Bancor is a homogenous desktop wallet that is intended to manage the cryptocurrency smart tokens that are built on the smart contract blockchains similar to the Ethereum. The idea is to have a stable and easy to use smart contract cryptocurrency system. Eventually, the Bancor Protocol allows its users to generate a token and launch a crowdsale.
Bancor (BNT) is an Israel- based blockchain project that simplifies the process of using the cryptocurrencies. It saves the users money as there are no transaction or exchange fees to be paid while purchasing the digital currencies and saving in the Bancor wallet.
BNT expandable to Bancor Network Token is considered as an important portion of the Bancor ecosystem. The aim is to create a reserve in Ether for the other smart contract tokens to connect and to be installed on the popular Ethereum system. BNT supports the ERC (Europe Coin) 20 and EIP223 that offers solutions to eliminate the risks of lost tokens. The protocol is designed to include supplementary standards to allow more elasticity, better blockchain consistency, and improved security for the smart tokens.
It enables the creation of things like crypto ETFs, complementary currencies, and highly versatile cryptocurrencies (including new or less known cryptocurrencies).
Token Baskets: Also termed as ETFs, the smart tokens are designed to work as a network collecting the other standard ERC20 tokens enabling the users to choose any of the tokens with a single smart token. ETFs also have a balancing system on similar lines to the token changers to restore any price volatility with the external world.
Token Changers: It is held in reserve and implemented with the other standardized Europe coin 20 tokens. The idea is to maintain an equilibrium in prices with the external world using arbitrageurs who are offered incentives to maintain market equilibrium when the calculated exchange prices become volatile in external exchanges.
It created a new record raising about $153 million in ether breaking the record of DAO. 79,323,978 Bancor tokens were constructed at the Initial Coin Offerings (ICO) and over 10,000 buyers participated in the crowdsale. The initial crowdsale was planned to run for 14 days. There was a huge rush in the very first hour to get their ethers. The minimum time was increased from 1 hour and allowed for another 3 hours.
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