BANCOR Protocol - Autonomous tradable cryptographic tokens on Ethereum Blockchain

  • What is the Bancor Protocol?

    Bancor Protocol is the standard for the creation of intrinsically tradable tokens, beginning on the Ethereum blockchain. At its most basic, the Protocol is an ERC-20 compliant smart-contract, in which a new token can hold one or more other tokens in its reserve at a pre-set “Constant Reserve Ratio” (CRR). A detailed overview of the Bancor Protocol and its implications is available in the most recent Draft Whitepaper below.

    English White Paper:

    Chinese White Paper:


    Bancor is issuing its own token, the first to use the Bancor Protocol.
    The Bancor Token’s symbol is BANCOR and is an ERC20-compliant token.

    The BANCOR token will be the first Bancor-compatible token, holding a 20%
    reserve in Ether (ETH). BANCOR tokens can always be purchased for ETH
    and are exchangeable back to ETH -- through the BANCOR smart-contract.
    The Bancor Protocol allows BANCOR tokens to be issued or destroyed
    whenever a user buys them or exchanges them back to ETH.

    BANCOR will be used as a “network token”, meaning that it will act as the
    default reserve token for new Bancor-enabled tokens. This means that
    BANCOR will serve as the connective tissue between all of the Bancor
    Network’s newly created tokens.

    Tokens in the Bancor Network effectively maintain hierarchical relationship between them. For
    example, a “NewCoin” could hold BANCOR in its reserve, while BANCOR
    holds ETH reserve; thus forming a three-tier hierarchy between the
    tokens. If the price of ETH increases (due to growth of the Ethereum
    ecosystem) then BANCOR’s price will increase (due to the constant
    reserve ratio maintained between BANCOR and its reserve token, ETH.)
    Similarly, an increase in the price of BANCOR will, in turn, generate an
    increase in the price of NewCoin. This hierarchical model enables
    BANCOR to capture the network effect value of all tokens in the Bancor Network.

    Use Cases for the Protocol

    The Bancor Protocol provides a simple and powerful building block for developers and non-technical users alike to create new types of monetary systems, applications, currency networks and tokens not previously possible, all through the use of token reserves and smart-contracts with the ability to automatically issue and destroy themselves according to a formula. Value can be recognized, stored and moved in ways never seen before.

    Local and Group Currencies:

    Bancor enables the long-tail of user-generated tokens. Tokens achieve
    instant viability and continuous liquidity, regardless of trade volume.
    Groups of any kind can define custom policies.

    Token Baskets:

    The Bancor Protocol enables the creation of token-baskets on Ethereum with
    no central control, which are owned directly by their holders. A
    token-basket is simply a Bancor-compatible token with multiple reserves
    that sum up to a total of 100% CRR.

    Autonomous Exchange:

    Bancor trading nodes can be created to hold, transfer and convert any
    token to another at any time, with no bid/ask spread. Remove
    counterparty risk and maintain predictable price slippage, for lower
    volatility tokens.

    Bancor Smart Contracts 

    Bancor-compatible tokens are a new type of always-liquid token, managed by a smart-contract which issues and destroys itself according to a transparent formula. Bancor contracts are written in Solidity and tested by the industry's top security auditors. The current code is available for review below.



    More Details About Team:








    Reward  me on Following:

    BTC: 1H9AFcYdZb6mt3wDHg1hc2AjnqrXzmv4xo

    ETH: 0x2587512b27867c2d466c02ccf11424002baac8b4

  • BANCOR PROTOCOL -Coins are Networks and Crowdsales are their Killer App

    Our team has been quite bullish on Ethereum since we began building the Bancor Protocol on the platform last August. As time goes by, it becomes increasingly clear why: Ethereum may be the first blockchain with a killer app.

    We are a team of seasoned network application developers, and after years in the crypto-space we’ve come to see money as a network that offers its users different applications. Social networks, for example, have seen their share of killer apps: profile page posts, news feeds, media sharing and discussion groups, to name a few. Money can be seen as an economic network, where value is transferred rather than information. Globally, this is done through different forms of money (currencies) which are interconnected through exchanges. This global network also has various popular applications, that can be generally categorized as follows:

    As experienced product developers understand, in order for a product to  gain traction and justify switching costs, a new solution must provide significant advantages to the end-user, relative to the existing available solutions. We usually hear of this as the 10x better rule. To understand how this might play out in blockchain vs. traditional currencies, the following table features notable blockchain and fiat solutions for the same
    application categories, and lists the unique advantages each solution puts forward for the different applications of money.

    The first killer app of any new technology validates it, and unfortunately, we have yet to witness a clear blockchain “killer app” (except, maybe, the buying and selling of coins, which is probably why some still believe the whole ecosystem is a pyramid scheme.) Clearly, blockchain-based solutions for the applications of giving, trading, lending and betting are advantageous only in very specific, and often controversial use cases, while also carrying material disadvantages such as added complexity, risk of a lost key, compromised guardians, extreme price fluctuations, regulatory uncertainty and limited worldwide adoption. By contrast, it is increasingly clear that blockchain solutions for financing applications have significant advantages over the available fiat-based solutions, which is why the recent momentum in ICOs should not come as a surprise, and why many view this category as the first blockchain killer app. Vinay Gupta lays a strong argument for the huge potential and profound implications of blockchain crowdfunding in this fantastic talk.

    Interestingly, we are witnessing blockchain financing gaining momentum primarily on Ethereum. The reasons seem quite obvious.

    First, financing involves issuing a new currency. Every share of a new company is currency which can be issued by the board of directors, under very specific terms. While Bitcoin has several competing third party layers for issuing tokens, Ethereum has a standardized solution at the blockchain level.

    This leads to the second advantage, the ability to set complex terms. All money applications typically require simple, straightforward agreements to be successful. The one exception is financing engagements which require custom contracts with a variety of protections, governance structures and detailed profit-sharing models. Ethereum is currently the only available smart-contract blockchain which can easily accommodate this level of customization.

    Third, smart-contracts enable a new breed of networks and applications that are token-based, crowd-financed, interoperable, decentralized and open-source. This is probably the reason why Ethereum blockchain adoption by developers is second to none. This presents an undeniable success signal that Vitalik and team should be quite proud of, as it was also an important indicator of Bitcoin’s initial momentum, and many other successful platforms we know, such as iPhone and Facebook.

    Blockchain financing involves issuing transferable tokens to participants. On Ethereum, the ERC20 token standard has emerged as the most widely adopted and useful contract standard to date. We, at Bancor, are proposing a complementary standard — “Token-Changer” which defines a set of APIs for exploring convertibility, querying prices and executing token conversion through a smart-contract. We believe the Token-Changer standard is required for the future growth of blockchain financing as it establishes a clear standard for smart-contracts to act as “automated market-makers,” and streamlines token conversions for users across the entire Ethereum ecosystem. This opens an entirely new horizon of possibilities for convertibility, utility and viability of existing ERC20 tokens.

