Bancor Set for Crowdsale to Create Instant Liquidity for New Cryptocurrencies

Bancor announced today that its native token (BANCOR) will be the first currency issued using its protocol, and will be introduced through a crowdsale launching May 30, 2017. This token will be used as the primary reserve currency in the ecosystem and will draw its value from the collective network effect of all Bancor-compatible tokens holding it in reserve.

The Bancor Protocol is a smart-contract-based token conversion protocol, which enables a single party to convert any token to another, without requiring a second party to exchange with. It achieves this through the use of reserve currencies, which allow for automatic and algorithmic price discovery regardless of trade volume. It recently won first place at a startup competition by unanimous vote from a panel of expert from the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term industry.

“Bancor’s network token will be called BANCOR. It will serve as a kind of connective tissue linking all of the user generated tokens to each other. The beauty of Bancor is that the more people use it as their reserve currency, the more value it captures. It essentially encapsulates the network effect of every Bancor-compatible token,” explained Galia Benartzi, who heads the firm's business development.

The Bancor Protocol aims to solve the liquidity problem for the long-tail of user-generated Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The smart-contract protocol will be cross-blockchain, starting with the Ethereum blockchain. By issuing tokens backed by a reserve a new token immediately receives a conversion rate, making it tradeable regardless of the availability of buyers. It also enables the creation of new categories of cryptocurrencies, such as decentralized token baskets.