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The Bancor Protocol (BNT)

ICO

The Bancor protocol standardizes smart tokens, enabling asynchronous price discovery and continuous liquidity for cryptocurrencies using constant ratios of reserve tokens held through smart contracts, acting as automated market makers. The Bancor protocol enables the creation of hierarchical monetary systems with no liquidity risk. The BANCOR network token will be used to establish the first decentralized interconnected currency exchange system which does not rely on matching bid and ask orders, thus remaining liquid irrespective of its trading volume. This system proposes the first technological solution for the Coincidence of Wants Problem in asset exchange.

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Overview

Project industryBlockchain Infrastructure
Product typePlatform
FoundedIsrael

Technical details

Bancor-compatible tokens are ERC20-compliant tokens on the Ethereum blockchain which are allowed to be backed by one or more other tokens, effectively holding them in reserve at any ratio (above 0 and up to 100%). The token’s price is set automatically as a function of its buy and sell volumes.

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What is The Bancor Protocol

The Bancor protocol enables built-in price discovery and a liquidity mechanism for tokens on smart-contract blockchains. These “smart tokens” hold one or more other tokens in reserve, and enable any party to instantly purchase or liquidate the smart token in exchange for one of its reserve tokens, directly through the smart token’s smart-contract, at a continuously calculated price, according to a formula which balances buy and sell volumes.

The Bancor protocol is named in honor of the Keynesian proposal to introduce a supranational reserve currency called Bancor to systematize international currency conversion after World War.

The Bancor Protocol Ecosystem

Different parties can take take on different roles in the Bancor network ecosystem. The primary forms of participation are as follows:

  • End-Users can receive, hold, transfer, request, purchase and liquidate tokens.
  • Smart Token Creators issue new, always liquid smart tokens, that may be used for trading, token-changing, as token-baskets or as network-tokens.
  • Asset Tokenizers (e.g. Tether-USD, Digix-Gold) issue ERC20 tokens representing external assets, thus enabling smart tokens to use these assets as reserve tokens (. Existing crypto-exchanges that operate under their local KYC regulations are well positioned to provide asset-tokenization services.)
  • Arbitrageurs are organically incentivized to constantly reduce gaps between prices on crypto exchanges and Bancor network. Smart tokens work similarly to exchanges in that purchasing an asset increases its price and selling it decreases it, so that the same arbitrage mechanics and incentives apply.
  • A Solution to the Coincidence of Wants Problem

    The coincidence-of-wants problem , in the current exchange model, creates a situation where assets are required to be traded at a certain minimal volume, or face a liquidity risk . The cause for this limitation is that the chance of finding a second party with opposite wants to exchange with, correlates to the asset’s trading activity level. Smart tokens solve this problem through the use of reserve tokens which embed market depth directly into the smart token’s contract.

    Smart tokens are a technological solution to the coincidence-of-wants problem for asset exchange, rather than a labor-based solution as used in traditional (or decentralized) exchanges. The current laborers in asset exchange are the professional market-makers who provide liquidity and facilitate collaborative price discovery. In the domains of information exchange and trade, the technologies of writing and currency replaced labor-intensive solutions (speaking and barter) with technological ones, creating mass efficiencies for societies and unlocking collaboration on a global and intergenerational level. The Bancor protocol proposes to similarly advance the domain of asset exchange by replacing the need for labor, with a technological solution to the existing coincidence-of-wants problem.

    Details

    Public sales: Jun 12, 2017 - Jun 12, 2017
    Token supply: 68,725,444 BNT
    Raised: 153,000,000 USD

    Legal

    Blockchain Platform: Ethereum
    Registration year: 2016
    Office address: 6300 Zug, Gubelstrasse 11

    Token info

    Ticker: BNT
    Token price in USD: 1 BNT= 0.36 USD
    Token distribution:
    TBA

    The Bancor Protocol Roadmap

    1
    Released Features (Mainnet)

    Liquid BNT Smart Token. Telegram Chatbot. Facebook Chatbot. User Account & Profile. Enable linking Facebook and Twitter account to user's profile. User-to-user messaging through bot. Follow user profiles. COmmunities. DIscussion board. Multi-token wallet. Profile/community search. HTML markup for community about page. Withdraw from app wallet to external wallet. WeChat chatbot. Deposit and withdraw from wallet to external wallet.

    2
    Demo Environment (Private chain)

    Support Ether in wallet. Buy/sell tokens through bot. Advance smart tokens activation. Enable users to choose a popular currency in which all amounts would be denominated. Multiple profiles per account. Profile types. Deploy a new smart token / Create community.

    3
    Next releases

    Buy/Sell from webapp. Web3 integration. Smart-token price history / Market depth chart. 12 words mnemonic account recovery. List and support 3rd barty ERC20 tokens.

    Project team

    Bernard Lietaer
    Bernard Lietaer
    Foundation Council President
    Guido Schmitz-Krummacher
    Guido Schmitz-Krummacher
    Foundation Council
    Eyal Hertzog
    Eyal Hertzog
    Foundation Council
    Eyal Hertzog linkedin
    Guy Benartzi
    Guy Benartzi
    Foundation Council
    Guy Benartzi linkedin
    Yehuda Levi
    Yehuda Levi
    CTO
    Yehuda Levi linkedin
    Galia Benartzi
    Galia Benartzi
    Business Development
    Galia Benartzi linkedin

    Social media

    The Bancor Protocol web-siteThe Bancor Protocol RedditThe Bancor Protocol MediumThe Bancor Protocol TelegramThe Bancor Protocol BTCTalkThe Bancor Protocol TwitterThe Bancor Protocol FacebookThe Bancor Protocol SlackThe Bancor Protocol Github

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