    You can read our “Token-Changer” EIP228 proposal here:

    We plan to use this standard for the Bancor Protocol, which provides continuous liquidity and asynchronous price-discovery for ERC20 tokens, irrespective of their trading volume and with no requirement to be listed on an exchange. You can read more about it and review the code on our website at, or watch our presentation from the February EDCON in Paris.

    After decades in startups, tens of financings rounds, a few acquisitions and a couple of wind-downs, we are beyond excited to be a part of the wave of innovation we expect to see unleashed by the crowd through blockchain’s first truly killer app, decentralized financing.

    Reward  me on Following:

    BTC: 1H9AFcYdZb6mt3wDHg1hc2AjnqrXzmv4xo

    ETH: 0x2587512b27867c2d466c02ccf11424002baac8b4

  • Coin Interview with Bancor Network

  • Bancor - some recent media coverage

    i everyone, I wanted to share some recent media coverage of Bancor. 

    The Bancor team just welcomed Israeli Bitcoin Association Chairman Meni Rosenfeld to its advisory board:

    Bancor's Galia Benartzi wrote a piece for CoinDesk on how the 'long tail' of cryptocurrencies spells massive opportunities for society:

    Galia also did a TEDx talk on how blockchain will change the world. Watch here:

  • Mathematician and Israeli Bitcoin Association Chairman Meni Rosenfeld Joins Bancor Protocol’s Advisory Board

    Meni Rosenfeld

    SWITZERLAND — April 25, 2017 — Bancor Protocol(, the standard for the creation of intrinsically tradeable cryptocurrencies or ‘Smart Tokens’, today announced the addition of mathematician and Israeli Bitcoin Association Chairman Meni Rosenfeld to its advisory board. Mr. Rosenfeld, who has studied and discussed Satoshi’s Bitcoin white paper from a mathematical perspective, closely examined the concepts presented in Bancor’s white paper.

    “We’re honored to have a professional of Mr. Rosenfeld’s stature and expertise on the Bancor Protocol advisory board,” said Guy Benartzi, Co-founder of Bancor. “Meni has already been an invaluable asset as we composed our white paper and token pricing formulas, and we look forward to his guidance as we continue to build Bancor.”

    Mr. Rosenfeld is a mathematics M.Sc. graduate of the Weizmann Institute of Science. After completing his studies in 2009, Mr. Rosenfeld became the head of research at SimilarWeb, where he was in charge of developing algorithms for measuring connections between websites and analyzing web traffic. He discovered Bitcoin in early 2011 and soon after founded Israel’s first Bitcoin exchange service, Bitcoil, while performing mathematical research on the algorithms that underlie the functioning of the Bitcoin and blockchain system.

    Mr. Rosenfeld became chairman of the Israeli Bitcoin Association in 2013. He will advise Bancor executives as the company develops its technical solution for the liquidity challenge faced by the long tail of cryptocurrencies.

    “I was skeptical at first about the merit in trying to come up with new ways to provide market liquidity. As I explored Bancor’s approach, I was pleasantly surprised to realize the value it can bring, as simple as its main ideas are,” said Meni Rosenfeld. “Bancor can offer real advantages over previously known systems, and I’d like to help it do so. This is why I accepted an advisory role and am looking forward to being an active mentor to the team and initiative.”

    Media Contact: [email protected]

    Company Contact: Galia Benartzi, [email protected]

    About The Bancor Protocol

    Bancor protocol is a standard for the creation of Smart Tokens, a new category of cryptocurrencies which are intrinsically tradable. Starting on the Ethereum public blockchain, Bancor utilizes a new method to enable built-in price discovery and an automatic liquidity mechanism for Smart Tokens, without the need for matching two parties in an exchange. The Bancor Protocol creates a new type of interconnected asset exchange ecosystem, and unlocks the long tail of user-generated currencies. To learn more, please

  • BANCOR Protocol Smart Tokens 101

    While developing the Bancor protocol we began to realize that what we are creating is essentially a new type of currency — one that is natively liquid. In keeping with industry conventions, we decided to call these currencies “smart tokens” since they are based on “smart” contracts, and since “tokens” is how the Ethereum community and literature refer to all user-generated assets that are ERC20 compliant.

    The most important feature of smart tokens is that they can be purchased or liquidated (sold) at anytime, directly through their smart contract, without the need to use an exchange or even be matched to a second party to exchange with. Now that might sound like voodoo but it’s actually quite simple. Here’s how it works:

    • The first thing to understand is that smart tokens are money that hold money. This means that the smart contract which operates the token “owns” units of at least one other token (smart contracts can do that). We refer to those other tokens as “reserves”, similar to how a central bank which issues a currency also owns foreign currency reserves.
    • Secondly, anyone can purchase a smart token with its reserve token(s), simply by transferring the reserve token to the smart token’s contract, which in return issues the buyer new units of the smart token. This is similar to the way tokens are issued by ICO smart contracts in exchange for other tokens (such as Ether). However, with smart tokens, the reverse operation is also possible, meaning that any smart token holder can choose to liquidate units and receive a reserve token in return, effectively removing these smart token units from circulation, and all this is done directly through the smart token’s contract. The supply of a smart token increases and shrinks with demand for it.
    • The third and most important thing to realize is that smart tokens set their own price, in respect to each reserve token they hold. The price automatically increases when smart tokens are purchased for the reserve token, and decreases when they are liquidated to the reserve token. The exact formulas and proofs are available in our whitepaper, but essentially price is a kind of fraction between a smart token’s reserve balance and it’s supply. Precise mathematics in the contract’s algorithms assure that a reserve can only be drained when every last unit of the smart token has been liquidated, and this is done by setting and holding a fixed reserve ratio (configured by the smart token creator, for example 10%) to the smart token’s market-cap (its supply times its price). This ratio is called the “Constant Reserve Ratio” or CRR, and each reserve token held by the smart contract has has a predefined CRR. The combined CRR of all reserve tokens must be above 0% and up to 100%.

    One may wonder why this functionality is needed at all, given that liquidity and price discovery can already be obtained through the trading activity in exchanges. Is there really a need for an alternative solution?

    The simple answer is “Yes”, and here’s why:

    Exchanges can be viewed as “matchmakers” between parties with opposite wants. Each trade consists of two contrasting transactions, where each party is buying what the other party is selling. The need to find a party with opposite wants is the reason currencies and other assets may on occasion face what’s known as “liquidity risk”. This constraint makes it impractical for smaller scale currencies (such as community currencies, loyalty points and other useful credits) to become liquid.

    In addition, liquidity providers such as traders and market makers are, naturally, seeking to maximize profits. This means that with the current exchange solution, liquidity comes at a cost.

    Smart tokens will never face liquidity risk. The participation of traders and market makers in their trading becomes optional, rather than required. In fact, smart tokens can be seen as tokens that have a built-in automatic market maker for themselves, operated by their smart contract.

    Deep into the process of designing the smart token concept, we started contemplating the implications of a smart token holding more than a single reserve token. What we discovered is that in such a configuration, the smart token becomes a bridge between its reserve tokens, enabling anyone to use the smart token as an intermediary token for swapping one reserve token for another, using a two-step process in which the smart token is purchased for one reserve, and immediately liquidated to the other.

