Bancor Network TokenBNT
Bancor Network Token is a blockchain protocol that allows users to convert between different tokens directly as opposed to exchanging them on cryptocurrency markets.
- What is Bancor Network?
Bancor is a blockchain protocol that allows users to convert between different tokens directly as opposed to exchanging them on cryptocurrency markets. The project offers a network that works to bring liquidity to the majority of tokens that lack a consistent supply/demand in exchanges. That network is built on smart contracts and a new class of cryptocurrencies that the team calls “Smart Tokens.” Bancor is looking to provide support to the illiquidity that currently exists within the cryptocurrency market. Illiquidity isn’t so much an issue for top coins like Bitcoin or Ethereum because there are always buyers and sellers looking to exchange those coins. It is definitely an issue, however, for the thousands of other tokens that may serve legitimate decentralized purposes but haven’t attracted enough attention in the market to be liquid.
- Who are the Team Members behind Bancor Network?
Some of the core team members of the project include the following:
- Bernard Lietaer – Foundation Council President
- Guido Schmitz-Krummacher – Foundation Council
- Eyal Hertzog – Foundation Council
- Guy Benartzi – Foundation Council
- Yehuda Levi – CTO
- Galia Benartzi – Business Development
- How did Bancor Network Launch?
The Bancor Network Token (BNT) launched through one of the largest crowdsale campaigns in blockchain industry, raising $153 million from 10,885 participants in less than three hours.
Overall, 79,323,978 Bancor network tokens (BNTs) were created as part of the ICO, with the top token holders now possessing 83.96% of the tokens, or 66,601,702 BNT. Fifty percent of the total tokens, or 39,661,989 BNT, were sold to the public, while the remaining 50% were allocated for future use.