Bancor (BNT) is an initiative of Bprotatio (A Non-Profit) based in Zug, Switzerland. The Bancor protocol will be a standard for a new generation of cryptocurrencies. With Bancor coins, anyone can create a new cryptocurrency that works and keeps other devices secret.

This allows the smart card contract to become a market maker on its own, automatically figuring out its price and providing liquidity for other currencies. Thus, it eliminates the need for a second party in cryptocurrency transactions.

Development team

Bernard Lietaer is a Belgian civil engineer, economist, author and professor. Lietaer has expertise in monetary systems and promotes their concept of crypto-generating communities.

Eyal Hertzog is the project’s product architect and is credited with co-founding video sharing company Metacafe. Hertzog also co-founded Appcoin, a project similar to Bancor, using a user-generated marketplace and private currency.

Guy Benartzi co-founder of the project and recognized as the founder of the game company Mytopia. Benartzi also co-founded Particle Code, a development studio based in Tel Aviv, Israel.

Guido Schmitz-Krummacher is the facilities manager of the Bancor Protocol Project, which is involved in a range of commercial business projects in Switzerland. Guido’s involvement in the crypto space includes both Bancor and executive positions in the Tezos crowdfunding network.

Tim Draper, renowned venture capitalist and founder of Draper Associates – an advisory board with nine other individuals.

BNT . Technology

Completely outside the bounds of the crypto market, BNT Protocol uses smart contracts to generate smart tokens, to process various ERC-20 tokens internally.

These smart contracts hold different cryptocurrencies in which it acts as a reserve and trades with the user whenever required. In this way, they are eliminating the need to have a buyer or a seller in a transaction.

The Bancor protocol supports the Ethereum ERC-20 standard. You can convert to any coin with an ERC-20 base or precursor coin.

Coin Bancor is used on the network as a standard conversion measure. The Bancor function displays the constant conversion rate from BNT tokens to other coins and vice versa.

Features of Bancor

The Bancor protocol enhances the transparency of various cryptocurrencies by eliminating the need to sell or buy equivalent amounts through third-party sources in the crypto market.

Bancor saves part of the operation and provides the best coin equivalents using smart tokens, where the rate is calculated using an unbiased formula and algorithm.

Bancor maintains a Constant Reserve Ratio (CRR) in all smart token contracts, making it inexhaustible and long-lasting.

BNT also has its own ICO called Bancor Network Token and is also one of the first smart tokens on the Bancor network.

Conclude

BNT’s solution is similar to Kyber Network. However, the implementation is different.

As the number of tokens participating in BNT increases, the demand for BNT tokens will also increase. BNT already supports tokens of both EOS and Ethereum, allowing users to participate in cross-chain exchanges. The Bancor network does not stop at the two blockchain platforms above, it will grow with many other tokens and blockchains.

The BNT solution will be increasingly developed, along with the user’s need to convert many types of tokens quickly and conveniently.

You can see the price of BNT here.

According to AZCoin News

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