The Bancor Protocol Crowdsale by Bprotocol Foundation, a Swiss non-profit organization, has been announced to start by June 12, 10:00 GMT. The ICO has already started to gain attention since Bancor protocol is a standard for a new generation of the cryptocurrencies called the Smart Tokens. With this protocol, the Bprotocol foundation aims to establish a global standard for the intrinsically tradeable currencies. Being a contributor in this protocol through the upcoming ICO, users will be generating BNT, the first smart token to be used using the Bancor protocol, founding a Bancor network.
The smart tokens provide the mechanism for auto price discovery and continuous liquidity. These tokens enable any investor to instantly buy or liquidate tokens in exchange for any of its reserve tokens, directly via smart token’s contract, at a continuously gauged price & as per the formula that balances buying and selling volumes.
For interested investors, following are the brief view of the terms of participation in the upcoming Bancor’s ICO:
- Token Distribution
Half of the BNT will be distributed to the contributors, while 20 percent each to be issued to partnerships, public bounties & community grants and Foundation’s operating budget, and 10 percent to team members, early contributors, advisors and founders. We can illustrate it as follows:
|Type of Parties||Total Issued BNT Share|
|Partnerships, public bounties & community grants||20%|
|Foundation’s operating budget||20%|
|Team members, early contributors, advisors & founders||10%|
- Fixed Price
The fixed initial price for the BNT has been kept as 0.01 ETH per 1 BNT (i.e. 100 BNT per 1 ETH). It is to be noted that there is a “hidden ETH Cap”, which will be announced once 80 percent of the CAP is achieved.
- The Time Period
The crowdsale will go on for 14 days, starting from June 12th, or till the hidden CAP is achieved, with one hour as minimum time period.
- Availability of token
The crowdsale will distribute the BNT to ETH contributors on an immediate basis. The option to purchase, transfer or liquidate BNT via smart token’s contract would be made possible gradually during a time period estimated at seven days following the crowdsale closing.
- Security & Security Audits
As per industry best practices, Bancor uses multi-sig wallets to hold funds. The BNT smart contract launches an innovative mechanism deployed for the first time on Ethereum blockchain. Results of the security audits will be issued publically before the start of the ICO.
- The Location
The BNT fundraiser location will be announced two days before the crowdsale starts. Interested contributors are advised to trust only these sources of information in this regard: The official Bancor Medium blog & The official Bancor website.