Bancor (BNT) is an initiative of Bprotocol (Nonprofit Organization) based in Zug, Switzerland. The Bancor protocol will be a standard for a new generation of cryptocurrencies. With Bancor coin, anyone can create a new cryptocurrency that works and keeps other secret devices.
This allows the smart card contract to be the market maker itself, automatically detects its price and provides liquidity for other currencies. Therefore, it eliminates the need for a second party in cryptocurrency trading.
Team
Bernard Lietaer is a Belgian construction engineer, economist, author and professor. Lietaer specializes in monetary systems and promotes the notion of communities creating their cryptocurrencies.
Eyal Hertzog is the project’s product architect and is credited with co-founding video-sharing company Metacafe. Hertzog also co-founded Appcoin, a project similar to Bancor that uses user-created markets and private currencies.
Guy Benartzi co-founded and was recognized as the founder of the game company, Mytopia. Benartzi also co-founded Particle Code, a development studio based in Tel Aviv, Israel.
Guido Schmitz-Krummacher is an executive of the Bancor Protocol Project facility involved in a range of commercial business projects in Switzerland. His involvement in the crypto space includes both Bancor’s and executive positions in the crowdfunding network, Tezos (XTZ).
Tim Draper, the famous venture capitalist and founder of Draper Associates, is an advisory board with nine other individuals.
Bancor Technology (BNT)
Completely out of the confines of a crypto cryptocurrency market, the BNT Protocol uses smart contracts to create smart tokens, to process various ERC-20 tokens internally.
These smart contracts hold different types of cryptocurrencies, in which it serves as a reserve and trades them with users whenever required to do so. In this way, they are eliminating the need to have a buyer or seller in a transaction.
The Bancor protocol supports the ERC-20 standard of Ethereum. You can convert with any coin that has a parent coin or predecessor in accordance with ERC-20.
The Bancor coin is used on the network as a standard measure of conversions. The Bancor function displays the continuous conversion rate from the BNT token to other coins and vice versa.
Features of Bancor
The Bancor Protocol enhances the transparency of various cryptocurrencies by eliminating the need to sell or buy-equivalent amounts through third-party sources in a cryptocurrency market.
Bancor saves a fraction of the manipulation and provides the best of equivalent coins using smart tokens, where the rate is calculated using an unbiased formula and algorithm.
Bancor maintains the Constant Reserve Ratio (CRR) in all Smart Token contracts to help it from being exhausted and operating permanently.
BNT also has its own ICO called Bancor Network Token and is also one of the first Smart Token on the Bancor network.
Conclusion
The solution of Bancor Network (BNT) is similar to that of Kyber Network (KNC). However, the implementation is different.
As the number of tokens joining the Bancor Network (BNT) increases, the demand for BNT Token will also increase. Bancor Network (BNT) has supported the tokens of both EOS and Ethereum, allowing users to the cross-chain conversation. Bancor Network (BNT) does not stop at the above 2 Blockchain Platform, but it will grow with many other tokens and Blockchain.
Bancor Network (BNT) solution will be increasingly developed, along with the need to quickly and conveniently convert tokens of users.
You can check BNT price here.
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