The Bancor network is a decentralized liquidity network. It allows you to hold any Ethereum token and covert it to any other token in the network with no counter party, at an automatically calculated price, using a simple web wallet.
For background on the project check out my previous article. For info on how to use the web wallet check out my last article.
Today we’ll see just how much the protocol is being used.
It was just a little over eight months ago that Bancor raised 390,000 ETH, worth $153 million, during its ICO. At the time it was a record for ICOs.
Notable investors included Tim Draper and Blockchain Capital.
Of course, many questioned the need for so much money and whether it was even ok considering they did not yet have a working product.
Today, however, it’s one of the few projects to come through on launching a live product and having live users.
It’s been a step by step process.
First, on June 22, Bancor launched BNT, the world’s first Smart Token.
Read the article for the mechanics of how it works. The short story is that Smart Tokens, using smart contracts, have liquidity built into the tokens.
Then on September 21 rolled out its first basic user interface, a Web App. It made the process a lot more user friendly. The first tokens available were BNT and ETH.
Then on October 9 Bancor started adding additional tokens with STX and GNO.
Fast forward to today, Bancor is one of the crypto success stories.
It now has 34 tokens on its network. You can find the list here. And its doing about $5 million in volume every day.
After today’s announcement it now up to 42 tokens. So I expect that volume number to grow.
Check out the article, there’s lots of exciting news for Bancor.
and trade cryptos on Binance
Bancor kinda needs to move blockchains, you can easily front run orders on Bancor with how slow ETH blockchain can be. Would be cool to see Bancor move to EOS!
Bancor doesn't want to be on one chain, it wants to be on all of them.
And it'll be on EOS too. https://www.prnewswire.com/news-releases/eosio-blockchain-to-implement-the-bancor-protocol-300602995.html
that's really nice post. i like your The Bancor Protocol, From Big ICO to Working Product post @g-dubs . thanks for share the post.
Thanks!
I like service bounties in bancor
Cool way to get things done... wish I had the time.
Just checked it out looks really nice! Never heard of it either! Thanks for the information!
You got it!
I want to work with you. is there any way to connect with you
twitter dm
how
Great , We need decentralized liquidity network. No more MtGox type hacks .
Great point!
I am waiting for it .
Great news sir.
Thanks for searing a fantastic post.
Cheers!
That's interesting, watching it closely
Cheers!
Never heard of this company before till now. Are they like Binance? By that I mean do they have mainly great coins. Not many pump and dumps or random coins that show up.
Not an exchange, more like a token swap service. Right now its for Ethereum tokens but we could see Bancor on NEO, WAVES and others. So if you have some ERC20 tokens and want to exchange them for something else and skip the exchanges, use Bancor.
I've seen Bancor before, read their whitepaper, and kind of imagined it a bit differently. Now you are saying it s more of a swap service. Would you compare it to Shapeshift then?
It's a liquidity provider and swap service. ShapeShift goes wallet to wallet. Bancor stays in the same wallet because it's all ERC20 tokens. But it could do the same for other token standards.
I know very very little about tokens. Why did you pick ERC20? Is that a popular one or did they give out a lot before the token was released?
ERC20 are all the Ethereum compatible tokens. You can hold them all in one wallet. Bancor just has to provide the liquidity.
i will always support you man!!!
Thanks!
Thank you for this post! I was actually curious about this project.
Enjoy!
Sounds like an interesting concept. So is this similar to a decentralized exchange but, is facilitated by these smart tokens?
Yep, they're able to incorporate the liquidity into the smart token. Still wrapping my head around it... but I've used it and it works.
That's pretty cool. Every time I feel like I know a good deal about blockchain tech, someone comes up with something like this. Look forward to hearing more about it, thanks for the post!
Lol I know that feeling!
This post has received a 4.37 % upvote from @booster thanks to: @g-dubs.
Thank you for collaborating with me to promote this post as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project.
This post has received gratitude of 1.65 % from @appreciator thanks to: @g-dubs.
2.22% @pushup from @g-dubs
You got a 0.90% upvote from @postpromoter courtesy of @g-dubs!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
This post has received a 2.73 % upvote from @boomerang thanks to: @g-dubs
You got a 1.18% upvote from @buildawhale courtesy of @g-dubs!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
Bancor Protocol™ is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts.
will look into it seems to be more interesting. Thanks for sharing
Just checked it out looks really nice! Never heard of it either! Thanks for the information!