Home Page
Accra
8 level
25 reviews
6 karma

Review on Bancor Network by Wisdom BOATENG

The Bancor protocol

Bancor has created an elegant and simple solution in its decentralized network that allows traders to trade ERC-20 tokens seamlessly across nearly 10,000 token pairs, and all with just one click. Bancor allows users to instantly convert two tokens without the need for a trade-off. All of this is done directly in the Bancor wallet, this model has enabled Bancor to provide traders with automatic liquidity for transactions. More importantly, it allows the network to remain completely decentralized, much of the functionality of the network is due to the innovative use of the BNT token to facilitate transactions.

The real benefit behind Bancor is the fairly easy token trading experience for users. The intuitive wallet app is nifty and allows for quick and easy token conversions, like the one users get using Coinbase Pro or other wallets.

The Bancor V2 protocol saw several important features allowing the Bancor project to lead the pack in decentralized financing projects. The changes are intended to address a few key issues commonly cited as barriers to widespread adoption of Automated Market Makers, etc.

Pros & cons

  • Bancor has made cross-chain integration efforts with EOS and Ethereum, but there are plans to add more bridges over time,
  • Thanks to the Bancor protocol, any token, even those created by individuals, can get instant liquidity
  • Using the Bancor protocol requires a good knowledge of the Ethereum ecosystem