Bancor (BNT)

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Official site (website): https://www.bancor.network Official Twitter account: https://twitter.com/Bancor Official Telegram channel (group): https://t.me/bancor Reddit: https://www.reddit.com/r/Bancor/ YouTube video (channel): https://www.youtube.com/channel/UCA125wWsdbsG1XPenWcBkyg Official Facebook account (fb): https://www.facebook.com/bancor/ Official Steemit account (blog, article, news): https://steemit.com/@bancor-network Official LinkedIn account: https://www.linkedin.com/company/17986744/ PDF document file: https://about.bancor.network/Whitepaper Github: https://github.com/bancorprotocol/ Medium (blog, article, news): https://blog.bancor.network/ News: https://about.bancor.network/press Discussion forum: https://bitcointalk.org/index.php?topic=1789222.0 Info (about us): https://support.bancor.network/hc/en-us Explorer: https://etherscan.io/token/Bancor Explorer: https://ethplorer.io/address/0x1f573d6fb3f13d689ff844b4ce37794d79a7ff1c CoinMarketCap (coin market cap): https://coinmarketcap.com/currencies/bancor/ Alexa website traffic ranking: https://www.alexa.com/siteinfo/bancor.network

Truth and facts[edit]

  • Bancor allows you to convert between any two tokens on our network, with no counterparty, at an automatically calculated price. Thanks to built-in liquidity, the future of user-generated tokens is here.
  • Bancor 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 Protocol™ is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts.

Features

  • No Spread: Low cost conversions thanks to a non-profit automated market maker.
  • No Registration Required: On-chain conversions directly from your web3 wallet.
  • Continuous Liquidity: Convert any token at any time regardless of buyers and sellers or trade volume.
  • Predictable Price Slippage: The Bancor Formula incorporates transaction size and needs no order book so prices are transparent.
  • No Counterparty Risk: Buy and sell through smart contracts, no deposits, no exchanges.
  • Backwards Compatible: Any existing ERC20 token can integrate into the Bancor Network with no code changes or fees.

Official

  • Bancor (BNT) is based in Zug, Switzerland.

Token

  • The official ticker symbol for Bancor token: BNT
  • Token type: ERC20
  • Total token supply: 74,784,619 BNT
  • Circulating supply: 39,096,394 BNT
  • Activated on 22 Jun 2017.
  • The Bancor Network Token (BNT) serves as the hub network token for the Bancor Network. All tokens in the network can be converted to and from BNT, and thus eachother, at a rate calculated by the Bancor Formula.

ICO

  • Token allocation was on 12 Jun 2017.
  • ICO token price: 1 BNT = $3.92 USD / 0.01000 ETH

Video Playlist[edit]

