Now Bancor project is one of the most acclaimed in the cryptocurrency community. June 12, the project team has collected in less than three hours 396 720 ETH. At the exchange rate at that time is more than $ 140 million. Tokens Bancor (BNT), a total of 10885 bought the investors. One of them immediately bought 6.9 million tokens BNT, laying out the equivalent of $ 27 million. So Bancor team hands in an instant migrated 0.5% ETH of the total.
Bancor is going to ensure the exchange of tokens standard ERC20 (on blokchain Ethereum) directly with each other, bypassing cryptocurrency exchange. This should give an increase of liquidity in the market and tokens Ethereum eliminate fees, and therefore, reduce user costs in exchange. A deal between the various tokens will be carried out with the help of clever contracts. Already running an alpha version Bancor protocol, and there is also a software token wallet for BNT.
Benefits Bancor
Project organizers believe their tokens eliminate the need for exchanges cryptocurrency to share some tokens on the other. In this case, the system does not "spread", ie the difference between the purchase and sale of the token. The advantage of owning tokens BNT is that they allow you to profit from the price difference on the tokens in the system and the "outside world", on the usual cryptocurrency exchanges. Bancor also makes it easier to invest in a variety of tokens, allowing you to create a "basket" of several investment instruments. Cooperating with TokenCard project, Bancor also makes it possible to tie the score in any token (and smart tokens or investment "basket") to the normal credit card and pay for it in the store.
But the main advantage of the protocol - the so-called "smart tokens." Simply put, Bancor allows everyone to release their tokens ( "smart tokens") that since the release will be liquidity in the markets and prices. The current model of the exchanges cryptocurrency unable to provide. And to create a token (actually, their currency), no technical knowledge is required. You just have to answer a few questions chat-bot, acting through one of the social networks. This can be done even with your smartphone.
Disadvantages Bancor
total there are 79.3 million tokens BNT, investors are able to buy half, ie 39.6 million tokens. It should be noted that enterprises organizers can at any time freely to increase the number of tokens in circulation BNT. Bancor is also criticized for the fact that during the ICO collected too much money. Almost one hundred and fifty million dollars: speaking impartially, this amount is excessive for the development of a software product.
The distribution of tokens and their sales process itself can be a long and soundly criticized - for example, why the ultimate goal is taken, this amount was taken? And why tokens got not for everyone, but only to the elite, to which the artificial boom?
But the main thing - now actively create a competing protocol called 0xProject ( «Zero-Ex Project"). This protocol poses a similar purpose. And 0xProject financially support such well-known venture capital companies as Polychain Capital and Pantera.
What is activation tokens Bancor?
Few buy tokens Bancor, it is necessary to them yet and activate. The activation procedure is to run the smart contract whereby BNT become available for operations with them. Activation should perform Bancor team.
As stated in the company's blog, this event has not yet taken place. Organizers of the enterprise reported a few days delay in the activation delay and link to additional security checks. Also Bancor team wrote that all the owners of the tokens will be notified 24 hours prior to activation.
Where can I buy tokens BNT and whether to do it?
Tokens BNT has not yet sold on the exchanges. If you still want to buy them for cryptocurrency, consider how from the beginning of the year increased the price of Bitcoin and Ethereum, who now may at any time fall. In addition, it is not known how functional and useful tokens Bancor, and whether in its error log, like the one that led to the collapse of the DAO. Recall, the DAO is a project that brought together about a year ago a similar amount, about $ 150 million, but it has not brought the desired dividends to investors due to the fact that the hacker "Scoop" from the general fund over a quarter of funds, the DAO tokens for $ 44 million. Now DAO organizers are trying once again not to be reminded of it. Keep in mind that the Bancor is now glorify and praise the same way as it happened previously with DAO.
Ultimately, the investment decision is yours. For a deeper dive into the subject Bancor sure to check out the following resources:
The project site
https://bancor.network/
White the Paper
https://bancor.network/static/Bancor_Protocol_Whitepaper_ru.pdf
discussion of whether the organizers of the project Bancor can create an unlimited number of tokens
general criticism of the project Bancor
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Interesting read. Bancor really seems promising, I have been following the project from the beginning. I regret not supporting them on the ICO but oh well... maybe when it hits the exchanges.
Thanks for sharing!
Good article. Good to see I'm not the only one who thinks like this. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. I really advice people to take a look at: https://www.coincheckup.com. Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check: https://www.coincheckup.com/coins/Bancor#analysis For the Bancor Detailed report.