Bancor works similar to a cryptocurrency exchange, but some differences in its token exchange mechanics make it unique. It came into being in 2016 with an interesting take on the whole process of cryptocurrency exchange. Bancor introduced a new standard called Smart Tokens.
BANCOR NETWORK located in Zug (Switzerland)
Headquartered in Zug, Switzerland, the Bancor Network has been popularising the concept of Smart Tokens ever since 2016. In fact, the Bancor Protocol traces its origins back to 1944. It is an evolved version of an international trade balancing currency that was proposed at the Bretton Woods conference. All the global adoption initiative of the Bancor Protocol are managed by a team of professionals based in Zug, Switzerland. The headquarters of the Bancor Network haven’t transitioned to a new location ever since the organization’s emergence.
History on BANCOR NETWORK
The Bancor Network is a platform where users can convert between tokens. It has a rich and vivid historical background. The key idea behind the Bancor Protocol was formulated by E.F. Schumacher and John Maynard Keynes. As detailed above, it was presented as early as the year 1944. The announcement happened at the Bretton Woods Conference, and the same idea has taken the form of the BANCOR NETWORK today. There is zero involvement of a counterpart in token conversions that happen through the BANCOR NETWORK. Furthermore, conversion prices are automatically calculated by BANCOR. Another convenient feature is that of built-in liquidity. In layman terms, BANCOR NETWORK can be called an extension of the concept of a cryptocurrency exchange.
Bancor follows something called the Bancor Protocol. It enables the customers of the Bancor Network to convert different tokens on the website among themselves. As stated above, the conversion prices are automatically calculated. Therefore, the Bancor Network brings some interesting features to the table. Ever since the network’s launch in 2016, customers have been making use of the unique functionality provided at the company’s domain. www.bancor.network is readily accessible by all people who wish to make use of their services. The foundation council and the advisory board work in sync with each other to ensure the best possible functioning of the network.
BANCOR NETWORK’s team
A considerable chunk of the BANCOR NETWORK’s acclaim can be accredited to the team behind the initiative. Bernard Lietaer heads the foundation as its president. Eyal Hertzog, Guy Benartzi, and Guido Schmit-Krummacher are the other members of the foundation council.
The advisory board of the Bancor Network controls a ton if its multidisciplinary initiatives. The board consists of 13 members. The Venture Capital department is managed by Tim Draper. Elie Galam looks after the Financial division of the BANCOR NETWORK. Johny Henry Clippinger looks after the governance of the company. Brock Pierce manages the Blockchain division of the advisory board. Lee Linden gives his insights about all things related to mobile applications. The blockchain advisory wing also has Guy Corem to provide his expertise. Yoni Assia is responsible for making strategies related to social trading. The algo trading is headed by Yariv Gilat. Roel Wolfert is responsible for giving advise on community currency, and Justin Rosenstein looks after collaboration software.
How to trade on BANCOR NETWORK
The first and foremost thing you need to know before you start using the BANCOR NETWORK is that the platform doesn’t provide any support for fiat currencies. Before you can even begin converting one token into another, you’ll need to buy a cryptocurrency on your own. You can make use of Coinbase to get yourself sorted. Buying Bitcoin or Ethereum is not a tough task in this day and age. Coinbase is recommended for people who are just beginning their journey in the realm of cryptocurrencies and relevant trades. The reasoning behind the above recommendation is that Coinbase is completely regulated by the government of the United States and has an easy to use interface. However, you can make your own choices in this regard. The way you buy your cryptocurrency is up to you. All you need to use the BANCOR NETWORK is an ERC 20 token available at your disposal.
Now, after acquiring access to cryptocurrency, and making an account on the BANCOR NETWORK, you’re all set to make use of its unique features. Your job is to convert your token to BNT. BNT stands for Bancor Network Token. Any token that is available for conversion on the platform can be converted into BNT. The vice-versa can also take place with the usage of a simple click. The Bancor Network uses an inbuilt formula to regulate the prices of the token conversions that happen on the network.
The BANCOR NETWORK does not have any standalone apps for Android and iOS. However, the domain can be accessed via mobile devices with ease. The same functionality is also extended in the mobile website of BANCOR. However, the BANCOR NETWORK does have a desktop app for its users.
The most secure version to make token exchanges on the platform is via the website. www.bancor.network is the URL you can access to get your journey started. Bancor extends support for as many as 20 ERC 20 tokens.
Create an account on BANCOR NETWORK
Setting up a new account on the BANCOR NETWORK is an easy process. Once you open the landing page of the website, reach the button that says sign in. From there, you’ll be taken to a screen that has an option of registering as a new user. Follow the subsequent process which will begin by requiring you to verify yourself. You can either SMS, Facebook Messenger, or Telegram to do so. Along the process, you’ll be asked a few questions which you’ll need to answer. The most basic question that the BANCOR NETWORK asks new users is what they would like their display name to be. Eventually, you’ll be authenticated and required to set up a wallet. Follow the on-screen instructions to get yourself started with the services provided by the BANCOR NETWORK.
KYC stands for Know Your Customer. Nowadays, all major services on the internet require customers to authenticate their identity. It is a measure that leads to minimization of serious crimes like identity misappropriation and online theft. However, since BANCOR is a decentralized agency, there are no KYC requirements for availing the company’s services. This has its own set of pros and cons. Having no KYC norms does speed up the process of token conversion, but diminishes the security of the portal by a small margin. However, the BANCOR NETWORK has other security protocols in place for ensuring that its customers don’t end up being defrauded.
BACNOR follows the decentralized model of cryptocurrency conversion. It means that there is no counterparty involved in the any of the transactions that happen on the BANCOR NETWORK. This completely eliminates the risk of BANCOR running with all the trader’s coin. A storage where the coins of a customer are stored simply doesn’t exist. This concept exists in some crypto exchange platforms as well. However, the fact that BANCOR operates on the core principles of cryptocurrencies makes the whole concept of the platform even more unique.
Due to the fact that there is no centralized record of token exchanges on BANCOR, the concept of KYC isn’t incorporated into this platform. Given the huge amount of token available for exchange, one has to be appreciative of the website’s security. Even though hackers have stolen from the platform before, it’s reputation in the crypto-community is still that of a safe and secure company.
Conclusion on BANCOR NETWORK’s review
BACNOR is not like all the other cryptocurrency exchange platforms out there. The Bancor Protocol makes its different from the rest. The uniqueness of BANCOR comes with its fair share of pros and cons. The model of BANCOR is not for everyone. You must be at least acquainted with the nuances of the Ethereum system in order to make judicious use of the powers deployed to you at the BANCOR NETWORK. The lack of flat currency support can be yet another problem for some prospective customers. One more disadvantage to using BANCOR is that customers aren’t provided with a powerful platform to deal in cryptocurrencies.
Users looking for a platform that provides some advanced tools to further tweak their experience should stray away from the BANCOR NETWORK. However, the vast number of token that one can exchange and zero counterparty risk make BANCOR a preferable system. The pre-calculated token exchange prices also make for a pretty convenient experience. All in all, the Bancor Protocol works pretty well for token conversions. BANCOR’s team is even pushing this protocol as a global framework for all such service providers on the web.