Review on Bancor by Inioluwa Okedeji
A Review On Bancor (BNT)
Bancor, a blockchain protocol give users the opportunity to convert different digital currency tokens immediately and directly without having to exchange them on cryptocurrency exchanges like Binance.
Bancor's protocol allows for a automated and a decentralized exchange on ethereum's blockchain across all others.
A lot of new digital currency are emerging, a means to exchange instantly and immediately any of these digital currencies will be very much needed.
Bancor aims at providing a wide range solution to the liquidity issues on the cryptocurrency market thereby allowing digital currencies to be sold instantly.
Bancor platform supports a new cryptocurrency called smart token and smart contracts that self- execute deals in form of codes.
Bancor is working on a mechanism in smart contracts will be able to create smart tokens.
Bancor is built on a mechanism that makes it compatible with different ERC20 tokens.
Bancor network native currency is called Bancor Network Token (BNT).
BNT is currently ranked 119th on coinmarketcap.
It has a market cap of $79,979,142 USD.
It's current circulating supply is 69,148,529 BNT.
Bancor user's that staked BNT in Bancor pools will receive staking rewards.
Pros
- Bancor allows convenient and easy conversion of cryptocurrencies
- Staking BNT tokens attract rewards
- It paves way for privacy in transactions since it doesn't require the presence of middle men
Cons
- Bancor doesn't operate on a POW mechanism, therefore BNT token cannot be mined
- Bancor is limited to only ERC 20 tokens.
