Bancor (BNT) - a token on the Ethereum blockchain that powers the Bancor protocol. The developers describe it as a liquidity protocol that assumes the processing of transactions only within the blockchain and can be implemented on any blockchain that supports smart contracts.
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Founders of Bancor (BNT)
Bancor consists of a series of smart contracts that manage the on-chain token conversion. The protocol allows you to convert tokens easily and quickly without having to go through an exchange. The protocol's smart contracts manage liquidity pools that connect the various tokens, available on the network. The main token, used on the network, is "Bancor Network Token", BNT. Bancor and Uniswap are currently leading this new DeFi trend. Bancor was founded by Eyal Herzog, Yudi Levy, Galia and Guy Benartzi in 2017. It was named "Bancor" after John Maynard Keynes, who coined the word 76 years ago to describe a supranational currency.
| Eyal Hertzog | He is the architect of the protocol, BNT and other products that use the network. To add, he is a renowned voice in the crypto industry and has been a tech entrepreneur for over 20 years. He previously founded MetaCafe, Israel's top video sharing site with over 50 million users. |
| Guy Benartzi | CEO of Bancor. He also co-founded Mytopia in 2005, a company that develops cross-platform games for social media users. |
| Galia Benartzi | Tech entrepreneur and co-founder of a protocol company. At Bancor, she is a business developer. She is also the CEO and founder of Particle Code. |
Yudi Levy is the CTO of Bancor. He has been a technology entrepreneur for over 20 years. He previously co-founded AppCoin, an app that allows communities to create their own currencies.
Platform uniqueness
Bancor provides a seamless conversion of the tokens, used on the network. This eliminates the need for an exchange or third party platforms. The protocol also supports several self-managed pools for network-backed tokens. The uniqueness of the project lies in creating liquidity for altcoins and rewarding liquidity providers. The protocol monotonously transforms various crypto tokens into other tokens, including those operating on other blockchains, without the intervention of a third part.
BNT, the protocol's core token, is the default for all smart tokens, created on the network. The Creation of Bancor Smart Tokens is the first of its kind to be created, using blockchain technology. The main purpose of the protocol for creating smart tokens - to provide a long-term solution to liquidity problems, thereby distinguishing it from other market makers.
Project cryptocurrency
The Bancor ecosystem supports a two-way token model: liquid tokens and relay tokens. A liquid token is an automated, single-reserve token that mints and destroys itself. It does this either by sending a reserve token to its smart contract or by removing it from the smart contract. To use the Bancor Network, a liquid token must have its reserve token in either BNT or a BNT derivative.
On the other hand, relay tokens are used in staking to provide liquidity. Token holders will receive a percentage of Bancor's future profits. Relay tokens indicate the proportion of the bet amount to the total cost in the pool. The network has earned millions from stakes that are distributed among BNT tokens. Several exchanges that support BNT include:
- Binance;
- Coinswitch;
- ZenGo.
The smart protocol token allows traders to provide liquidity to the pools, available on the network. Anyone can contribute liquidity to the pools.