What Is Bancor? (BNT)
The Bancor Protocol is a fully on-chain liquidity protocol that can be implemented on any smart contract-enabled blockchain. The Protocol is an open-source standard for liquidity pools, which in turn provide an endpoint for automated market-making (buying / selling tokens) against a smart contract.
Bancor Coin consists of a series of smart contracts that manage the on-chain conversion of tokens. The protocol makes it effortless and quick to convert tokens without having to go through an exchange. The protocol’s smart contracts manage the liquidity pools that connect various tokens available in the network.
The major token used on the network is the “Network Token,” BNT. Currently, Bancor and Uniswap are the front runners for this new DeFi trend.
Bancor is the first decentralized trading protocol, empowering traders, liquidity providers & developers to participate in an open financial marketplace with no barriers to entry. No one needs permission to use the open-source Protocol.
| Coin Basic | Information |
|---|---|
| Coin Name | Bancor |
| Short Name | CA |
| Circulating Supply | 258,629,594.37 BNT |
| Total Supply | 258,629,594 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Flexible Price
The live Bancor price today is $2.71 USD with a 24-hour trading volume of $39,227,785 USD. They update BNT to USD price in real-time. This is down 8.22% in the last 24 hours. The current Coin MarketCap ranking is #101, with a live market cap of $700,095,596 USD. It has a circulating supply of 258,629,594 BNT coins and the max. supply is not available.
Working with Bancor Network
Bancor Network’s system of smart contracts work together to provide a complete solution to on-chain liquidity. We’ve highlighted some of the key network functions in the Developer Quick Start and encourage you to begin your development process here. Down below in the Other Guides section, you’ll find some deeper dives into various elements of Bancor Network.
The network includes a contract address discovery mechanism – a contract that servers as a registry for all the core contracts, that queries the latest contract addresses by their names.
These contracts are updated from time to time, so developers are advised to reference the registry directly in order to stay current with the network. Each Quick Start guide has code snippets which demonstrate how to call the registry, however we’ve also outlined the process and the different approaches below.
Bancor DAO
Bancor is owned and operated by its community as a decentralized autonomous organization (DAO). The Protocol is governed via a democratic and transparent voting system which allows all stakeholders to get involved and shape future.
Using the Bancor SDK
The new SDK allows you to interact with the Bancor Network using JavaScript. It can be used independently of the network smart contracts for grabbing data or (soon) submitting a transaction. Or it can be used as an accessory to the smart contract logic in your Dapp, generating smart contract inputs off-chain in a convenient, user-friendly way.
Bancor SDK v0.2 (beta)
Java script API that provides utilities and access to the Network mainnet contracts across the different block chains using a unified & simplified interface.
Audits & Formal Verification
- BNT Liquidity Mining Audit by Peckshield here (February, 2021)
- Bancor v2.1 audit by Peckshield here. (October, 2020)
- Bancor v2.1 audits by Certik here (governance) and here (liquidity protection). (October, 2020)
- Bancor v2 audit by Halborn here (August, 2020)
- Bancor v2 audit by Consensys Due Diligence here. (July, 2020)
- Bancor v1 audit can be found here. (May, 2017)
Who Are the Founders of Bancor?
Bancor was founded by Eyal Hertzog, Yudi Levi, and Galia and Guy Benartzi in 2017. It was named” to honour John Maynard Keynes, who came up with the word 76 years ago to describe a supranational currency.
Eyal Hertzog is the product architect of the protocol, BNT, and other products that utilize the network. He is a known voice in the crypto industry and has been a technology entrepreneur for over 20 years. He previously founded MetaCafe, a top video sharing site in Israel with over 50 million users.
Guy Benartzi is the chief executive at. He also co-founded Mytopia in 2005, a company that develops cross-platform games for users on social networks.
Galia Benartzi has been a technology entrepreneur for many years, and is a co-founder of the protocol. At , she is the business developer. She is also the CEO and founder of Particle Code.
Yudi Levi is the CTO at. He has been a technology entrepreneur for over 20 years. He previously co-founded AppCoin, an app that allows communities to create their own currencies.
What Makes Bancor Unique?
Bancor enables the seamless conversion of tokens used in the network. This removes the need for an exchange or third-party platforms. The protocol also maintains several self-governing pools for tokens supported by the network.
The uniqueness of Bancor Coin is in their goal to create liquidity for altcoins and to remunerate liquidity providers. The protocol monotonously converts various crypto tokens into other tokens, including those running on other blockchains, without the interference of a third party.
BNT, the protocol’s main token, is the default for all smart tokens created on the network. The creation of smart tokens is the first of its kind to be built via blockchain technology. The protocol’s main objective for creating smart tokens is to provide a lasting solution to liquidity problems, hence making it different from other market makers.
How Is The Bancor Network Secured?
The protocol’s smart token allows traders to provide liquidity for the pools available on the network. Anyone can contribute liquidity to the pools.
When liquidity providers contribute liquidity to a pool, they are eligible to receive rewards for trades that pass through the pool. Liquidity providers will receive pool tokens that represent a percentage of their total stake.
How Can You Buy Bancor Network Token (BNT)?
As at the time of this writing, Bancor has facilitated over $2 billion trades involving several tokens, as well as cross-chain tokens. The network has made millions through staking, which are distributed to BNT token stakers. Several exchanges that support BNT include Binance, Coinswitch and ZenGo. You can get more information here on how to buy BNT and other cryptocurrencies.