A Bit About Bancor

00:00 What inspired the Bancor protocol? Bancor was named after a famous economic proposal made by Keynes at the end of World War two at the Bretton Woods conference, he suggested a super-national currency that would help facilitate trade among nations.
00:15 Keynes believed that using an international reserve currency could help protect smaller or deficit nations from constantly being in debt to stronger currencies.
00:25 Keynes' proposal actually inspired us to think if there was a way to utilize this concept with smart contracts to achieve the same objective of facilitating the ability for different currencies to trade with each other.
00:37 What is the Bancor protocol? essentially, you can think of the Bancor protocol as a new standard for cryptocurrencies, one that enables any token to hold one or more additional tokens in reserve.
00:49 Essentially creating relationships between those tokens and allowing conversion between tokens and new kinds of economic models.
00:56 With Bancor, conversion is done directly with a smart contract, so there's no need to be matched with another party and anyone can always exchange their token to another.
01:08 It allows currency that are hardly ever traded to have a market price and liquidity, this is something not possible in today's exchange.
01:14 How does the Bancor protocol works?
01:20 Bancor works on smart contract blockchains and supports any standard token.
01:24 These may represent fiat currencies like dollars, euros, crypto currencies like Bitcoin, ether, tokens that were issued in crowd sales like augur and golem, token represent assets like gold.
01:36 The way that Bancor tokens work is that you can buy them at any time by sending any one of the reserve currencies to the smart contract, which will then automatically issue you the token based on the reserve ratio.
01:47 When you want to pull money out of the reserve, simply send the token back to the smart contract, thereby destroying that token and pulling out money from the reserve based on the ratio between the token and the reserve.
02:01 The algorithm calculates the conversion rate between the documents while preserving a constant ratio between the reserves value and the banker tokens market gaps, this ensures that reserves are never drained out.
02:14 What is the Bancor network token? Bancor network token will serve as kind of a connective tissue linking all of the user generated tokens to each other.
02:24 The beauty of Bancor is that the more people use it as their reserve currency, the more value it captures.
02:32 It essentially encapsulate the network effect of every Bancor compatible token.
02:36 How can Bancor be used? just like the internet enabled new types of content models like the blogosphere, we're really excited about enabling the long tail of user-generated currencies.
02:48 How can Bancor be used? we envision a world with even millions of tokens that are highly effective locally and yet tradable globally.
02:57 Because the Bancor protocol is a building block for a new type of monetary system on blockchain, we're only beginning to discover the different use cases, from decentralized ETF to community currencies, a new type of autonomous decentralized exchange, and we're really excited to hear what other ideas the community comes up with.
03:20 Please check out our white paper and smart contract available on our website at Bancor.network, and follow us on social media on Twitter, Facebook, reddit, Bitcoin talk and Github.

