On the six month anniversary of its Token Generation Event, Bancor, the blockchain protocol that successfully raised $153 million last June, announced today a significant progress update covering developments since the crowdsale. Bancor has launched a live product, which allows anyone to buy and sell tokens in the Bancor Network directly from the web, at prices automatically calculated by the open-source Bancor Protocol formula. The Foundation is now introducing a handful of significant new features, helping both end-users to adopt the product more widely, and new partners which are continuously announced to streamline integration into the network. The new deployed functionality, announced partners, and expanded 2018 bounty program show the solid progress and positive momentum Bancor has achieved in a short time.
On June 12, 2017 the Bancor Network Token (BNT) launched through one of the largest crowdsale campaigns in blockchain industry, with over $153 million contributed from 10,885 participants in less than three hours. Bancor addresses the need for a Smart Token standard that can link all cryptocurrencies together into an autonomous and decentralized liquidity network, eliminating the Double Coincidence of Wants Problem in token exchange, while also enabling a long-tail of cryptocurrencies to thrive, which could represent trillions in economic activity.
The Bancor progress update includes:
50+ Partners Adopting the Bancor Protocol – Over 50 token projects have joined the Bancor Network, announcing adoption of the Bancor Protocol to provide continuous liquidity to their communities. Some partners include other successful blockchain companies such as Power Ledger, WAX Token, SENSE, and more.
Nine Active Tokens – 9 of the announced members of the Bancor Network have already activated their tokens which can now be converted live, on-chain, using Bancor’s Web App (https://app.bancor.network). These include GNO, ENJ, BMC, IND, STX, WISH, IQT and ETH (Ethereum), in addition to BNT (Bancor Network Token.)
20.7 Million BNT has already been converted through the Bancor Network’s smart contracts, equivalent to $58M USD at BNT’s average price over the period. The highest single BNT trade volume day was on July, 15, 2017 with over $72M of BNT exchanged across various services where it is listed. To date, a total of over $532M BNT has been exchanged.
Sirin Collaboration – Sirin Labs’ FINNEY, the first blockchain phone, will ship pre-loaded with access to the Bancor Network and integration of the Bancor Protocol for the SRN Token.
New Product Features – The introduction of new features on the platform is tantamount to streamlining the onboarding process of more users and integrated tokens. Bancor has released a suite of new features including:
- Portable Widget – Bancor has developed a customizable widget that allows partners to take the Bancor Buy/Sell functionality anywhere, enabling users to buy and sell any integrated token from partner sites or anywhere on the Internet – a major milestone for accessible and decentralized on-chain conversion of tokens.
- Web App Enhancement – Users can now import any Ethereum wallet address and have access to it from the Bancor Web app, a significant step in making the Bancor Wallet indispensable for token holders: users will no longer need to deposit funds in exchanges to convert between tokens.
- Refresh of the Bancor Network Website – A new design, updated language, and better layout that highlights both the Bancor Protocol and Bancor Network built on it.
- CoinMarketCap Adds Bancor Network API to Display BNT Pairs – Demonstrates the significance of liquidity achievable through the Bancor Network smart contracts on the popular blockchain ranking and statistics site.
$1 Million Bounty Program – The Bancor bounty program was one of the widest used in history, distributing over 462,000 BNT to 6461 contributors leading up to the crowdsale for help with various initiatives. Today Bancor revealed an additional $1 Million worth of BNT in bounty rewards that will be available in 2018 moving forward for community members who engage to promote the network’s development.
The Bancor Protocol addresses the liquidity challenge for cryptocurrencies by enabling continuous, automated and formulaic convertibility for integrated tokens. These “Smart Tokens” hold one or more other tokens in a “connector” balance on-chain, directly through their governing smart contracts, and enable any party to instantly buy or sell a Smart Token in exchange for any of its connector tokens. Users can use the simple Bancor web wallet, widgets or popular Web3 wallets such as MetaMask, Parity and Mist. With Bancor, even small and lightly traded cryptocurrencies can be continuously liquid, a game changer for the industry.
“It is with great pride and excitement that we share a 6 month progress update with the world, after a breathtaking 2017 preparing to launch what became a historic Token Generation Event and ushering in a new era of awareness around cryptocurrencies. Bancor’s mission is ultimately to enable anyone to create a viable and liquid token for their community or project, and to modernize the system by which we issue, distribute and convert these tokens among us, thanks to smart contracts and blockchain technology. We are tremendously invigorated to keep pushing forward towards the Bancor Network’s next milestones. 2018 will be a breakout year” said Galia Benartzi, Co-founder of Bancor.
The Bancor Protocol is a standard for the creation of Smart Tokens, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “connector” method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. For more information, visit the website and read the Bancor Protocol™ White paper.