The Bancor Protocol Team Successfully Integrate Seamless Smart Contract Updates

The Bancor Protocol is still very much in its infancy. Therefore, it is no surprise that the network is still experiencing some minor errors. The Bancor team have decided to fork the token following some errors with the Bancor Protocols smart contract.

"Please be advised that we are experiencing some errors with the Bancor Network Token (BNT) smart contract. We decided that the best way to solve the problem is to fork the Smart Contract."
– @Network (Bancor Team, Bancor Slack Channel)

What Happened?

The Bancor Protocol Team Successfully Integrated a smart contract process and executed the update flawlessly. The process was fairly simple and the fork was completed without any issues. The team utilised an automated process through smart contract tools that were provided by MyEtherWallet services.

What Does This Mean For Bancor?

The fact that the Bancor Protocol now has a tried and tested smart contract updating procedure adds value from a valuation perspective. The market will/is hopefully reflect this. However, Bancor's smart contract price generation does not function in the same way as exchanges.

What Will This Change?

Important: You will need use MyEtherWallet to use the token update contract if you were issued Bancor through MyEtherWallet. Follow the instructions on their website for more info.

Failure to do so may result in loss of Bancor Network Token (BNT).
Thank you for your cooperation and understanding."
– @Network (Bancor Team, Bancor Slack Channel)