$ 0.7355 USD
$ 0.7355 USD
$ 87.35 million USD
$ 87.35m USD
$ 8.456 million USD
$ 8.456m USD
$ 79.525 million USD
$ 79.525m USD
119.501 million BNT
Issue Time
2017-06-13
Platform pertained to
--
Current coin price
$0.7355USD
Market Cap
$87.35mUSD
Volume of Transaction
24h
$8.456mUSD
Circulating supply
119.501mBNT
Volume of Transaction
7d
$79.525mUSD
Change
24h
+2.22%
Number of Markets
433
More
Warehouse
None
Github's IP Address
[Copy]
Codebase Size
1
Last Updated Time
2016-02-27 17:52:04
Language Involved
TypeScript
Agreement
--
Current Rate0
0.00USD
3H
+6.13%
1D
+2.22%
1W
-19.87%
1M
-0.94%
1Y
-12.05%
All
-96.56%
Aspect | Information |
---|---|
Short Name | BNT |
Full Name | Bancor Network Token |
Founded Year | 2017 |
Main Founders | Eyal Hertzog, Galia Benartzi, Guy Benartzi, and Yudi Levi |
Supported Exchanges | Various exchanges including Binance, CoinBase Pro, HitBTC, and others |
Storage Wallet | Can be stored in any wallet that supports ERC20 tokens including Ledger, MyEtherWallet, Trezor, and others |
Bancor Network Token (BNT) is a cryptocurrency token that operates on the Bancor platform, a decentralized liquidity network allowing for the automated conversion of different cryptocurrencies with each other. Introduced in 2017 by founders Eyal Hertzog, Galia Benartzi, Guy Benartzi, and Yudi Levi, BNT is aimed to facilitate instant, on-chain conversions between tokens in the network with no counterparty. The token is widely supported across numerous cryptocurrency exchanges including Binance, Coinbase Pro, HitBTC, and others. BNT is an ERC20 token, thus it can be stored in any wallets that offer support for this token standard, such as Ledger, MyEtherWallet, Trezor, among others.
Pros | Cons |
---|---|
Automated token conversions | Dependence on Bancor platform stability |
Support from various exchanges | Market volatility risks |
Storage flexibility via ERC20 compatibility | Relative complexity for beginners |
No counterparty required for conversions | Risks associated with smart contract security |
Bancor Network Token (BNT) is unique in its creation of a decentralized liquidity network. The Bancor protocol it operates on facilitates automatic, on-chain conversions between different tokens without the need for a counterparty, which is a divergence from the traditional method of exchange in many other blockchain-based currencies. This removes the need for order matching in exchanges, allowing users to execute trades directly against smart contracts.
Moreover, BNT makes use of “smart tokens,” which can be created or destroyed at any time, enabling continuous liquidity regardless of trade volume. This is distinct from cryptocurrencies that depend entirely on market demand and supply for liquidity.
Another unique feature of BNT is its inherent price discovery mechanism. Unlike many cryptocurrencies where prices are determined through an exchange process involving buyers and sellers, the Bancor protocol incorporates a built-in price calculation formula in the smart contracts. This reduces price volatility and provides increased stability relative to many other cryptocurrencies.
The Bancor Network Token (BNT) operates through something known as the Bancor Protocol, which leverages smart contracts on the Ethereum blockchain to drive automatic token conversions.
The working mode of BNT primarily revolves around its status as a “connector” token within the Bancor Network. In this system, each token holds one or more tokens in reserve via smart contract. Here's how it works: BNT holds a balance of another token, making it effectively connected to that token. When someone wants to convert from one token to another, they send the first token to the smart contract, which then increases the balance of that token and decreases the balance of the second token based on a pre-set reserve ratio. The recipient then receives the second token from the smart contract. This process can occur with multiple tokens in succession to allow conversions across different tokens, with BNT serving as the common “connector” that links them all.
