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How to exchange ENJIN pass from BANCOR exchange, many novices are not very clear about this. In order to help you solve this problem, the following editor will explain it in detail. People with this need can come and learn. I hope you can get something.

1 Summary

The following is to bancor.network decentralized exchange as a reference, introduce how to purchase enj (Enjing) pass on the bancor protocol platform.

2 content

2.1 BANCOR.NETWORK purchase ENJ (Enjing) currency process

1) Log in to the website

Address: https://www.bancor.network/communities/5a174bc0171b0100018276b3/currency can see that the price of ENJ here is not much different from that of other centralized exchanges. META MASK wallets can be purchased directly here without complicated operations such as authentication and the risk of losing a centralized exchange pass. Everything is safe under your control.

2) Click to buy

Select the MetaMask wallet when it pops up.

3) fill in the quantity purchased

Fill in the quantity of ENJ purchased directly, and the system will automatically calculate the number of ETH passes required.

4) confirm the purchase

5) METAMASK pays the transaction fee

Click OK in the pop-up window of MetaMask, and GAS PRICE uses the default. The Huige deal cost US $0.50, and the recent success of the Etay Fong deal is not high.

6) METAMASK pays transaction fees

2.2 explanation of this transaction process

Https://etherscan.io/tx/0x21d52ec118088aa7f2b9532099313f94d36dabaa087ef1a47cf7bfe686d6632f

Step explanation:

1. Transfer ETH from Brother Hui's wallet to the BancorNetwork contract. Starting from this step, the BancorNetwork contract will manage all pass transfers until you reach the target pass. At that point, the BancorNetowork contract transfers the destination pass back to your wallet address (the wallet address starts the translation through the initial transfer).

2BancorNetwork contract to transfer ETH to ENJBNT pass converter

3The Enjbnt pass is transferred to the Bancor Network contract.

4BancorNetwork contract to transfer ENJBNT pass to ENJBNT pass converter

5 the EnjBNT pass converter converts BNT back to the BancorNetwork contract

6BancorNetwork contract to transfer BNT pass to BNT pass converter

7 the ETH pass converter passes the BNT pass to the BancorNetwork contract

The ETH BancorNetwork contract now transfers the ETH to the BancorNetwork contract, and then transfers the ETH to the wallet of the Huige who initiated the conversion.

2.3 explanation of Enjin Coin Relay pass system

Refer to "error-prone concept] in the form of examples to explain the BANCOR algorithm", you can know the interpretation of relay tokens (relay pass).

[relay pass (Relay Token)]

An intelligent pass with two connectors, of which the CW is exactly 100%, and its function is similar to that of a distributed pass exchange pair. A relay pass allows a user to exchange one another between two connection passes through a two-step operation, that is, to purchase one pass and immediately sell another.

The following is a detailed explanation of the principle of the Enjin Coin relay pass system.

You can think of relay passes as two types of vending machines. Our Enjin Coin "vending machine" will have both ENJ and BNT permits.

Although our relay pass will allow many other conversions, such as ETH / ENJ, let's look at a simple case, BNT (Bancor Network pass) to ENJ (Enjin Coin).

Gamer Jeremy wants to buy some Enjin passes.

He sends the BNT to the trunk pass, which will purchase an intermediate trunk pass called ENJBNT. This ENJBNT pass will then be exchanged again for ENJ.

The conversion fee for each conversion is 0.1%, so the total cost of the two transactions is 0.2%.

Relay passes have inventory of each pass (ENJ and BNT), and they are priced based on the number of each pass in the contract. If Enjin users think that the price of ENJ is slightly lower than the market price, they will have the incentive to buy it and return the price to normal. If BNT is cheaper by comparison, users may sell their ENJ at a premium.

Who provides the supply? People with an ENJ or BNT pass can transfer them to a trunk pass and receive a smart pass called ENJBNT.

The ENJBNT smart pass has a special attribute: over time, they collect 0.2% of the conversion fee portion of any trader in the pass relay. Anyone can put some of their long-held ENJ or BNT into relay passes and provide liquidity while watching the growth of their holdings.

With this knowledge, you only need to put some long-term ENJ into the relay pass and withdraw it later to passively obtain the permit income!

Bancor network pass

You may think to yourself, "that's good, but why use a BNT pass?" The Bancor network pass allows us to go further and enter the entire Bancor network. This is a collection of other pass trunks, each of which contains BNT and their own currency.

Using the deal path (transaction path), you can basically trade between ENJ and any other pass supported by Bancor! Even Ether is possible, with the following paths:

A 0.1% conversion fee is charged between ENJBNT steps, but the ETH / BNT phase is free, so the total conversion fee is still 0.2%, and the exact same path can be converted to ETH using ENJ!

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