Review on Bancor Network by Danh Huỳnh Ngọc Công
Be Careful with Bancor Network!
Bancor network is a cross-chain DEX that ensures the liquidity of the tokens traded on it. It has created a big hype in its first beginning and now seems to be vanishing day by day. It was hacked for once several years ago causing a big loss of cryptocurrencies and everything becomes so bad since then. The community started raising a lot of questions about the necessity of BNT token and the progress of the exchange but nothing is really clear right now. As it is trusted and invested by a lot of people, I really hope they improve their product soon (and explain more about the token).
Pros
- - There are three ways to log in to Bancor Network exchange. First, users need to create an account and verify their connected communication channels. Users can use mobile phone SMS, Telegram or Facebook Messenger. The initial process is quite fast as users are only required to enter the code they received
- - Bancor's user interface is very user-friendly which make it quite easy for the users to use the exchange
- - Bancor is a swap exchange that allows users to do the cross-chain conversion between different tokens. Right now, users can converse tokens on EOS blockchain and Ethereum blockchain on their own wallets without having to go on a centralized exchange. The cryptocurrencies traded on the exchange will have very healthy liquidity meaning that they will be traded instantly on the network
- - The number of available trading pairs on the exchange right now is 152, such as a big number. With the liquidity and the great number of coins and tokens, users will be able to take the profits from there assets although they are hard to find on any exchanges
- - The conversion process is quite simple and can be customized. The way we convert the currencies is just as how we send the tokens as Bancor is a DApp. But this DApp is more advanced than the other ones as it can set the stop-loss limit for the trade in the order settings
- - Bancor is truly a network built for the community. It provides support 24/7, which means anytime the users need their help. They are also available on many social media networks and communication channels so users can reach them in many ways
- - They have a native token that is used to power their exchange. The liquidity of the token is not so bad that it is available on many big exchanges including Binance
- - Also, it is very well-known and appears on a lot of top-tier media such as The Cointelegraph
- - It has established a partnership with Simplex to provide a service that let users buy coins and tokens with credit cards
- - The team behind it is quite big with a lot of developers coming from a big corporation such as Google, or Facebook
Cons
- - PAY ATTENTION that Bancor used to be hacked and more than 13.5 million in cryptocurrencies were stolen without any chance of recovery. From the time this hack broke out until now, there has not been any hack happen yet but who knows?
- - It may be annoying when you are a slow typer or a sleepy sender because the transaction board will be timeout really fast and you will be sent to another board
- - With the requirement of registration, I don't feel like it is a decentralized exchange anymore because as far as I know, decentralized exchange hardly ask for the identities verification
- - I cannot find an obvious reason for the existence of BNT token. This is also one of the biggest questions in the history of cryptocurrencies. Am I a narrow-minded guy because Bancor raised more than $153 million in its ICO or am I right that there is no incentive for holding or keeping the token? Please DYOR when you want to invest in this token (which is more like your investing in the security of this exchange but its volume is ewww)
