ABC of the Bancor cryptocurrency

in #zappl4 years ago

It is well known that Bitcoin using a decentralized database managed to trigger in the years after its creation, a domino effect that is maintained today, and that through this technology have been created various cryptographic tokens, which allow the representation of a digital asset, considering Bancor as one of them.


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Everything you need to know about Bancor

Bancor is a decentralized network, which allows a person to create a cryptocurrency called an "intelligent token", which can be transformed or exchanged with another cryptocurrency, within the same network; it is worth mentioning that said network is based on Ethereum's intelligent contracts, and it stands out because it uses an algorithm, which allows liquidity necessary at any time for the purchase or sale of any digital asset.

Why is a token different from the others?

Currently, the Exchanges to carry out a transaction, must trade it for liquidity, this is a barrier to those token that are considered small scale, since they depend on the market price to be redeemed, which may be impossible if they are faced with a more popular token.

Thanks to the use of intelligent blockchain contracts, tokens can be operated so that they have the capacity to carry out automatic processes, which determine the behavior of said tokens.

How to acquire Bancor (BNT)?

Considering that Bancor is an Ethereum token, it can not be mined, therefore it must be obtained through the different Exchanges that exist today. Among the most used to acquire Bancor, are the following:

Bancor Network
HitBTC
Bitrex
Binance

Characteristics of the Bancor network, the key to its potential

The main aspects that characterize the Bancor network are the following:

1- Liquidity at all times

2- Exchange without intermediaries

3- Calculation of the price

4- Compatibility

5- Low commissions

A very outstanding ICO

During the ICO of the Bancor project, it could be observed that there were delays in the Ethereum network, this negatively affected the transactions of said network, including those that corresponded to said project, however, despite this setback, it can be categorized as a resounding success, since it was able to raise 390,000 ETH, which at that time was equivalent to 153 million dollars, a rather outstanding figure, considering that the initial funding objective was 250,000 ETH.

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