Introducing the Bancor Protocol

00:00 We're Bancor, we're building a hierarchical monetary system and the foundation of a global, decentralized and autonomous exchange.
00:43 It sounds complicated but we'll get to how we got to that.
00:49 My name is Eyal Hertzog, I'm in the space of internet consumer application for, I would say 20 years now, I started the being inspired by ICQ, another Israeli company, was a great success back in 98.
01:03 And I started a company called contact networks, it was a social network and it was an application that you actually downloaded.
01:11 After that everything crashed in 2000 and I started a company called Metacafe, it was a video sharing site.
01:19 Anyone use Metacafe here?
01:21 Great, so I'm sure you're not using it anymore because there was another company that came out at the same time.
01:26 You might have heard of them, YouTube actually won that game big league, trying to figure out why that happened.
01:34 We were focusing on bringing the best video in the world to our users and we actually managed to do that, and we saw traffic growing to 50 million monthly users was great but we missed, we had a one big miss and our big miss is this the long tail, we miss that.
01:49 We didn't understand the long tail, actually the tail was not even written but YouTube catered the long tail much much better and we discovered that 99.9% of the video traffic is in the long tail, only 0.1% is in the greatest hits.
02:05 So that left quite a scar and continuing in my life actually started to be a big user of the longtail, learning you know, watching videos and YouTube and learning about how the monetary system in the world works and I was like, is that real, is really how it works, it was May, I was in 2010.
02:25 In 2011, I discovered something amazing, I discovered Bitcoin.
02:31 And you know being in the space of user-generated content, for me bitcoin was a user-generated currency.
02:39 So the first user-generated currency, actually so many many more that try to do the same and I figure out okay, because this is going to be a long tail here as well, maybe I learned something medically.
02:50 And we started the company and we started working different projects trying to build user-generated currencies to let people create their own currencies and we started experiment, it was actually great success.
03:03 We launched the first community in 2013, for local moms group in Israel.
03:09 We issue currency called Hearts, it quickly got to a thousand transactions per day, like people buying goods and services with that user-generated currency, that this community created from the sound, that was just one community, we actually created more.
03:24 And we started to hear complain because people were like okay, but I have tokens in this community when I want to use that in that community, I cannot do that.
03:33 So we started think you know, how can we do that, we had a problem, we didn't know how to connect because each community was its own currency, with the own monetary policy.
03:40 We started to think about it and we figure out we had the problem of double coincidence of once.
03:45 Anyone know about the double coincidence of one's problem here, you heard about it?
03:49 Not very general in economics and it basically the problem that money solves for butter.
03:57 So with butter you need the double coincidence of once in order for deals to take place but with money, you actually solve that problem and you replace this butter activity with two things, with buying and selling.
04:09 So now it's much easy to trade because a technology called money solve the double coincidence of one.
04:16 And this problem of double concern is the one is what prevented this communities to connect with each other because we can just set up an exchange, it was just not enough volume in that exchange or like, I don't know, thousands of users in each communities maybe 10,000, not enough for liquidity, we start to think how can we solve that.
04:34 And I probably got inspired by something called Bancor, actually a proposal by Keynes after World War two and it was a super national currency that would connect all the currencies in the world so every currency will have like an exchange rate to that super national currency, it was an amazing offer I think you know today you hear the governor of the Bancor of China saying Xiao, saying that too bad we didn't go for that, because what we did go for was this other offer let's just use dollars.
05:06 Don't worry, it's backed by gold, so using those just like having gold and that actually worked pretty fine until 71, when we discover what is counterparty risk with regards to backing up the currency.
05:22 We then found another problem that after we started connected their communities and created reserves and allow communities to trade with each other, we did a lot of expansion, we sell a lot of deals between the communities but we discovered that we still have a problem that those communities and those currencies are disconnected from the outside world, people cannot exchange that to dollars or shekels and that's our local currency and we start to think about how we can do that.
05:48 We started looking the crypto world and Mastercoin was starting to kind of grow and we hosted the first master coin hackathon in Israel.
05:56 Mastercoin didn't work out but then came Ethereum and when we started to kind of look into EThereum and see you know how we can use that in order to kind of work on our vision of user-generated currencies that actually can exchange with each other, we started to understand that there is something much much bigger that we can do here with Ethereum, much bigger, that we can actually create a model which allow currencies to be interconnected to each other and allow them to be decentralized.
06:24 Because it was all centralized and all centrally managed and with with a governor and a monetary policy but we figure out that we can do something that is actually decentralized.
06:36 And this is where the Bancor protocol was born, actually last summer, we named it in honor of the Bancor proposal and I want to let you know how it works, is based on very simple principle, I'm going to give you a flow.
06:55 So let's say I'm starting a new coin, we'll call it new coin and it has a reserve on in ether which is 10%, we define it as CRR constant reserve ratio of 10%, we'll see how it's going to work in a second.
07:11 So it means that the new coin actually holding, that the contract is holding ether so in this case, let's say there's a 1,000 Ether in the reserve and there is 10k supply of the coin.
