能是代币B、代币C、代币D。

给大家一个问题,想想这里为什么要有一个Networks of Tokens,而不是代币A直接联系的代币B,构建这样的网络,长期来说的目的是什么?

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Here are a bunch of formulas that tell you how connector weight is calculated and what the correlation is.

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这里一堆的公式,告诉你connector weight是怎么计算出来的,相关量是什么。

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When connector weight is in different range, the demand and supply curve are different. In the above four cases, we use a, b, c and d respectively.

a) CW=100%. Prices are very stable, and in the case of the gold standard, the bretton woods dollar is linked to gold, and gold is used as collateral, and it's traded in two directions. Such a linear state was clearly untenable to the long-term test of free markets, so by 1971 the exchange system had collapsed and ceased to exist.

b) CW=50%. It's linearly dependent on supply. Here is an analysis of which stage is better to buy than to sell.

c)CW= 0-50%. Nonlinearly, the growth curve becomes steeper as supply increases.

d) CW= 50-100%. Non-linear correlation, price and supply correlation decreases until the correlation increases to 100%.

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connector weight在不同范围的时候,需求和供给曲线的不同。以上四种情况,我们分别用a、b、c、d来描述。

a情况,CW=100%。价格非常稳定,用实际例子就是金本位制度,布雷顿森林体系的美元与黄金挂钩,直接用黄金作为抵押品,双向等价兑换。这样的线性状态显然是受不住自由市场长期的考验,所以到1971年这个兑换制度轰塌,不复存在。

b情况,CW=50%。与供应线性相关。这里分析了哪个阶段是买比卖更合适。

c情况,CW=0%-50%。非线性相关,随着供应的增长,增长的曲线会变得更加陡峭。

d情况,CW=50%-100%。非线性相关,价格和供应相关性变小,直到关联度增加到100%。

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In the section dealing with falling prices, there are three formulas for reference. In general is through the mathematical formula, make even small currency trading can also generally low cost, effectively deal with such an agreement, and it is regardless of the other side, I can also be involved in buying and selling, if using this protocol, counterparties with running agreement is the whole market. So at any given time, no matter how small a currency is, automated formulas make it possible to trade in real time for all trades of liquidity that have been forgotten by the market.

Another is the equilibrium price through arbitrageurs, through in the smart tokens themselves and relative with enough arbitrage between the external price, move the price difference between the two, disappear until the deal price difference.

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价格下滑的处理章节中,有3个公式可参考理解。总的来说是通过数学公式,让即使小币种小交易也能用相差不大的成本,用这样的协议进行有效的交易,而且是不管有没有对手方,我也可以参与买卖,要是用了这个协议,对手方是整个带着Bancor协议的市场。所以不管什么时候,不管币种多偏门多小众,自动化的计算公式让一切被市场遗忘流动性的交易有了可以实时交易的可能。

另外就是通过套利者来均衡价格的人,通过在智能代币自身和相对的外部价格之间通过足够的套利量,搬平两者之间的差价,直到交易差价消失。

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The advantage of this graph is that it is different from traditional exchanges.

  1. as mentioned above, even without buyers and sellers, a continuous flow can be maintained.
  2. there is no built-in cost unless the transaction is not delayed.
  3. Quick and sensitive real-time price adjustment, which is achieved through the adjustment of CW and connector balance.
  4. spread enables traditional market makers to obtain certain profits. In Bancor, decentralized spread will encourage the adoption of the entire network, benefiting all participants.
  5. Price is predictable. Since the price formula is completely transparent, users can actually get the final transaction price through the formula before executing the transaction.
  6. which is the last point, based on ERC20, the original text of the agreement mentioned the future plans of Bancor. After all, when Bancor appeared, ERC20 was the only option for most blockchain applications. The combination of EOS and EOS is also being explored. This paragraph explicitly mentions that Bancor will have different types of intelligent token configuration parameters.
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这张图的优势,是区别于传统交易所不同的优点。

一,正如上文提及的,就算没有买方和卖方,都能保持一个连续的流动性。

二,除非要求交易不延时,不然是没有内置(built-in)的费用。

三,快速、敏感即时调整价格,这种敏感反应通过CW和connector balance来调整达到。

四,spread让传统做市商的可以获取一定的利润,而这在Bancor,去中心化的spread将会鼓励采用整个网络,让参与者都受益。

五,价格可预测,由于这个价格公式是完全透明的,用户其实是可以在执行交易之前通过公式来得到最终交易量的价格。

六,也就是最后一点,基于ERC20,在协议前面原文有提到Bancor未来的计划,毕竟当时Bancor出现的时候ERC20是大多数区块链应用几乎是唯一的选择。和EOS的结合,目前也在探索中,此段明文提到的是,Bancor会有不同种类智能代币的配置参数。

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Why do you say this is more scalable token market, we can see in the two steps in this paper, the use of automatic conversion, through price algorithm, Relay token automatically and all sorts of connected token transformation, formed a relatively stable and large network of tokens network.

