BANCOR Network

 
Bancor Protocol

The Bancor Network (BNT) is a decentralized liquidity network that allows you to hold any token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet. BANCOR Network ICO start date: 2017-06-12

Contents

The Bancor Network coin price

The price of BNT token or The Bancor Network coin is always chaining, however, BitcoinWiki gives you a chance to see the prices online on Coin360 widget.

 

What Is the Bancor Network Token?

The Bancor Network Token, or BNT, is the hub network token. It is the first smart token, based on Bancor protocol. It activated in June 2017. Users can convert any token within the network to BNT or vice versa. They can use it is an intermediary to convert tokens between each other. The Bancor Formula calculates the rate for these conversions.

Concept

The Bancor protocol is a standard that allows anyone to easily create completely liquid “smart tokens” that calculate their own prices & enable a single party to convert any token to another, without requiring a second party to exchange with. Thereby enabling the long-tail of completely liquid cryptocurrencies.

Smart tokens hold other tokens in reserve, and can be used as decentralized token baskets (like ETFs), token changers (like shapeshift), project & protocol tokens (like GNT & REP), community currencies (like Ithacash & reward miles), and a lot of other use cases.

The BANCOR network token will hold a single reserve in Ether. Other smart tokens, by using BANCOR as (one of) their reserve(s), connect to the BANCOR network.

The BANCOR network token forms a monetary structure where increased demand for any of the network’s smart tokens drives up the value of the common BANCOR token, benefiting all other smart tokens holding it in reserve.

More information in the project whitepaper: BANCOR Network White Paper

What Is the Bancor Protocol?

Main page: Bancor

The protocol is revolutionary because of its ability to make it possible to convert tokens without any need to match two parties whose desires work together. Instead of each buyer requiring a seller and vice versa, the simple formula behind the ‘Bancor Protocol balances sells and buys to ensure that each token within the network keeps up its formulaic relationship with other tokens. It is this relationship that leads to the continuous liquidity without concern for exchange listings or trade volumeBancor System guide.

See Also on BitcoinWiki

External links

Sources