The Bancor protocol is software that allows users to convert their cryptocurrencies into different types of tokens on Ethereum and EOS. The ratio of the transparent reserves of each token determines the price of conversion between the tokens.
Simply put, Bancor is a decentralised network that aims to offer liquidity to small and micro-cap coins. It also incentivises users who provide liquidity by creating and maintaining pools of assets.
The Bancor exchange starts after the user agrees to the price.
The Bancor Coin is the native cryptocurrency of the Bancor protocol and acts as an intermediary token.
Here are some of the features of Bancor:
Bancor aims to generate liquidity for altcoins and can be a profitable long-term investment. Bancor price may increase in the future.
Bancor had one of the most successful ICOs in 2017, where it raised $153 million in just 3 hours.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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