    The ability to hold multiple reserves enables the creation of what we’re calling “token changers” (smart tokens holding two reserves, each with a 50% CRR) and “decentralized token baskets” (smart tokens holding multiple reserves totaling a 100% CRR). However, these exciting use cases deserve their own blog post, so stay tuned for more info on those soon.

    The smartest thing about smart tokens is that they can become increasingly smarter over time as new functionality is developed for the Bancor protocol. Additional smart token features that we’ll be writing about soon include Delegated Account Recovery (making it less disastrous to forget your password), and a built-in “Vault”, which cleverly mitigates the potential damage in the case of compromised accounts. These features are all intended to make smart tokens easily usable by anyone as we head towards mainstream adoption. We believe smart tokens can help make the breakthroughs of blockchain technology more approachable and relevant to all. We’d love your thoughts on how smart tokens can keep leveling up.


    Eyal Hertzog

  • Yoni Assia, Founder and CEO of eToro, joins Bancor Protocol Advisory Board

    We are thrilled to announce the addition of long-time fintech entrepreneur and investor Yoni Assia to the Bancor Protocol advisory board. As founder and CEO of eToro, the world’s largest social trading and investment network, Yoni brings with him years of insights and successful company building experience in the fields of finance, trading, blockchain and social networks, all central to Bancor’s product vision and ecosystem development.

    “I am very excited to join the Bancor advisory board and to promote the protocol and its benefits. This technical solution for token exchange will create massive efficiencies in the new financial world which may help speed up adoption and the transition from the traditional economy we are all waiting for” said Mr. Assia.

    Yoni has been active in cryptocurrency since 2010, and started the Colored Coins protocol in 2013. He then hosted Vitalik Buterin, founder of Ethereum, at the eToro offices in the early days of Colored Coins’s development, after which he took this concept successfully forward with Ethereum. Yoni is a well known speaker on the future of finance, fintech and blockchain.

    n his spare time, Yoni is developing a new currency concept that will promote a more fair distribution of wealth in society. He is also the father of 3 children and husband of Mor Assia, founder of iAngels.

    “We couldn’t be more honored to have a seasoned entrepreneur like Yoni join us on the Bancor journey. We have worked side by side in the industry for years and are finally combining our efforts for the good of users everywhere who will benefit from continuously liquid smart tokens” said Guy Benartzi, CEO of Bancor.

    To read more about the Bancor Protocol, please visit

    To read more about Yoni Assia, please visit

  • Bancor Product Roadmap

    Woody Allen once said something like “If you want to make God laugh, tell her about your plans.”

    We, the team behind Bancor, have been building and deploying online services for decades, and can confirm this insight, from both strategy and software development perspectives. Still, we believe it’s important to maintain a detailed and encompassing product roadmap, and we’re excited to share it with the community as it provides a unique inside view of our vision for how the Bancor network and product will evolve.

    “We believe that tokens and smart contract platforms enable mass-collaboration in a scale never seen before. Our number one goal is to build the tools that enable every end-user to participate in these modern-age ecosystems.”

    We used Trello to share Bancor’s product roadmap and will be updating it as we move along. We’ve also enabled voting and public comments, so feel free vote for your favorite feature, or leave a comment on anything you wish to share your thoughts on with us.

    The Bancor product roadmap is available here.

  • Bancor and Qoin partner to deliver platform for community currencies

    Bancor and Qoin have entered a partnership aimed at globally driving the growth and connectivity of community currencies. The purpose is to create vibrant local communities that last and are inter-connected with one another. Together, we aim at giving people power over money again, helping them to benefit from globalization and creating strong local communities at the same time.

    Qoin has over 20 years of experience in setting-up and running community currencies around the world. Most recently Qoin has introduced SamenDoen, a self-sustaining community currency platform for Western regions that need help to counterbalance the negative effects of globalization. SamenDoen is a locally owned, purpose-driven currency offered via Qoin’s Currency As A Service (CaaS) delivery model.

    Qoin powers Bixton Pound, Bristol Pound, SoNantes, SamenDoen and Makkie

    Bancor provides the mechanism and platform that functions as the first network token, whose purpose is to connect the long tail of community currencies into the global currency network. Inspired by economic models proposed by Keynes during the second world war, this could lead to a more stable global economy where everybody can benefit rather than few.

    “Qoin is very proud to announce this cooperation with Bancor, as it will enable a much faster roll-out of community currencies in the West as well as drive connectivity into Africa, the Americas and Asia in the short to mid term” said Roel Wolfert, Chief Operating Officer and responsible for partnerships at Qoin. “We will soon announce the first concrete currency that will be launched via the Bancor platform in 2017.”

    “Bancor’s founders have been deploying solutions for community currencies since 2013. The Bancor protocol enables the creation of continuously liquid community currencies for the first time. We are delighted to partner with Qoin, as we believe their vast experience in the field will be instrumental in bringing community currencies to the crypto-economy.”

    About Qoin

    Qoin helps to build vibrant local communities for the long term. By introducing locally owned and locally run community currencies we help citizens, business, government and institutions to co-create and to deliver meaningful impacts in social, environmental and economic domains.

    Qoin helps initiatives from idea to successful realization and operation, with a clear eye for reaching desired local impacts. For more information please check or contact Roel Wolfert: +3120–717 35 05 or +316–11887557.

  • Bancor Network Token (BNT) Contribution & Token Creation Terms

    We want to start by thanking the community which has been so supportive while we finalized the BNT creation event terms. We’ve been watching the evolving cryptocurrency landscape and listening carefully to everyone in all of our channels, in an effort to build the ideal configuration to ensure the long-term success of the project. We are happy to answer any questions so please keep them coming.

    Terms Summary:

    • 50/20/20/10 Token Distribution: 50% of BNT will be issued to the contributors in the fundraiser, 20% allocated to partnerships, community grants and public bounties, 20% to the Foundation’s long-term operating budget, 10% to founders, team members, advisors and early contributors. Founders and team contributors will be subject to a three year vesting schedule.
    • Fixed Price: 0.01 ETH per 1 BNT (i.e. 100 BNT per 1 ETH)
    • Hidden ETH Cap: revealed if 80% of the cap is reached.
    • Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.
    • Token Availability: BNT for ETH contributions will be distributed immediately. The ability to transfer, purchase and liquidate BNT through the smart token’s contract will be enabled gradually during a time span estimated at 7 days following the fundraiser closing.
    • Security: Funds will be held using multi-sig wallets according to industry best practices.

    Team Vesting

    Vesting is a governance practice designed to ensure long-term alignment of interests and is standard for any serious project. All founders and team members will have a 3 year vesting schedule with a 6 month cliff. This means we will mature one-sixth of our tokens every 6 months.

    Security Audits

    The BNT smart contract introduces new mechanisms never before deployed on the Ethereum blockchain. To ensure beyond any shadow of doubt that funds will be secure, we are working with some of the most respected Ethereum security advisors, including ConsenSys, Nick Johnson and Martin Holst Swende from the Ethereum Foundation. Results of the audits will be published prior to the start of the token creation event.

