The Bancor ICO
Bancor is a decentralized blockchain based liquidity network that makes users to not only hold ethereum token but to convert ethereum token to any other token within the network.
|Description||Bancor is a decentralized blockchain based liquidity network that makes users to not only hold ethereum token but to convert ethereum token to any other token within the network.|
|White Paper URL||https://about.bancor.network/Whitepaper|
|Token Platform||ETH (ERC20)|
|Funding Cap||466 ETH|
Investment in ICOs can be very profitable if you end up selecting the right ICO. You may wonder, how one can select the best ICO when there are more than 1000 ICOs have already saturated the market? So, to let you know, we have enlisted some bullet points below. We hope these points can help you deciding what ICO you should invest in.
- Visit public open forums discussing cryptocurrencies and ICOs to have an idea about the most favorite cryptocurrencies.
- Explore the official website of the ICOs you wish to invest in so you can have an opinion as if the ICO really worth your investment?
- Read whitepaper of your prospected ICO so you can create an overall image of the ICO. It will help you to estimate how likely the ICO could be a successful venture.
- Collect some information about the team members of the ICO to know if they are competent enough to take the ICO to the new heights of success. This will help you increase your confidence in the ICO.
We believe, following above-mentioned points you can decide better as to whether you should invest in a particular ICO or not? Given below is a review of an ICO named as “Bancor”. Please continue reading below and share your comments with us.
What Is Bancor?
Bancor is a decentralized blockchain based liquidity network that makes users to not only hold ethereum token but to convert ethereum token to any other token within the network. Users are allowed to covert their ethereum tokens at pre-calculated price using a web-based electronic wallet.
Bancor is an ERC20 token based decentralized platform that intends to be the customized market makers for their own smart contracts. The smart tokens are supposed to have connectors that enable them to connect to liquidity network which is absolutely decentralized.
How Does Bancor Work?
Bancor features a protocol in which smart contracts are the central point of focus. They serve as a common token having all those characters that an ERC20 based token is supposed to have with an addition of a logic that makes users able to sell or buy Bancor tokens using smart contracts at demand and supply drove prices. In short, smart contracts are considered to have a default mechanism of liquidity that makes them convertible to any other token any time.
Earn Bancor Tokens
Like other ICOs, the bancor also offered its token following two phases of token sale including the pre-sale phase and the main sale. Participants who wished to earn Bancor tokens needed to participate either in the launch of the ICO or in the pre-sale period. Since the ICO token sale has been completed, therefore, those investors who wish to earn bancor tokens can trade them against major cryptocurrencies on different exchanges. The good thing is that the bancor tokens are supported on several different exchanges.
Buy Bancor Tokens With E-Wallets
Bancor is an ERC20 token based platform. Its supported cryptocurrency is ethereum. Ethereum needs to be stored in electronic wallets. Therefore, people who wish to buy Bancor tokens need to have an e-wallet account to store their bancor tokens in it.
The ICO Distribution
The ICO was launched in 2017. The total token supply of the ICO was around 72 Million with a market cap of 466 ETH. The starting price of the ICOs token is unknown. However, the current token price of the ICO is 0.006194 ETH. The starting and ending date of the ICO is not available. Also, we couldn’t find any information in relation to the capital raised and the soft capping of the ICO.
The ICO planned to distribute and allocate its tokens in the following proportion;
- 20% tokens were planned to be distributed to community grants, bounties, and partnerships
- 20% token were planned to be allocated to Foundation’s long-term budget
- 10% tokens were planned to be distributed amongst founders, advisors, team and early contributors
- 50% tokens were planned to be allocated to fundraisers
- 20% funds were planned to be set aside as Ether Reserve
- 12% funds were planned to be spent on marketing and development of the business
- 10% funds were planned to be separated as seeding tokens
- 8% funds were planned to be allocated to operating expenses
- 5% funds were planned to be held to meet legal expenses
- 5% funds were planned to be kept as reserve to meet unexpected events.
The ICO has following team members;
- Guy Benartzi is the Co-founder & CEO of Bancor.
- Eyal Hertzog is the Co-founder & Product Architect at Bancor.
- Galia Benartzi is the Co-founder and Business Chief at Bancor
- Yehuda Levi is the Co-founder as well as CTO at Bancor.
- Bernard Lietaer is the Foundation Council’s President
- Guido Schmitz-Krummacher is the Foundation Council’s SME executive
- Eyal Hertzog is the Foundation Council’s technology entrepreneur for Venture-backup
- Guy Benartzi is also the Foundation Council’s technology entrepreneur for Venture-backup
- Steven Nerayoff is the Blockchain Advisor at Bancor
- Tim Draper is the Advisor of Venture Capital at Bancor
- Elie Galam is the Financial Advisor at Bancor
- John Henry Clippinger is the Governance Advisor at Bancor
- Brock Pierce is the Blockchain Advisor at Bancor
- Lee Linden is the Mobile Applications Advisor at Bancor
- Justin Rosenstein is the Advisor for Collaboration Software at Bancor
- Yoni Assia is the Advisor for Social Trading at Bancor
- Roel Wolfert is the Advisor for Community Currency at Bancor
- Yariv Gilat is the Advisor for Algo Trading at Bancor
- Guy Corem is the Blockchain Advisor at Bancor.
Invest In Bancor
After a careful review of the ICO, we hereby conclude that Bancor is going to be not less than a blessing for the world. Its concept is very simple as it aims to enable users to not only hold ethereum but to convert them into another cryptocurrency token at pre-defined prices instantly. We believe the ICO has strong potential to excel. We suggest people should invest in bancor and try their fate. We hope people won’t be disappointed.