Bancor Protocol – Create Cryptocurrencies With No Technical Knowledge
Get ready, ladies and gentlemen, because this crypto-coin is about to rock your boat!
Let’s get straight to it, The Bancor Protocol is a pretty darn cool crypto-startup.
There’s many new things Bancor can do, creating tons of new opportunities for everyone.
— Bancor (@BancorNetwork) May 2, 2017
“Okay, well, what sort of things does Bancor introduce exactly? What’s so innovatie about it?”
Well, there are quite a few innovations within the Bancor protocol.
The main ones that really stand out are that anyone can create their own ERC228 Ethereum based cryptocurrencies, and smart tokens that are interchangeable between person to person, without the need of an exchange.
Now that anyone can create their own currency, there will be new communities thriving on the platform.
Here’s a quick real life use case example:
Bill is just your everyday person, who gets intrigued by Bancor and decides to create his own Book reading club community.
Bill then goes ahead, creates his own currency called $BOOKS (example only), and creates a rewards system within his community, where loyal members can be rewarded $BOOKS, etc.
And the best thing is, that owner can be a person, like Bill, who is quite tech-illiterate, just your everyday person, and as long as they are able to do day-to-day tasks such as sending e-mails and skyping his friends they can do it too.
“Bancor Protocol wins multiple blockchain hackathons and competitions to take top prizes at CoinAgenda, International Blockchain Hackathon, Blockchain Oscars and Blockchain: In the Labs conferences.”
Bancor’s goal is to disrupt this crowded crypto-space and allow the crypto community to roll out a new era of cryptocurrencies, based on it’s smart token and currency creation technology.
Well who’s behind the Bancor Protocol?
The full list of the Bancor team members can be viewed here, it’s reassuring to see an experienced team behind such a promising start-up.
Other Useful Bancor Features
As amasing as it already is, Bancor still has more stuff to impress us with. Read on…
- No Exchange / CounterParty Risk: With the use of Token Changers, (smart contracrs that are used to exchange between other ERC20 tokens held in the reserves), Bancor elimantes the risk of dealing with shady exchanges, dealing with people you don’t know, and stops the risk of an exchange getting hacked thus your coins getting stolen.
- Creation of Decentralised ETF’S (Token Baskets) : Allows anyone to create a protfolio of different tokens, with one single smart token. That’s quite smart indeed.
- Crowdfunding Platform: Allows smart tokens to be used to crowdfund other crypto-based projects, in a decentralised manner.
- Chatbots: If this start-up wasn’t amazing enough, then bestow upon this! You can even create an ICO (crowdfund), or your own token diretly from your smartphone, using what seems to be a plugin or app, there should be more news about this as Bancor’s development continues.
Bancor Protocol is a standard for a new generation of cryptocurrencies called Smart Tokens
The Final Verdict.
If this coin can truly live up to it’s promosies, and achieve what it aims to do, it could become ‘the next big thing’ in this vastly-expanding crypto realm.