Review on Bancor by Stephen Toluwani
Bancor, A Decentralized Exchange with a Difference
I stumbled upon Bancor Network because I intended to review the platform 3 days ago and I can say that Bancor Network is a Decentralized Exchange with a difference
Now, Bancor Network is a Decentralized Exchange that allows the exchange of not only ethereum based tokens but also coins using EOS blockchain
Bancor functions similar to a DEX in that it allows users to buy and sell tokens without giving up custody of their tokens or private keys. But instead of using an order book to process conversions, Bancor uses a network on-chain liquidity po
This makes Bancor to have liquidity for all coins trading on its protocol, something unprecedented for a Decentralized Exchange offered for it's
On the exchange there is an option of adding minimum return which is a value passed into every conversion transaction. This serves as a protection mechanism for cases when the rates changes rapidly and allows you to abort the transaction without executing
Bancor has allowed the free listing of a token as long as the user is staking an equal amount of their tokens and the native Bancor Network Token
The Bancor Network protocol also support an inbuilt wallet on its platform. An obvious advantage of Bancor wallet is that it allows the exchange of tokens without the need for a counterparty making it the first network to allow cross chain conversion
The platform has been around for some time but hasn't gained much popularity so I guess what the platform needs is to advertise itself because it's services are breathtaking
Pros
- In my Opinion, Bancor Network is the number one Decentralized Exchange for trading a large variety of tokens supported on the Blockchain
- It's partnership with Simplex which is available in over 180 countries allows the purchase of ethereum with fiat currencies
- Trading on this decentralized exchange does not only supports ERC-20 token but the EOS platform also
- Allows the staking of its native currency Bancor Network Token for incentives to it's holders
- The Exchange is privacy oriented except for some information which it's users are obliged to share
- Ensures the safety of its users funds as there is no third party having access to your crypto
- Bancor Network doesn't collect fees for listing or even converting tokens which is an unprecedented development in the crypto industry
- The Bancor Network protocol supports over 141 tokens with a total pair of 9870 currency pairs
- Bancor Network provides a unique solution that delivers automatic liquidity to any token
- Bancor Network has Interface integrated with other trading platforms such as 1inch exchange, Zerion, paraswap and DEXAG
- Bancor allows 100% liquidity provider fees generated by a pool to be sent to the pools creator and any user staking inside the pool making Bancor a nonprofit protocol
Cons
- Has very low popularity as most people don't know of the network
