What would happen if you combine a hierarchical monetary system with the latest decentralized technology which offers robust Blockchain platform? Bancor Protocol is the answer. This may come off as a surprise, simply because they believe that is not how it works. Bancor is a protocol for creating smart tokens, using smart contracts to provide liquidity and pricing, enabling the longtail of user-generated tokens and ETFs.
The concept behind the invention of the Blockchain platform can be summarized with the notion that the hierarchical monetary system isn’t sustainable enough and is also extremely fluctuative. This is largely due to the government control and loopholes surrounding the system that may bring us more harm than good – with that being said, of course many people would shriek in unison, questioning why would anyone come up with such atrocity?
While the concern is justified, there is actually a good reason behind the invention of Bancor Protocol. Let’s take a moment to remember what it was like before the age of the Internet. Everything was simply done either manually or through various private information networks such as CompuServe, Prodigy and BBSs. I am not sure if you still remember about it, but the rise of Internet fame has surely propelled the more open, and more standardized information exchance through TCP/IP networks and a myriad of peering agreements. This, however, does not necessarily mean that it is secure. At the time, it was enough for us, but as the technology advances, so does the knowledge of those who only seek for loopholes to capitalize for their own personal gain.
The Blockchain platform offers a decentralized exchange network that’s not only much more reliable, but also more fair as it’s also global community-based system. Pioneered by Bitcoin, cryptocurrencies rose to fame in such a short period of time. What was initially mistaken as a fad among the geek community has become the norm, with so many businesses and industries competing to switch to the Blockchain platform, it’s just a matter of time until cryptocurrency being the most-preferred type of exchange – this is exactly what Bancor is for. Serves as a foundation for the global exchange, the Bancor Protocol makes it possible for anyone – even those without the programming knowledge, to make their own cryptocurrency and ensures the continuous liquidity of their asset. The Bancor’s system has no spread whatsoever, and is guaranteed to be autonomous which contributes to its “no counter-party risks, and reduced price-volatility” abilities which, without a doubt, the type of stability that we all have been looking for. Interested? The Bancor’s crowdfund will start on May 30th, so don’t miss it!
Bancor Team
Bancor Protocol Foundation- Eyal Hertzog, Foundation Council
- Guy Benartzi, Foundation Council
- Guido Schmitz-Krummacher, Foundation Council
- Yehuda Levi, Chief Technical Officer
- Galia Benartzi, Business Development
- Ilana Pinchas, VP Engineering
- Or Bachar, Core Developer
- Omry Rozenfeld, Core Developer
- Asaf Rachman, Core Developer
- Mati Levi, QA Engineer
- Itay Dreyfus, Product Designer
- Meni Rosenfeld, Blockchain Advisor
Official Links
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