Review on Bancor Network by Temitope Babatunde
Bancor Network A Special Kind Of Decentralized Exchange
Bancorb Network works like DEX exchange but it's own way of exchanging tokens between the users makes it unique. Though the idea behind bancor network can be traced back to 1944, but it was in 2016 that it was launched as cryptocurrencies exchange with a new idea called smart tokens.
The headquarter is in Zug, Switzerland, the Bancor network has been advocating the adoption of smart tokens based on the initiative of bancor protocol, which is being managed by team of professionals headed by its president Bernad Lietaes.
The protocol will just convert one token to another and the conversion price is automatically calculated by the bancor. There is built in liquidity which serve as an extension of an exchange.
Bancor network doesn't have direct support for fiat currency, however you can pay for ethereum through a third party called Simplex, this makes things easier for new entrant. Your token can now be converted to bnt which is native token of bancor network.
To use the platform just visit the website and verify that you are human using your phone, Facebook account or telegram account no further information is required. There is customer support service available 24/7.
As per fees, since it is decentralized no deposit and withdrawal fees except network fees which depends largely on the token you are dealing with.
Pros
- Users can convert their token at no price.
- No deposit fee since you are not transferring your token to any third party.
- Though it is a kind of decentralized exchange, you have the opportunity of buying ethereum with your credit card via simplex which is a payment gateway.
- The bancor network has a very strong and innovative team
- No KYC.
- There is a supportive team for the users in case they need help.
Cons
- No Android or ios applications for the system.
- Low liquidity as it is alway be for DEX exchange.