    Minimum Time

    Some concerns were raised by the community that “whales” might “eat up” the entire initial supply of BNT, leaving the small contributors behind. Like many of you, we’ve been watching how different fundraiser models have played out. We believe this exploration is healthy for establishing tested best practices in the industry, and want to make our small contribution to it. Since at its core, Bancor is about democratizing value creation and exchange, we want to make sure everyone who wants to participate has a chance to do so. For this reason, we’ve decided to allow a short, “minimum time” — 1 hour — during which all contributions will be accepted regardless of the cap. After the first hour, the fundraiser will have a hidden cap that will be revealed only if the collected ETH reaches 80% of the limit. If funds collected in the first hour reach or exceed the cap, the fundraiser will end immediately thereafter.

    Initial BNT CRR (Constant Reserve Ratio)

    We have been evaluating liquidity pools across different exchanges (aka market depths) which are typically a small fraction of the traded coin’s market cap. We’ve decided to use an initial 10% Constant Reserve Ratio (CRR) for the Ether reserve of BNT. During an initial pilot period, the Bprotocol Foundation will oversee all aspects of the reserve, including monitoring of price stability and market depth. The Foundation may adjust the CRR as needed to accommodate market changes and maintain performance. Any such change will be communicated to the community via our official blog. After the pilot period the CRR will be immutably set.


    Two days prior to the fundraiser we will announce the BNT fundraiser address. The only trusted sources for this information are:

    • The official Bancor Medium blog; An article with the final details of the fundraiser, including the address and initial block to accept contributions, will be published on June 10th.
    • The official Bancor website ; Once the fundraiser contract is deployed, the contract address will be posted on the website.

    Pre-Fundraiser Now Available

    As announced, we have assigned Bitcoin Suisse AG as an escrow agent and are CURRENTLY ACCEPTING deposits in BTC, ETH, CHF, EUR, USD, GBP, DKK and SGD. For non-US citizens only, this option is available to guarantee your participation in advance and hold your BNT until such time as you wish to take possession of the tokens. Please consult the Bitcoin Suisse terms and conditions for a full outline of their services, policies and fees.

    Feedback and Questions

    As always, we welcome thoughts from the community through all of our channels (Slack, Telegram, Reddit, Bitcointalk, Twitter), or email us directly at [email protected]

    To liquidity and justice for all,  The Bancor Team

    About Bprotocol Foundation

    The Bprotocol Foundation is a Swiss nonprofit foundation whose core objective is the establishment of the Bancor protocol as a global standard for intrinsically tradeable currencies. By contributing to the Bprotocol Foundation, users will generate BNT — the first smart token to be deployed using the Bancor protocol, establishing the Bancor network. The Foundation will collaborate with different contractors to achieve its goals, as well as governments, businesses, academia and NGOs committed to realizing collaboration potential in communities around the world.

    About Bancor Protocol

    The Bancor protocol is a standard for a new generation of cryptocurrencies called Smart Tokens. Smart tokens hold one or more other tokens in a constant reserve balance which provide a mechanism for automatic price discovery and continuous liquidity. Bancor’s mission is to reduce barriers to entry, allowing the long tail of user-generated currencies to emerge. For more information, please visit

  • How to Contribute to the Bancor Protocol Fundraiser

    The Bancor protocol fundraiser will begin on June 12, 2017 at 10am GMT.

    Now that the date is set, we want to make sure you know where to find trusted details, correct token addresses and that you understand how to purchase BNT using Bitcoin Suisse, Myetherwallet, Mist, Parity, imToken and Metamask.

    Trusted Sources

    You should only seek information in Bancor official communication channels in order to ensure you have the correct and most up to date information.

    • The official Bancor Network Website — all information is available on our site at and is constantly updated here.
    • The official Bancor Network Blog — published on Medium, highlighting all relevant details and additional context, at

    The BNT allocation terms are already available on the Bancor Network website. The Bancor token address will be posted on there 2 days prior to June 12th.

    Trusted Purchasing Partners


    • Do NOT send ETH before the fundraiser start date and time.
    • Do NOT use exchange services to attempt to purchase BNT.
    • ONLY use the partners mentioned below.


    MyEtherWallet is a popular and, in our experience, reliable service that can be used to send ETH to our fundraiser. In order to use it correctly, please follow these steps:

    1. Visit

    2. Select the tab “Send Ether & Tokens”

    3. Select the option “Keystore File (UTC / JSON)”, select your wallet file, enter your password and login to your account

    4. Now, make sure you copy the address directly from the Bancor official site only

    5. Select the amount of ETH you’d like to send,  Set the Gas Limit to 200,000 and click “Generate Transaction”

    Once you complete this process successfully, the contribution will be sent to our contract and you will see a proof of the transaction in the “Transaction History”.

    If you do not have an account with MyEtherWallet and you’d like to get one, please read this article by CryptoCompare.


    If you are already familiar with Mist, here are the steps to follow in order to successfully participate and contribute to our token allocation event.

    1. Open your Mist app
    2. Go to the “Send” tab in the options
    3. Now, make sure you copy the address from the Bancor official site only and paste it in the “To:” section
    4. Enter the amount of ETH you’d like to send
    5. The fee should be set to the faster end of the bar (can be in the middle but try to avoid the “cheaper” option as you might be too slow to purchase within the window of time or cap)

    6. Click “Send”

    7. You will see a summary of the the transaction — note, the contribution has not yet been sent!

    8. Enter your password again and click “Send Transaction”

    Now your contribution has been sent and will be added to the Transaction History in the wallet (to view this go to Wallet Overview -> Latest Transactions)

    If you wish to use Mist yet don’t have it installed yet, please follow the steps outlined in this post on how to setup and create a Mist account.


    Parity is a secure browser based wallet that enables you to schedule future purchases, which is always useful if you want to be first in line.

    For those of you that would like to participate in the Bancor token allocation event using Parity, follow these steps:

    1. Open your Parity app
    2. Make sure you have the “contracts” tab enabled. If it is not, go to “Settings” and check the relevant box.
    3. Click “Watch” to add the Bancor token to the watch list
    4. Now, make sure you copy the address from the Bancor official site only and paste it in the “Token” field
    5. Add a descriptive name such as “Bancor Network Token”
    6. Next you should open the “Accounts” tab and select the account you would like to transfer funds from
    7. Click “Send”
    8. You will need to confirm by entering your password again

    That is pretty much all you’ll need to do.

    Want to use Parity for the Bancor token allocation event but don’t have it installed? Not a problem, just visit this page to learn how to install Parity on your computer.


    If you tend to do everything on your mobile phone, you can consider downloading imToken (available on iTunes and GooglePlay) and using their app to contribute to the Bancor token allocation event.

    Follow these steps:

    1. Open the imToken app on your mobile device
    2. Click on the “Discover” option in the bottom menu
    3. Click on the “ICO” option
    4. Find the “Bancor” icon and click on it
    5. At the bottom of the screen you will have the option to enter an amount (it currently says “Wait to Open”)
    6. Click “Join Now”
    7. You will be prompted to enter your password
    8. Click “Confirm”

    That’s it.


