Bancor

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Bancor
Bancor resized.jpg
Founded 2016
Headquarters Zug, Switzerland
Key People Bernard Lietaer, Foundation Council President; Tim Draper, Venture Capitalist, Advisory Board Member
Employees 11-50
Products Decentralized cryptocurrency trading platform, altcoins
Twitter @Bancor
LinkedIn Profile
Facebook eToro
Website Bancor Network
Releases Company News
Blog Bancor Blog

The Bancor Foundation is an organization that promotes the Bancor Protocol, a cryptocurrency platform. The foundation is based in Zug, Switzerland.[1]

Overview

The Bancor Protocol is a digital payment system that uses "smart tokens." "Smart tokens" are digital tokens with broadly fungible value that are designed to be easy to liquidate. This is because the tokens have smart contracts built into them. These smart contracts are designed to enable automatic price determination with other cryptocurrencies that are linked to the smart token through a "connector," or a digital connection between multiple tokens. Bancor's smart tokens operate as ERC-20 tokens based on the Ethereum platform.[2][3]

Local African Cryptocurrency

Bancor is funding the Gatina-pesa crypto project. The project is an attempt to digitally tokenize the Gatina-pesa, a local currency designed to help stimulate the economies of low-cashflow areas in Kenya.[4]

Cross-Chain Trading

Bancor's trading platform was designed to provide liquidity for crypto-to-crypto transactions through use of its native BNT token. In a Bancor trade of REP for ZRX, for example, Bancor trades REP for BNT and then BNT for ZRX. In contrast, on other platforms one trades Ether instead of BNT creating extra on-chain transactions which are costlier and slower.[5]

Background

Bancor is named after a supranational currency proposed by John Maynard Keynes and E.F. Schumacher in the 1940s in the United Kingdom.[6]

Bancor held an initial coin offering (ICO) in June 2017, raising $153 million, more than any other ICO in 2017. Among its early investors was Tim Draper, a venture capitalist who in 2014 allegedly bought 30,000 bitcoins from a U.S. government auction.[7][8]

In July 2017, hackers stole $23.5 million from the Bancor Network, although no users' wallets were targeted in the attack.[9]

Key People

  • Bernard Lietaer - Foundation Council President
  • Tim Draper - Venture Capitalist, Advisory Board Member

References

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