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Bancor project overview

November 27, 2018 03:59:57 - Now it is very fashionable to launch crypto-currency startups, turn them into ICO and go to the exchange with banal or unfinished projects. The market is already oversaturated with such stuff, standing ideas are rare or rash. And what if you create a startup that will help develop other cryptocurrency startups. The authors of the Bancor project decided to develop this bold concept.

Main idea

A convenient and popular platform for creating ICO among the majority of developers is Ethereum, a simple cryptocurrency, a function of smart contracts, and the speed of transactions does not drop to the possible minimum. Despite the simplicity of creation, ICO is still a dreary process, especially for novice programmers. Bancor is a “superstructure” over the Ethereum network on the ERC20 algorithm that will allow everyone to create a cryptocurrency, conduct a token sale and set a solid price for coins.

At the same time, Bancor independently sets the reserve of coins, which always remain on the market. The buyer can sell or buy the token at any time without the assistance of an intermediary or a second party to the transaction. So no need to try to quickly sell coins on cryptocurrency exchanges, this can be done directly in Bancor. The project has its own cryptocurrency-BNT. There is always a stock of BNT coins in the storage - 10% of its market capitalization. In the near future, the team is going to add support for Ethereum itself on Bancor, as well as the ability to buy/sell tokens through Telegram bots.

Summing up - the tokens on Bancor are less volatile, all capital is liquid and can be sold at any time, and the price of cryptocurrencies can be accurately predicted.

The developers and the progress of the platform

Bancor is a young platform, the project launched only in the summer of 2017. The owner is the Protocol Foundation Company, which cooperates with the Israeli company LocalCoin Ltd, a developer in the field of blockchain and smart contracts. Bancor set a world record - in just 3 days, the ICO raised $ 140 million from 10,000 investors. Many people did not have time to buy tokens because of network delays. Vitaly Buterin himself supported the project, which makes Ethereum easier and more understandable for the creators of ICO. One of the investors was Tim Draper, not the last name in the cryptocurrency industry.

What prospect

In 2018, Bancor is a convenient platform for novice blockchain developers aimed at creating and conducting ICO. But the authors do not sit still, promising in the near future to add a special application to mobile platforms, to make the division of “workrooms”, so that it would be convenient to perform different operations from one account, as well as to actively expand the functions of the resource. However, in September 2018, the cost of BNT fell to the values of 2017, but in peak numbers increased by 5-6 times, and at the moment is kept at a stable level for 2 months

Bancor is an example of ICO, the authors of which made a useful product and received the support of investors. Let's hope that in the future Bancor will only get better and acquire new features.

Category: News

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