    MetaMask is a simple and intuitive add-on that enables you to send tokens easily and securely.

    1. Click on the add-on icon in your browser
    2. Click “Buy”
    3. Now, make sure you copy the address from the Bancor official site only and paste it in the “Recipient Address” field
    4. Enter the amount of ETH you want to send
    5. Click “Send” and you are done

    Like the MetaMask add-on but not sure how to get started? Follow this easy how to get started with MetaMask guide.

    Good luck to the entire Bancor network! To liquidity and beyond…

    The Bancor Team

    Thanks to Asaf Shachaf and Galia Benartzi.

  • The Bancor Platform Demo v1.2

    The demo version is now available at

    We’re thrilled to share with the world for the first time a demo of the Bancor Network user interface. Our vision is to allow anyone, regardless of technical or economic background, to be able to create and manage a liquid, viable token for their value network. At the end of this post, we’ve outlined a few main processes that are part of the demo with a simple how-to guide for your reference. We are so excited to hear your thoughts. We also offer great bug bounties for anyone who wants to dig in further.

    Our mission is to design the simplest experience for end-users and community managers who wish to issue and use smart tokens. This applies to several different aspects of our product development:

    • Simplify smart token issuance and usage (ERC20 compatible) through an easy to use web interface. Think YouTube for Tokens.
    • Simplify token liquidity through the Bancor protocol. This is what makes smart tokens liquid from day 1.
    • Simplify accessibility by integrating to popular chatbots rather than downloadable apps
    • Simplify end-user security through upcoming smart token features like Delegated Account Recovery and Vaults

    The current version of the app includes the following features:

    Chatbot Integration

    Chats are great for process drives tasks, particularly when multiple steps are required. We’re leaving forms behind in order to offer a conversational user interface. A web-based chatbot, integrated to the web-app, is on our product roadmap. This will offer a smoother transition experience than the current messenger app to web-app toggle.

    Communities (i.e. Smart Tokens)

    Creating a new community token is done through the chatbot. You will be asked a few questions, mainly about the community’s smart token. Once its created, you can add a logo and a cover photo, use our wysiwyg HTML editor to design the community about page, and everything else related to how users find and view your community’s profile page. Each community has its own discussion board and other useful features for you to explore.

    Issuing Tokens

    Shortly after creating your community smart token, the chatbot should notify you when the token contract is deployed to the Ethereum (private) blockchain, meaning that it is ready to be accessed. Initially, the token will be in “private” mode, where it is manually managed, and you may issue tokens to yourself, and send them to anyone.

    Activating Trading

    Smart tokens utilizing the Bancor protocol cannot be purchased or sold until they are activated. The upcoming smart token crowdsale process (still under development) will include token activation, however, it is also possible to manually activate a smart token using the advanced setup.

    In order to activate a token you will need to:

    • Issue some tokens
    • Set one or more reserve tokens
    • Deposit reserve tokens into the reserve(s)
    • Activate the token

    Please keep in mind we’re still working on many of these features, so the demo is not fully complete. Feel free to join the bug bounty program and earn some BNT for the bugs you’re first to report. Below you’ll find some more step by step instructions on how to navigate the platform.

    The demo version is now available at

    How to Create A New Account

    1. Click “Create” on the top right corner (you can also click “Sign in”)

    3. Select your preferred chatbot:

    4. Answer questions in the conversation and click “Create a wallet” (this happens at the end of the chat)

    5. At this stage, you will need to select a password. Make sure to remember it as you will not have the option to recover your account without it (until we release the Delegated Account Recovery feature.)

    That’s it! Your account is setup and ready on the platform. You can now follow similar steps to create your community token as well.

    How to Create A New Community (aka Smart Token)

    The flow here is similar to the profile creation process, only the chatbot questions are more specific to creating a token. In the full product, we’ll be providing detailed guidance on how to best choose some of the parameters, like your CRR (constant reserve ratio) and reserve tokens. For now, we simply want you to see how easy it is to create a viable smart token on the blockchain.

    How to Issue Tokens

    Before you issue any tokens, a created smart token exists but has no supply and is untradable. You will want to both issue and then activate (endow reserves) a new smart token in order to make it liquid.

    1. Click on the “Token” option in the community menu

    3. Tell the bot your amount of desired tokens and then sign the transaction with your password.

    That’s it! You’ve now created a new smart token for your community.

    How to Activate a Token

    Issued tokens are not tradeable until they are activated. This is the part of the process where a smart token’s reserves are configured and endowed, after which it is liquid according to the Bancor protocol. In the future, this is where you will be able to initiate a fundraiser, if that is your preferred launch method. Currently, you can play with the “Advanced Setup” option which allows you to self-fund a reserve balance.

    1. Click on “Add Reserve” — this is where you will select your reserve token and also define its CRR (constant reserve ratio) used in its price calculation.

    2. Deposit reserves: Here you need to have some reserve tokens to deposit. You could do this by creating and issuing another smart token (no need to activate it), or use some TestNet BNT (not real) by asking the admin (aka Eyal Hertzog) to send you some.

    3. After you’ve made deposits on each of your selected reserves, you can activate the smart token by clicking “Activate”. It is now automatically liquid to any of its reserve tokens according to the calculated price between its reserve balance and token supply at the CRR you’ve selected. For more information on the pricing mechanism and formula, see the white paper.

    How to Buy/Sell tokens

    1. Once your token is activated, anyone will be able to Buy/Sell the tokens
    2. Go to the “Community” page
    3. Select the “Token” option from the menu bar
    4. On the left side, you can see your balance in that token and two options to Buy or Sell the token

    You will see how every time you Buy or Sell a smart token, its balance, amount in reserve and price change accordingly. This is the essence of the Bancor protocol.

    We’re looking forward to hearing from you and learning from your feedback. This is truly the beginning of a Bancor Network product journey we are going on together.

  • BANCOR Protocol IMPORTANT TIME CHANGE of  Token Allocation

    The Bancor Network Token (BNT) Token Allocation Event has been delayed by 4 hours in order to better accommodate our community in the Western Hemisphere.

    The new start time will be Monday, June 12th, 2:00pm GMT. Below are some times the allocation event will begin in a few time zones for your reference:

    PST: 7am

    EST: 10am

    London: 3:00pm

    Moscow: 5:00pm

    Beijing: 10:00pm

    Tokyo: 11:00pm

    We intend this change to create a more convenient opportunity for all those who wish to participate to do so without unnecessary friction, and apologize for any inconvenience to those who have already organized around the original time. Of course, there is no one time which is convenient for all, but we hope this works reasonably well for most, and that the minimum 1 hour window further reduces stress and pressure on our supporters around the world.

    Til (very) soon…

    The Bancor Team

  • Bancor’s Advisers

    Bancor is honored to announce the support of our experienced advisers, experts in diverse fields and supporters of the Foundation’s mission.

    Tim Draper

    Tim Draper is the founding partner of Draper Associates and DFJ. Tim’s original suggestion to use viral marketing as a method for spreading a software application from customer to customer was instrumental to the successes of Hotmail, Skype, and others.