In addition, the fact that there is no actual single counterparty to the transaction, plus there is no need to withdraw or recharge the transaction every time, greatly reduces the risk of hacker intrusion and delay.

The long tail effect of a small currency. Here is an example of a musician who, in order to raise money for a record, has created a new token V for the purchase of a record. As a die-hard fan of the musician, I bought 1% of all the V's and paid for my idol's records. In the conventional wisdom, die-hard fan M liked the record, but at the beginning, due to the poor market, the volume of V COINS was too small to be bought at the right price. With the Bancor algorithm, potential buyers can use the current purchase price without delay. If the record hits the market, demand surges, and people buy it more, I, as a die-hard fan, am not only an early supporter, but also a profitable beneficiary of the investment.

The problem of asynchronous fluidity is solved by mathematical calculation. This is required in many scenarios, such as community Taiwan dollar, limited resources such as computational power. Many trading activity issues remain unresolved and require early liquidity support.

Smart token is not only the problem of token liquidity mentioned above, but also the problem of applications in the blockchain world. The related factors include connector and rate.

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为什么说这是更有扩展性的token市场呢,我们可以看到在文中介绍的用两步实现自动转换,通过价格算法,Relay token自动和各种connected token转化,形成一个相对稳定且关系网庞大的代币网络。

另外,交易没有实际的单独对手方,加上不需要每次都提现或者充值,这大大降低了被黑客入侵破坏和延迟的风险。

小币种的长尾效应。这里举了一个例子,一个音乐家为了出唱片募集资金,出了一个新代币V币,用来购买唱片。我作为这个音乐家的死忠粉,买了全部V币总量的1%,给自己的偶像出钱出唱片。要是在传统的思路看来,死忠粉M喜欢这个唱片,但是初期因为市场太差,V币买卖的流通量小到不能用合适的价格买到唱片。要是使用Bancor算法,潜在的买方通过算法用当下买卖量的价格,不需要延误就能获得。要是这个唱片推出市场后大卖,需求量激增,购买的人多起来了,我作为死忠粉不仅作为前期的支持者,也作为这项投资的获利受益者。

用数学化的计算,解决了异步流动性的问题。这在很多场景都是被需要的结构,比如社区平台币,一些限量的资源如算力等。很多交易活跃度的问题悬而未决,需要早期流动性的支持。

智能代币不仅是需要解决以上提及的代币流动性问题,还有区块链世界中应用程序的问题。这个相关的因素有connector和rate。

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In this picture we can see what all the intelligent token classes are. Remember the question I asked you before, why is it a network of tokens rather than just two or three associated tokens? Why are connectors important?

It is worth reminding that as long as CW is less than 100%, it belongs to the token in circulation.


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这张图我们可以看到全部的智能代币分类有哪些。想起前面我问的问题了吗,为什么是代币网络而不仅仅是相关的两三个关联代币,为什么connector很重要。

这里值得提醒的是,只要CW小于100%,都属于流通的token。

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This is the most important role of the entire Bancor ecosystem. Arbitrageurs are also important in ecology.


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这是整个Bancor生态系统里面扮演的最重要的角色分类。套利者在生态中也是很重要的。

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As we mentioned before, it only takes two steps to connect the tokens into a network of tokens. The premise is that there is an intersecting token C between token A and token B, which is called Network token. My understanding is that as long as you can find the commonality, you can put them into one category and transform them according to the commonality. And almost all tokens have common characters, which are "token for tokens".

For details of Bancor's fundraising distribution, see the pie chart below.


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我们前面提及过的,只需要两步,可以把代币们都联系起来变成一个代币联盟网络。前提是代币A和代币B中间提供了一个交集代币C,这个代币C就称为Network token。我的理解是,只要能找出共性的地方,就能按照这个共性给它们归成一类,进行转换。而几乎所有的代币之间,都会有共性,这个共性衍生出来就是“token for tokens”。

关于Bancor募集分配的详情,可以看以下的饼状图。


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This is running all the summary content of the agreement, in summary, is running protocol algorithm with automation formula, continuously to calculate the exchange rate between any two tokens, with relatively smooth transaction curve achieved even small tokens of real-time trading volume is small.
这就是Bancor协议的全部概要内容,总结来说,就是Bancor协议用自动化公式算法,连续不断地为任意两个代币之间计算出兑换比率,用相对平滑的交易曲线实现了就算交易量很小的小规模代币的实时交易。

This image was made by Lochaiching

Reference: Bancor Protocol_whitepaper


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