07:24 So the market cap is 10,000 because you can easily calculated you have 1,000 ether in the reserve and you divide by the CRR, the market cap of the coin is 10,000.
07:36 So the unit price if I have 10,000 supply the unit price is 1 Ether per new coin.
07:42 Now let's imagine Alice, they want to convert and I'm using this the term converts not exchanged because exchange apply other party here, there's no other parties, just Alice and new coin, and Alice want to convert 100 ether to new coins.
07:58 So after she sent those Ether to the contract and she gets a hundred new coin from the contract.
08:05 Now the reserve is thousand one hundred either and the supply is ten thousand one hundred.
08:13 So now if I want to calculate the unit price, the unit price is 11 thousand divided by ten thousand one hundred, so the unit price right now has went up, so the price went up because Alice bought the coin, which is what would happen in regular exchange by the way.
08:26 And the opposite works as well if she would sell then the price will go down.
08:30 Easy I mean that's that's the simple formula.
08:35 The price is the reserve, divided by the supply, multiplied by the reserve ratio, F, we call that.
08:40 Now to be accurate, we actually work on these formulas that allow you to pre calculate the price changes for any amount, so that those formula would actually give you the same amount if you buy, if Alice bought hundred coins in one transaction or perform hundred production buying one point each time, she will get exactly the same rate eventually, the total rate, because this function takes into account the price changes that comes from buying, and then you can start working on models like this.
09:13 Now this is a model where we're looking at a Ethereum is the blockchain platform token and what we call a network token called BGT which is a token that has 21% Ether reserve and meaning that it creates 79 percent of new credits.
09:28 So whenever someone by BGT, creates new credit but also increases the reserve.
09:33 Now you can actually have other coins that are backed by BGT, therefore it's a hierarchical a monetary system.
09:40 Now another interesting example is what I call the ETF example.
09:45 Now the ETF example is meaning that you have a currency that is backed by other currency or token backed by other token, but the total CRR is a hundred percent.
09:54 If the total CRR is 100 percent, it means that this token doesn't create new credit, is actually fully fully backed and it's a container of other currencies.
10:03 And in this example, we have a an ETF that is 50 percent backed by Digix gold and 50 percent backed by Ether.
10:14 Now this ETF allows using the formulas that I showed earlier and you can actually read about it in our white paper to see like exact scenario, but this ETF allow anyone to buy the ETF for Ether or for DGX or sell the ETF for Ether or for DGX.
10:32 Now you ask yourself so how can you make sure that the price would be exactly the right and that it will hold 50 percent in ETF and 50% in DGX.
10:43 Actually it's quite a simple answer because when the price changes and it's not reflecting the market price, it gives incentives for arbitrage players to actually come and fix that this is like the best order in the world, they're going to make money by using those price difference just like they make money today in stock markets, the same mechanism.
11:04 Not just they're going to make money if the price between DGX and Ether get to be different than the market price, they actually providing the supply in order to make sure there is enough Ether and enough DGX because if some if I go to this ETF and i I push in a lot of ether, and I take DGX, I actually pushed the price of ether up and the price of DGX down, so now someone has incentive to push DGX into this ETF, take Ether out, rebalance it, rebalance the price.
11:34 At the central exchange where you have end users that can hold currencies and exchange them, again they don't need a second party.
11:41 You have token issuers that could be access tokenizers, could be that everyone is talking about, could be ETF creators and Bancor enable tokens which are essentially increasingly tradable token.
11:56 Now the Bancor-enabled token, this is what really allows the long term because you don't need sufficient volume like today, you need a year, there's a big party doing that, IPO and we hope that this new new thing will or ICO and we hope that it will remain liquid here.
12:16 It's not a problem, you can have a token that one guy buy today, another guys sale within a week, in two weeks someone else buys it and it's stable because the number of people or the amount that being bought or sold is the same.
12:29 And of course the arbitrage there agent that are active today in other markets can active here.
12:34 Main benefits, continuous liquidity, is always liquid.
12:38 It has no counterpart risk, you exchange with a contract.
12:43 You have no spread, it's the same price, you want to buy, you wanna sell, enjoy the same price.
12:48 And there's no fees except the platform fees which are like you know, Ethereum fees that are part of it.
12:54 We have a draft, we just release the draft on Monday, we've been working on it for a long time, we really want to get the feedback from the community.
13:02 We have the smart contracts that we actually uploaded just yesterday and looking forward to work with the community and see how we can improve that and may create a great global exchange and hierarchical monetary system for the benefit of all and the long tail of currencies, thank you very much.

Exchanges[edit]

List of exchanges, trading platforms and marketplaces to trade, buy and sell Bancor (BNT).

Wallets[edit]

  • List of supported wallets for Bancor (BNT).

About[edit]

Protocol[edit]

  • The Bancor Protocol is a new standard for cryptocurrencies called Smart Tokens™, which are autonomously and continuously convertible to other tokens in the network at algorithmically calculated rates.
  • Official Bancor Network protocol page

Roadmap[edit]

  • List of development timeline, roadmap, events and milestones on Bancor (BNT).

Relays[edit]

Team members[edit]

Advisors[edit]

  • List of advisors for Bancor (BNT).

Partners[edit]

Blockchain Devs:

  • Status
  • Aragon
  • Gnosis
  • Civic
  • NEO

Business Partners:

  • AmaZix
  • Smart Contract Japan

Complementary Currencies

  • Qoin

Official list of partners, supporters and investors for Bancor (BNT)

White papers[edit]

Bounty programs[edit]

Frequently asked questions[edit]

Contact[edit]

Careers[edit]

Reviews[edit]

References[edit]