    Tim has been recognized as a leading supporter of entrepreneurship with numerous awards and honors. He was listed as #46 of the most outstanding Harvard alumni, #7 on the Forbes Midas List, #1 of the Most Networked Venture Capitalists by Always On, and #98 in Worth Magazine’s 100 Most Powerful People in Finance. Tim also received the World Entrepreneurship Forum’s “Entrepreneur for the World” in 2015.

    Tim received a BS from Stanford University with a major in electrical engineering and an MBA from the Harvard Business School.

    In 2011, he created Draper University of Heroes, a residential and online school to help extraordinary young people meet their entrepreneurial goals. In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized Bitcoins from the Silk Road marketplace website. In May 2017 he announced his first-ever support for the Tezos token.

    Brian Singerman

    Brian Singerman has a been a member of the Founders Fund investment team since 2008.

    After graduating from Stanford University with a BS in Computer Science, Brian joined a start-up, There, Inc., as a software engineer. He was recruited to Google in March 2004, and spent the next four years as an engineer and executive at the company, where, among other projects, he founded iGoogle.

    While at Google, Brian started his career as an investor, founding his own angel fund, the XGYC Fund, seeking early-stage opportunities with businesses that challenge the status quo. At Founders Fund, Brian relentlessly seeks out companies that can deliver massive returns to investors while also providing real value to humankind. He invests across all sectors and stages, with a particular passion for companies reinventing huge industries like healthcare, biotechnology and education. Brian serves on the boards of Affirm, AltSchool, Emerald Therapeutics and Oscar. He was also a board director at Misfit, prior to the company’s acquisition by Fossil in 2015, and Stemcentrx, before the company was acquired by AbbVie in 2016 in the largest private biotech acquisition of all time.

    John Clippinger

    John Henry Clippinger is co-founder and Executive Director of ID3 (Institute for Innovation & Data Driven Design), a 501 C(3) non profit organization formed to develop and field test an open source software trust frameworks (Open Mustard Seed) for data-driven services, infrastructures, and enterprises. He is also a Research Scientist at the MIT Media Lab’s Human Dynamics Group, a distinguished Research Fellow at the Institute for the Future, on the Steering Committee and Advisory Board of the Blockchain Ecosystem Network (BECON), and a former Chairman of the ITU Working Group on Identity and Authentication. Previously, Dr. Clippinger was founder and Co-Director of The Law Lab at the Berkman Center for Internet & Society at Harvard Law School. He was also a Senior Fellow at the Berkman Center where co-founded Project Higgins, an open source, and identity framework to give users control over their personal information.

    Dr. Clippinger is co-editor with David Bollier, of From Bitcoin to Burning Man and Beyond: The Quest for Identity and Autonomy in a Digital Society, 2014, and is the author of A Crowd of One: The Future of Individual Identity, 2007. Previously, he was Director of Intellectual Capital for Coopers & Lybrand and the founder of four artificial intelligence software companies. He consults with companies, foundations, NGOs, and government agencies on technology, policy and business strategy issues related to privacy, trust frameworks and social networks.

    John is the author of several recent articles, white papers, and chapters on topics related to identity, trust frameworks and governance: Towards a Post Industrial Networked Democracy; A Decentralized Data Commons for The Exchange of Tokens of Trust and Value; A New Kind of Social Ordering: Self-Sovereignty, Autonomous Trust and P2P Parity; A Renaissance of the Commons: How the New Sciences and Internet are Framing a New Global Identity and Order; chapter in Code: Collaboration, Ownership and the Digital Economy; and many more.

    Dr. Clippinger is a graduate of Yale University and holds a MA. and Ph.D. from the University of Pennsylvania, where completed his thesis on a computational model of discourse composition. He is a member of the eG8 Forum, the Global Leadership Telco Council and the Risk Analysis Network for the World Economic Forum. He is a frequent participant at The DoD sponsored Highlands Forum, The Aspen Institute, the CEO Leadership Institute of Yale School of Management, Creative Leadership Summit, Chinese Academy of Sciences, Aspen Institute Italy, World Technology Network Leader Finalist, Telco 2.0, Fortune Brainstorm, Arab Thought Leadership Conference, Kauffman Summer Institute, Monaco Media Forum, Ashoka, The Santa Fe Institute Business Network, World Government Summit, Cambridge Institute for Sustainable Leadership and the Blockchain Ecosystem Network.

    Lee Linden

    Lee is an entrepreneur and early stage investor who works with startup founders to help them find product/market fit and grow to become impactful businesses.

    Previously, he lead Facebook’s emerging initiatives in commerce and mobile ads. Lee joined Facebook via the acquisition of Karma, a breakthrough commerce company he founded which allowed smartphone users to instantly send physical products to others without mailing addresses.

    Prior to Karma, Lee founded Tapjoy and piloted the company to its position as a leading mobile advertising platform which today touches more than 1 billion devices and generates hundreds of millions of dollars in advertising revenue. He began Tapjoy by co-creating multiple top mobile games for iOS/Android and subsequently unraveling the potential of mobile advertising and app distribution at scale.

    Earlier, Lee worked for venture capital firm Kleiner Perkins and helped launch the iFund, a $100M investment vehicle focused on smartphone application platforms. Lee originally began his career working in product development at Microsoft, where he co-created the Windows Home Server division and shipped the first version of that product to market.

    Lee holds a MBA from Stanford’s Graduate School of Business and a BA in Computer Engineering from the University of Michigan. He grew up in the suburbs of Detroit, Michigan and today lives and works in New York City

    Lee has been a featured speaker at universities, conferences, and panels worldwide and has received numerous awards for his work including 30 under 30 Best Young Tech Entrepreneur by Bloomberg Businessweek, 100 Most Creative People in Business by Fast Company, and The Silicon Valley 100 by Business Insider.

    Justin Rosenstein

    Justin Rosenstein is the co-founder of Asana along with Facebook co-founder Dustin Moskovitz. Asana’s software enables teamwork without email, and provides key communication infrastructure to companies like Airbnb, Foursquare, Pinterest, Twitter, and Uber. Asana’s mission is to help humanity thrive by enabling all teams to work together effortlessly.

    Justin has led the development of products that hundreds of millions of people use daily. At Facebook, he was the tech lead for projects including the Like button and Facebook Pages, and designed the in-house project management system that Facebook relies on to this day Facebook. At Google, he product-managed several projects in the communication/collaboration division, and created the initial prototype for Gmail Chat.

    Justin majored in Math and got part way through a Master’s in Computer Science at Stanford. He is also a serious student of yoga, meditation, and cats.

    Yariv Gilat

    Yariv Gilat is the Founder and CEO of Financial Algorithms (Final), a firm specializing in the development of trading algorithms and trade execution technology.

