Review on Bancor by gregori cordova
an innovative platform in constant growth within the DEFI environment
It is no secret to anyone that the trend of the moment is decentralized finance, commonly called defi, which is currently being overcrowded in many countries and by many institutions that seek to tokenize their services. In this context, the Bancor project was born, which is basically a network that allows its users to create cryptocurrencies called smart tokens that can be exchanged for another cryptocurrency within the same network. uses a protocol that gives value and liquidity to its cryptocurrencies for the purchase or sale of any digital asset on its network. The network uses the ethereum erc-20 standard and offers smart contracts that differ from those of the ethereun network, by allowing to maintain the balance of the tokens called reserve tokens and which are responsible for giving liquidity to the entire system in general through mathematical equations that manage to define the desired price based on the purchase and sale transactions that are carried out on the network.
This project has high levels of decentralization, since through it, any person or institution can create a token that can be liquid and sustainable, and that will have compatibility with the other tokens created on the network and with the tokens created under the standard erc-20. Its great acceptance by raising a considerable amount of money in its Ico, have made it one of the most promising projects in the market, and that is currently advancing towards the top 100 of cryptocurrencies with the highest market capitalization.
Pros
- Their BNT cryptocurrency is listed on very reputable exchanges such as binance, bittrex or hitbtc
- With the help of the reserve tokens, the platform is in charge of giving liquidity to the smart tokens at any time
- They use an algorithm that allows to automatically calculate the price for buying and selling smart tokens
- The commissions when using bancor are very competitive
- The project was the product of one of the most successful ICOs in the market, managing to raise more than 153 million dollars
- With the bancor blockchain, 28 smart tokens have been created to date and users can exchange these tokens among themselves, eliminating the need to trade them with other currencies
- Users can earn their native BNT token by staking that cryptocurrency
Cons
- It is a project that is not yet well known in the crypto market
