Cryptocurrency Exchange Bancor Network
The Bancor Network exchange has appeared relatively recently and is based on the eponymous protocol and cryptocurrency. The main advantage is the ability to convert cryptocurrencies using smart contracts and providing high liquidity, allowing you to close transactions as quickly as possible. The essence of the work is that all tokens of the ERC20 standard interact inside the exchange, without the use of third-party intermediaries. This gives unprecedented speed and security, which is what most users need. In addition, working with the Bancor Network exchange is very beneficial, since exchange fees are not charged.
The launch of the project was one of the high-profile events of last year, collecting a record amount during the ICO.
History of Bancor Network
The history of the banker dates back to the beginning of the 40s of the last century, when the English economist John Maynard Keynes proposed the system as an alternative to the existing monetary systems and gave it a name. Keynes’s idea implied that the banker’s exchange rate would be tied to gold, and through it all other world currencies would be expressed. An algorithm was also provided for the provision of automatic loans to those states that would have a deficit in their balance of payments.
According to the developers of the platform themselves, the idea of implementing the exchange arose back in 2009-2011, when bitcoin gained mass popularity, and not only all its advantages, but also the disadvantages, as well as the applicability of the basic provisions laid down by Keynes to modern digital realities became apparent.
Basic principles of the Bancor Network
The system has successfully solved the liquidity problem, which is inherent in the vast majority of cryptocurrency exchanges. This decision was called the ‘double coincidence of desires.’ The platform uses special smart tokens and token reservation. The BancorChanger algorithm allows you to quickly change and convert all supported cryptocurrencies.
Own smart tokens on which the exchange is built are similar to those that use Ethereum and support the ERC20 and EIP228 standards.
The platform includes:
- Web applications.
Own ecosystem is able to satisfy any requests of users of all categories. Users can issue their smart tokens with high liquidity on exchanges.
Key Benefits and Features of BancorChanger
The Bancor Network platform continues to develop rapidly, and among its main advantages are:
- High level of liquidity;
- Backward compatibility principle, in which high liquidity can be provided for any tokens based on the ERC-20 standard;
- No spread. The cost calculation is based on smart tokens;
- All operations are carried out inside the exchange, which significantly reduces the risks;
- The exchange provides its own electronic wallets with multi-support of various cryptocurrencies.
In addition, the project boasts one of the most successful ICOs in history, when in just a few hours the amount was collected almost 400 thousand ETH.
The Bancor Network website is located at https://www.bancor.network and has a fairly friendly and intuitive interface. Currently only English is supported.
The top 10 cryptocurrencies traded on the exchange look like this:
- BNT (Bancor)
- STORM (Storm)
- EOS (Eos)
- VIB (Viberate)
- GNO (Gnosis)
- SIG (Signal Token)
- UP (UpToken)
- KIN (Kin)
- TRX (Tron)
- SRN (Sirin Labs)
Plus, the exchange allows you to participate in a number of bounty programs.
The Bancor Network platform has a very high development potential. Despite the fact that it basically uses the principles of building Ethereum, there are a number of innovative solutions. The most important of them for users are the principle of maintaining high liquidity, support for smart contracts and transaction security. In addition, the exchange offers support for a large number of altcoins, a convenient wallet for storage and operations with them. Partnership with Blockchain Capital, one of the most serious investors in the cryptocurrency market, gives confidence in the promising future of the site. Not the last argument in favor of working with this exchange is the support of its own cryptocurrency, the rate of which shows good stability, and the total capitalization exceeds $ 100 million. The only negative side may be the emergence of competing protocols that work on similar principles. At least one of them is well known – 0xProject, which also has impressive investors and is actively developing.