The Bancor platform is a resource that allows the user to develop their own tokens that can be exchanged within the platform. Yes, we understand that a little confusing, but now let’s try to explain.
At the heart of Bancor lies the technology and tokens of the Ethereum network. You already know that on the basis of Ether each person can develop their own token based on ERC20. Every day, on the basis of Ether are created more projects, the number of tokens grows accordingly. Ethereum is an ingenious network that provides many opportunities for developers who, after creating a project, face the problem of selling tokens. To do this, the token must be put on the stock exchange, and it is not an easy process, after which to pass some more circles of hell, and then, something else…. This is of course a joke, but the developers and the holders of these tokens, appears a lot of work to make these tokens exchange for money.
The Bancor platform greatly simplifies this exchange process, and it does so in the following way. All ERC20 tokens will be supported by the Bancor platform, where they can be converted to a “homebrew” BNT token, which can then be exchanged into the required token or remain in the equivalent of Bancor. Such a chain allows to exclude from the chain third parties in the form of exchanges that will earn on the exchange of their commission. Using Bancor for token exchange there will be no fees.
Above we tried to describe the advantages in simple language, and now just note them, as the column says:
– ability to create your own tokens;
– absence of commissions;
– exchange at the specified prices i.e. without slippage etc.
In addition to the fact that the platform will support ERC20 tokens, Bancor will also have its own token, which has a BNT ticker. The cost of Bancor (BNT) will depend on the value of the tokens on the platform. Roughly speaking, the BNT token will display the position of the tokens inside the platform, like the Dow Jones Index on the stock market. This idea attracted a lot of attention, and already on the ICO project was able to attract 150 000 000 USD, which was an insane success for that period. We believe that Bancor will be a token, the value of which will grow rapidly in 2018.
We present you Bancor chart, which depicts the BNT rate to the dollar.
More information about the platform Bancor, you can find on the official site of the section “White Paper”, which are presented in the Russian language. We hope that after reading the article, you have understood the essence of the creation of this platform, and what functions it carries. To buy tokens BNT, you can use the services of Binance exchange or buy them inside the Bancor Network for Ethereum. That’s all. Before new meetings.