    Mr. Gilat is a well known serial entrepreneur, active angel investor and strategic adviser. He was Chief Executive Officer of Kryptonite Ltd., an investment company focused on managing hedge funds, and has served on the boards of Playtika and

    Guy Corem

    Guy Corem is a software developer by trade, having served as an IDF Mamram instructor and and engineer at Voltaire, Broadcom and Intel. He is a hacker and entrepreneur with a passion for crypto. Previously, he was the CEO of Spondoolies-Tech, a developer, manufacturer and vendor of state of the art Bitcoin mining rigs. Guy has been an active contributor for many years to the global Bitcoin community.

  • Better Together: Bancor’s New Partners

    Bancor Smart Tokens are building blocks for a diverse ecosystem of value creation. We couldn’t be more thrilled to be working with great teams bringing great products and networks to blockchain.

    Smart Contract Japan

    Smart Contract Japan is contributing to the development of the “Global” Ethereum Blockchain community by helping people discover decentralized applications (dApps) and the value of implementing distributed technology into society. We are thrilled to partner on bringing Smart Token technology to this important effort.

    Enterprise Ethereum Alliance

    The Enterprise Ethereum Alliance connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. Together, we will learn from and build upon the only smart contract supporting blockchain currently running in real-world production — Ethereum — to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business. We are honored to be a part of this group of truly stellar companies and support the migration from existing systems to blockchain.


    Gnosis is a next generation blockchain network allowing the community to speculate on anything with an easy-to-use prediction market. We are excited to be creating a powerful Token Changer to allow holders to easily convert BNT to GNO through a Smart Token with low fees and no counter-party risk.


    Status is an open source messaging platform and mobile browser to interact with decentralized applications that run on the Ethereum Network. We are so excited to allow Status users to create Smart Tokens directly from their Status browser, and to provide Smart Token communities access to a diverse world of Dapps in the Status universe.


    Through their decentralized architecture with blockchain and biometrics on the mobile device, the Civic platform provides multi-factor authentication without a username, password, third party authenticator, or physical hardware token. We’re excited to bring identity management to smart token communities who can benefit from it.


    Aragon was born to dis-intermediate the creation and maintenance of companies and other organizational structures. Governance is such a crucial component of community organization, and we’re thrilled to be able to bring best practices to Smart Token communities.


    IMToken is a smart digital wallet meant to provide an easy, simple and powerful interface for users of all technical backgrounds. We are proud to offer Smart Token users another great solution for storing and transferring their user-generated tokens.


    China’s first ever original and open source public chain project serves as a smart assets platform. Smart assets are the combination of blockchain smart contracts and digital assets. Antshares creates new ways for assets to be registered, issued and circulated. We are looking forward to offer Smart Token issuers new and innovative tokenized reserve options.


    By using Starbase, people unfamiliar with Blockchain technology can easily issue blockchain tokens. This way, projects can get funded by issuing and selling their own tokens. Starbase wants to be a platform where many projects can be launched using the power of the Blockchain technology. We are excited to bring Smart Tokens to even more projects, helping them launch immediately liquid and viable tokens.

    We look forward to adding even more partners to this list who share our vision for a more liquid and user-generated value system on blockchain.

  • BANCOR Protocol - Learning From TheDAO

    Following our announced plan to run a 1 hour minimum fundraiser, and deposit any contributions above the “hidden cap” into a “buyback” smart contract, we’ve heard predictions from many that this move could lead to a much larger fundraiser, as well as concerns regarding the safety of dealing with large amounts of Ether.

    Clearly, many Ethereum fans are still have scar tissue from TheDAO debacle, which ended up in a hard fork while raising doubts on the viability of the smart contracts model in general.

    As they say, what doesn’t kill you makes you stronger, and since Ethereum is very much alive — we believe that the entire community indeed became stronger as a result of the collective experience and especially from how it was handled and ultimately recovered.

    The most important take away in our mind is that one cannot be too careful with placing large amounts of Ether in a smart contract, especially when it contains fresh code. This is even more critical when dealing with new or sophisticated smart contracts, where the risk of an overlooked security hole is higher.

    Given these legitimate concerns (we had them before the community voiced them), we have planned to take the following security precautions with the fundraiser contributions:

    • All contributions will be deposited directly into multiple field-tested, industry standard multi-sig wallets in order not to keep too much ETH in any single point of failure.
    • Following the fundraiser, some of the Ether will be distributed between several crypto safekeeping services, again in order to avoid any single point of failure.
    • As we begin piloting the Bancor Smart Token contracts, we will be using a “Virtual Reserve” mechanism, that will allow the smart token to operate normally, letting users purchase and liquidate BNT directly through it, while keeping the actual ETH in the contract to a necessary minimum. This way, even if the contract is compromised in some way, the damage will be mitigated. This “Virtual Reserve” will allow the BNT pricing formula to function normally without exposing the actual reserve to uncertainty.
    • In case the fundraiser indeed goes above the hidden cap, the extra ETH will be deposited carefully and gradually into the buyback contract, following, of course, a thorough audit process. We work with the best in the business and have a world-class engineering team that has been deploying end-user products together for years.

    While all this is happening, we are offering very significant bounties to anyone who manages to find a way to pull funds out of any of the contracts. This way, hackers will still be able to earn a nice bounty, but they can do so honorably, by helping us strengthen the system. This is why we built Bancor smart contracts to be upgradeable, and even though this does provide us with a greater level of centralized control during the pilot phase, we’re positive that releasing this control too early is risky and the reason hacking TheDAO was possible in the first place. We are all about responsible decentralization and we want to get there together. We recognize that the community is trusting us to lead the project there, and we take this very seriously.

    When we all feel confident about the security and functioning of the smart contract code, we will deposit the full reserve amount and upgrade the contract to its final, immutable state, removing any special access privileges we had during the transition phase. We look forward to that moment because it means that the Bancor Network Token has matured enough to grow on its own.

    We hope that sharing with you these precautions sheds some light on how we’re thinking about security in general and the specific concerns raised recently. We encourage you to share with us any additional thoughts or questions you may have as we forge together into the future, being thoughtful about its risks and rewards.

    To being better safe than sorry, The Bancor Team

  • Gnosis & Bancor Partner on the First Ever Token Changer (GNOBNT)

    We love the wisdom of the crowd, especially when there’s real skin in the game to incentive integrity and authenticity. At Bancor, we’re big believers in the potential of prediction markets to harness this wisdom, and we plan to make the Bancor Network the absolute simplest way to engage with these type of markets and other blockchain products that connect people to our collaborative potential.

    This is why we are thrilled to announce a unique partnership between Gnosis and Bancor to create a joint GNOBNT Token Changer — a decentralized liquidity pool of GNO and BNT, encapsulated in a Smart Token. 4,000 GNO and 400,000 BNT (~$1,000,000 value each) tokens will be deposited in a Gnosis-Bancor multisig wallet following the token allocation event on June 12 at 2pm GMT.

    The funds will be progressively deposited in a token changer that will provide a decentralized and automated solution for exchanging GNO to BNT, with no (human) counter-party. Since BNT holds an ETH reserve, two-way ETH-GNO conversions will be possible as well.

    The token changer will charge a small service fee that will be added to the reserves after each conversion. This will benefit all holders (buyers) of the GNOBNT smart token, as this will appreciate its price as per the Bancor protocol mechanism and formulas.

