Checking Out the Bancor Protocol (BNT)
The Bancor network is a decentralized liquidity network. It allows you to hold any Ethereum token and covert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
The Bancor token provides an upgraded functionality standard for Ethereum tokens. These smart tokens hold ‘Connector’ tokens which plug them into a decentralized liquidity network.
Providing liquidity to the market and enabling access to the ‘long tail’ of the market, which combined can be magnitudes bigger than the few largest. It solves what is called the “Double Cooincidence of Wants Problem.”
In other words, it takes an illiquid market where it’s hard to match buyers and sellers and provides liquidity to that market through its Smart tokens.
For all the technical of how the token works you can check out the White Paper.
Per Bancor the team is built of serial consumer Internet technology entrepreneurs with decades of experience working together, raising venture capital, growing companies to Internet scale, bringing products to market, reaching critical mass, mergers and acquisitions, and even a few wind downs.
Notable advisors include Tim Draper and Brock Pierce. And they have a partner in Localcoin Ltd. which develops software for the Bancor protocol.
Bancor raised just over 396,000 ETH in its token sale in June. There’s a total supply of 79.3 million BNT tokens with 40.7 million in circulation right now.
So far 12 coins are live on the Bancor network and there should be more as there’s 47 projects working with Bancor.
You can check out the web app [here]]( https://app.bancor.network/discover).
What’s interesting is that each token that joins the network needs to use the BNT token as part of its reserve. So as more coins join the network the value of BNT should rise.
What do you think of Bancor (BNT)?
You got a 2.05% upvote from @postpromoter courtesy of @g-dubs!
I don't rate Bancor. They were greedy during the ICO and were supposed to have an ETH reserve to floor the price at 0.1 ETH - which died a while ago. Too much marketing and not enough substance for me.
I'll take that into consideration, thanks for your input.
I believe this project, and team can really go places. This is one that stands out, and I feel like can only go up. There are great for raising that much ETH, it will help them out tremendously! I had to upvote and resteem because I like this, and nice post!
Me too, it's very interesting how they solve the problem w/o having to have reserves for each token. Worth a speculation for sure.
There are great for raising that much ETH, it will help them out tremendously! I had to upvote and resteem because I like this, and nice post!
Thanks! Yea, they're well funded!
..worth to check out..seems cool...up..resteemed..
Cheers!
Thanks!
So, if I understand it correctly it's basically a wallet which lets you easily convert crypto's to other crypto's?
Not sure if that's going to really 'do' it for them. I never looked into it but I know this had a huuuuge ICO earlier this year. After reading your summary, I wonder why... Doesn't sound too super exciting to me. Seems to me a lot of projects are making wallets which can convert crypto's (Ethos, Loopring, OMG, Metal? probably some more too). But maybe I am misunderstanding it..
Their advantage is being able to have a decentralized exchange of the most illiquid ETH tokens without having to have reserves or match orders. They do it by having a reserve system attached to each token that's made up of ETH and BNT. It's very technical, I'm still wrapping my head around it. But it could work out where Bancor has the long-tail niche and others handle the more liquid ETH tokens.
Sounds very complicated! I don't really 'get' many things that bankers and professional investors/traders go wild for, so I tend to stay away from those coins.
Fair enough. When I learn more I'll share. A small spec for now.
thanks for the info my friend @g-dubs
Great post man very informative and interesting...I am your new follower and I have liked your post that's why, upvote comment resteem done ✌✌✌....
Cheers!
Bitcoin is a digital currency demand. Now many people are talking about bugs online now with bitcoin. Bitcoin is a big way for online trading. I also use bitcoin upvote and resteem Complete