The Bancor Protocol, From Big ICO to Working Product

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.

For background on the project check out my previous article. For info on how to use the web wallet check out my last article.

Today we’ll see just how much the protocol is being used.

It was just a little over eight months ago that Bancor raised 390,000 ETH, worth $153 million, during its ICO. At the time it was a record for ICOs.

Notable investors included Tim Draper and Blockchain Capital.

Of course, many questioned the need for so much money and whether it was even ok considering they did not yet have a working product.

Today, however, it’s one of the few projects to come through on launching a live product and having live users.

It’s been a step by step process.

First, on June 22, Bancor launched BNT, the world’s first Smart Token.

Read the article for the mechanics of how it works. The short story is that Smart Tokens, using smart contracts, have liquidity built into the tokens.

Then on September 21 rolled out its first basic user interface, a Web App. It made the process a lot more user friendly. The first tokens available were BNT and ETH.

Then on October 9 Bancor started adding additional tokens with STX and GNO.

Fast forward to today, Bancor is one of the crypto success stories.

It now has 34 tokens on its network. You can find the list here. And its doing about $5 million in volume every day.

After today’s announcement it now up to 42 tokens. So I expect that volume number to grow.

Check out the article, there’s lots of exciting news for Bancor.

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