The Bancor Protocol also maintains and adjusts the ratios of these reserves to manage liquidity and value. As a result, the prices of tokens are calculated algorithmically based on the current supply and demand on the network. This is a shift from the standard market-making process in a traditional exchange where prices are set by buyers and sellers, instead providing continuous liquidity and reducing price volatility.
BNT, or Bancor Network Token, is available on several exchanges. These exchanges support various token and currency pairs for BNT trading.
1. Binance: One of the largest and most popular exchanges globally, Binance, supports numerous BNT pairs, including BNT/BTC, BNT/ETH, BNT/BUSD, and BNT/USDT.
2. Coinbase Pro: Known for its user-friendly interface, Coinbase Pro offers several BNT pairs, including BNT/USD, BNT/EUR, and BNT/BTC.
3. HitBTC: Established since 2013, HitBTC supports various BNT pairs including BNT/BTC, BNT/ETH, and BNT/USDT.
4. Kraken: Kraken, one of the oldest Bitcoin exchanges, supports BNT/USD and BNT/EUR pairs.
5. Huobi Global: As one of Asia's major exchanges, Huobi Global offers BNT trading in pairs with BTC, ETH, and USDT.
Bancor Network Token (BNT) is an ERC20 token, and as such, can be stored in any wallet that offers support for ERC20 tokens. Depending on users' preferences, there are various types of wallets that can be used to store BNT:
1. Software Wallets: These wallets are digital applications or extensions that can be installed on a computer, smartphone, or accessed via a web browser. Examples of software wallets that support BNT include MyEtherWallet (MEW), MetaMask, and Trust Wallet.
2. Hardware Wallets: These are physical devices that securely store cryptocurrencies offline, reducing their risk of getting hacked. For BNT, both Ledger and Trezor, two of the most reputable hardware wallet providers, offer support for ERC20 tokens.
Potential buyers of Bancor Network Token (BNT) may fall within a number of demographic categories:
1. Cryptocurrency enthusiasts and investors:Individuals with a general interest in blockchain technology or digital currency may be attracted to BNT due to its unique properties and usage within the Bancor protocol. Its automated conversion functionality and continuous liquidity may make it a worthwhile investment for those already involved in the cryptocurrency space.
2. Active cryptocurrency traders: Those who regularly buy and sell various cryptocurrencies may find value in BNT due to its presence on multiple exchanges and its core function in facilitating automatic token conversions.
3. Blockchain project developers: Developers or teams working on blockchain projects who wish to ensure their token's continuous liquidity might have an interest in holding BNT for the purpose of integrating with the Bancor Network.
Q: Can you name some exchanges that provide trading support for BNT?
A: BNT is supported on various exchanges, such as Binance, Coinbase Pro, HitBTC, Kraken, and Poloniex, among others.
Q: Is it straightforward for a newcomer to understand how Bancor and BNT work?
A: The Bancor Network and BNT's functioning can be relatively intricate for beginners due to the unique mechanics of automated token conversions and continuous liquidity.
Q: Where can I safely store my BNT?
A: Participants can securely store BNT in any wallet that offers support for ERC20 tokens, including both software wallets like MetaMask and hardware wallets like Ledger.
Q: What sets BNT apart from other cryptocurrencies?
A: BNT operates within the Bancor Network, offering automatic, on-chain conversions between different tokens without the need for a counterparty, distinguishing it from traditional cryptocurrencies.
Bancor (BNT) has recently faced a notable decline in its price, slipping by 7% in the past 24 hours
2024-07-26 00:12
Grayscale digital asset manager has removed BNT and UMA from its DeFi Fund, added AMP, and rebalanced both the DeFi Fund and its popular Digital Large Cap Fund.
2022-01-04 05:23
Integration across multiple DeFi platforms and consistent insurance payouts after major hacks appear to be boosting WNXM’s fundamentals.
2021-12-14 22:10
Bancor has given its first preview of the long-awaited Bancor 3 update that is aiming to vastly improve its liquidity pool offerings and gas fees.
2021-11-30 04:55
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