Blockchain startup Bancor has announced the addition of mathematician and Israeli Bitcoin Association Chairman Meni Rosenfeld to its advisory board. He will advise Bancor executives as the company develops its technical solution for the liquidity challenges faced by the long tail of cryptocurrencies.
Rosenfeld is a mathematics M.Sc. graduate of the Weizmann Institute of Science. He founded Israel’s first Bitcoin exchange service, Bitcoil, in 2011 while performing mathematical research on the algorithms that underlie the functioning of the Bitcoin and blockchain system. He became chairman of the Israeli Bitcoin Association in 2013.
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“We’re honored to have a professional of Mr. Rosenfeld’s stature and expertise on the Bancor Protocol advisory board,” said Guy Benartzi, Chief Executive of Bancor. “Meni has already been an invaluable asset as we composed our white paper and token pricing formulas, and we look forward to his guidance as we continue to build Bancor.”
“I was skeptical at first about the merit in trying to come up with new ways to provide market liquidity. As I explored Bancor’s approach, I was pleasantly surprised to realize the value it can bring, as simple as its main ideas are,” said Meni Rosenfeld. “Bancor can offer real advantages over previously known systems, and I’d like to help it do so. This is why I accepted an advisory role and am looking forward to being an active mentor to the team and initiative.”
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. Its native token (BANCOR) will be the first currency issued using its protocol. It will be introduced through a crowdsale launching May 30, 2017.