    Bancor Network of Smart Token Changers

    Anyone will be able to purchase these token changers with ETH, BNT or GNO. Doing so will increase the token changer’s reserve balances and reduce the slippage (cost) of each conversion for end users. The holders of the token changer all benefit from the collected fees, pro-rata.

    We look forward to launching this first-of-it’s-kind proof of concept and look forward to forging similar partnerships with additional popular networks in the near future. Together, let’s make all of our tokens smart.

  • BANCOR Protocol (BNT) - A Historic Token Generation Event (TGE)

    The Bancor team is humbled by the astounding support from our community. In what is now a historic Token Generation Event, 10,885 participants contributed 396,720 ETH, equivalent to $153,003,311.63, in less than three hours. To provide everyone the opportunity to invest in Bancor at an early stage, our team developed novel protocols to guarantee access to smaller contributors. Initially, we established a single hour where all transactions sent would be accepted.

    We deeply regret that not everyone could participate in the Bancor TGE today. In our efforts to ensure full community participation, even after overwhelming demand and traffic, exacerbated by massive malicious attacks to our network, the Bancor team opted to extend the restriction-free hour in an effort to ensure that pending transactions were completed. When the “hidden cap” was revealed, the flood of transactions that arrived was even more overwhelming. Consequently, after an unprecedented amount of capital had been raised, the Core team conscientiously closed the fundraiser.

    To the thousands of contributors to the Bancor protocol: thank you. To those unable to participate, your support is greatly appreciated. You too have our thanks, and our promise to do everything we can to bring you into the growing Bancor Network, which is a people’s project well beyond this initial generation event.


    Hi everyone,

    Due to overwhelming demand and traffic, and massive malicious attacks (details coming soon), many have not been able to get their transactions through, including us.

    We have decided to extend the minimum time to THREE HOURS in order to allow the Ethereum network to process all PENDING transactions and allow everyone who’s transactions have failed to RETRY. Our intention remains to include all early contributors.

    Please stay tuned for more updates and remain vigilant against non official channels and potential scammers.


    The Bancor Team

  • Press Release: Bancor Announces $153 Million Raise, Largest Token Generation Event in History

    Accelerates ambitious development timeline through venture and crowd-backed sale

    The Bancor TGE Sets World Fundraising Record

    New York, NY, June 16, 2017 — Bancor, the standard for creation of intrinsically tradeable cryptocurrencies, or “Smart Tokens,” today announced the raise of $153 million USD in its Token Generation Event (TGE) earlier this week, the largest crowdsale in history. BNT tokens were issued immediately to contributors following the TGE conclusion via an Ethereum smart contract.

    Bancor Co-Founder Galia Benartzi said, “Bancor is deeply grateful to our vast community for its support in making the project’s launch an astronomical success. Together, we made history as the world’s largest crowdsale to date, spurring the most significant spike in transactions the Ethereum ecosystem has ever seen.

    “As Bancor launches into its development phase with substantial initial funding, we can accelerate our plans to transform the industry with a platform that enables anyone to easily create a viable currency for their community or project, as well as strengthen BNT with a large reserve, buy back program, and partnership grants. Our expansion begins today.”

    Bancor enables the easy creation of smart tokens, which allow for newly embedded functionality into cryptocurrencies. With the ability to hold other tokens in reserve and to be traded directly with their own smart contracts, as opposed to any counter-party, smart tokens can instantly be exchanged for tokens of all types on the network, enhancing liquidity and facilitating usage-driven and algorithmic price discovery.

    Galia Benartzi said, “Bancor Network Token (BNT) holders can easily exchange their smart tokens for others in the network. BNT will serve as the reserve currency for new smart tokens created by anyone on the Bancor platform, capturing the network effect of the ecosystem’s growth. Bancor’s network allows tokens to be traded directly through their smart contracts, without the need for an exchange, providing a new solution to the liquidity limitations that have historically prevented the spectrum of user-generated currencies from emerging.

    “The cryptocurrency community has provided us with an historic mandate. With their digital wallets, contributors from around the world demanded access to the technology the Bancor team outlined in our white paper and product demos. With this community of supporters in mind, as well as future end-users of smart tokens, Bancor is determined to create a platform with universal utility that can elevate the industry to new heights and fundamentally change the economic landscape forever,” added Galia Benartzi.

    The Bancor TGE attracted 10,885 buyers with more than 15,000 transactions sent to the address for purchases during the event. In total, 79,323,978 Bancor network tokens (BNTs) were created as part of the Token Generation Event. Half of the total tokens, 39,661,989 BNT, were sold to the public, while the remaining were allocated to future use as detailed on their website prior to the event.

    Bancor will use the proceeds of the raise as follows: 40% dedicated to software development, 20% as an Ethereum reserve for BNT, 12% toward marketing and business development, 10% for seeding Token Changes (smart tokens that hold multiple reserves and allow for direct exchange between them) and exchange-traded funds (Token Baskets), 8% for operational costs, 5% for legal expenses, and the remaining 5% for miscellaneous purposes.

    Capitalized in record-setting fashion, Bancor’s team announced plans to accelerate specific elements of the Project Roadmap, available for public viewing and commentary on Trello.

    “Bancor is delighted to move into an accelerated development phase, thanks to the enormous support of our contributors in making our Token Generation Event a momentous success. It is with great pride that we take our next steps and expand our ambitious plans, including adding talent to our already world-class development team, and empowering communities internationally to adopt smart tokens for their networks,” said Galia Benartzi.

    The Bancor team consists of Foundation Council members Guy Benartzi, Eyal Hertzog, and renowned economist and architect of the Euro Dr. Bernard Lietaer serving as Chief Monetary Architect, with Galia Benartzi leading business development, and Yehuda Levi as Chief Technology Officer.

    Bancor’s sterling advisory board includes legendary venture capitalist Tim Draper of Draper Associates; research scientist at the MIT Media Lab Human Dynamics Group John Henry Clippinger; eToro CEO Yoni Assia; Co-founder of Financial Algorithms Yariv Gilat; Facebook’s former Head of Commerce Lee Linden; and Co-Founder of Asana Justin Rosenstein, among others.

    For more information, the Bancor whitepaper is available at


    About Bancor

    Bancor protocol is an initiative of the Bprotocol Foundation, a nonprofit organization based in Zug, Switzerland. Bancor protocol is a standard for the creation of Smart Tokens, a new standard for cryptocurrencies which are intrinsically tradable. Starting on the Ethereum public blockchain, Bancor utilizes an innovative reserve method to enable built-in price discovery and automatic liquidity for cryptocurrencies, without the need for matching two parties in an exchange. The Bancor protocol creates a new type of interconnected asset exchange ecosystem which unlocks the long tail of user-generated tokens. Smart tokens are designed with additional functionality such as “delegated account recovery” and “vaults” to address security and recovery issues. The aim of these features is to make cryptocurrencies accessible to all and to encourage mass adoption of these advanced technologies in society.

Looks like your connection to Cryptocentral was lost, please wait while we try to reconnect.