- Project name: Bancor
- Ticker symbol: BNT
- ICO date: June 2017
- Market cap*: $62million
- Circulating supply*: 53,654,901 BNT
- Total supply: 78,324,099 BNT
* As of September 11, 2018. Source: Coinmarketcap
Bancor is building an Ethereum-based network to provide decentralized liquidity through the Bancor Protocol, which leverages smart contracts to build liquidity directly into the token.
These Smart Tokens, through smart contracts, are readily convertible into other tokens easily. By incorporating a specific open-source formula directly into smart contracts, these Smart Tokens can buy and sell themselves at calculated and predictable prices, thus providing liquidity to otherwise illiquid tokens.
Bancor’s ICO raised $153 million between 10,885 buyers in its June 2017 ICO. Half of the BNT tokens were sold to the public while the other half are being allocated for use in the future.
The Bancor Network Tokens are a connected token option for Smart Tokens to be converted from one to another. Bancor calls this a Relay Token and allows users to buy this using one token and then using the Relay Token to buy another type of token easily.
Bancor is open-source and their development progress can be tracked at https://github.com/bancorprotocol
Bancor updates their blog and their reddit with key developments and these are some of the key milestones of the project:
- June 2017: Bancor Network Token (BNT) token event begins.
- Summer 2017: Bancor released new bounty programs and more than 10 different Smart Tokens are using the Bancor protocol technology
- September 2017: Bancor launched their UX which interacts with Bancor smart contracts on the Ethereum MainNet
- October 2017: Bancor upgraded their smart contracts to include new improvements, Stox and Gnosis were activated on the Bancor Protocol Network and are live. More tokens have been added to the Bancor network
- December 2017: Bancor partnered with Sirin Labs and FCFL. Bancor has done over $500 million in trading volume on Bancor Network.
- January 2018: Bancor announced 28 active tokens on the Bancor Network, updates their whitepaper and the Web App.
- February 2018: Bancor announced a total of 42 active tokens, a partnership with Block.one to integrate EOS with the Bancor Protocol.
- March 2018: 60 tokens were live on the Bancor Protocol. Bancor was released in the Trust Wallet and the Toshi (now Coinbase Wallet) app.
- April 2018: Bancor released a mobile-friendly version of the dApp. On April 23rd, daily volume hit over $17 million and 70 tokens were live on the network.
- June 2018: Bancor launched one of the first natively liquid community currencies to help local businesses in Kenya. Bancor’s LiquidEOS was elected as an EOS block producer. Trezor wallet works with Bancor to reduce gas costs by 25%.
- July 2018: Bancor experiences a $23.5 million theft from their network, recovers $10 million of BNT before it was liquidated.
- August 2018: The first community currency transactions occurred on the blockchain in Kenya. LiquidEOS partners with Scatter to create the first open-source EOS Hardware Wallet. The first security token, Alchemy Coin, is listed on the Bancor Network.
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Bancor Decentralized Application (dApp)
Bancor Network is live on the Ethereum Mainnet. According to dApp Radar, Bancor is the sixth most popular dApp by the number of daily users (314), and the second most popular dApp in terms of daily trading volume (4,222 ether).
The Bancor platform is live on the Ethereum Mainnet and allows users to trade over 100 different types of tokens. It is one of the more popular dApps on the blockchain.
Other than the decentralized exchange, Bancor has also been working on other initiatives. The team has provided a mobile wallet to hold tokens. Bancor also became one of EOS’s block producers, providing value exchange on the EOS blockchain.
On the transparency and disclosure front, the team publishes regular blog posts and monthly updates.
Bancor experienced a significant security breach in July 2018 where a wallet used to upgrade smart contracts was compromised, resulting in a loss of $23.5 million. Although Bancor immediately admitted to what happened and was able to recover $10 million because it could pause the smart contracts on the protocol, it also highlighted that the network is not decentralized as it could lose or freeze customer funds.
- Website: https://about.bancor.network/
- Whitepaper: https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf
- GitHub: https://github.com/bancorprotocol
- Blog: https://blog.bancor.network/
- YouTube: https://www.youtube.com/c/BancorProtocol
- Twitter: https://twitter.com/Bancor
- Reddit: https://www.reddit.com/r/Bancor/
- Telegram: https://t.me/bancor