Bancor Network Token (BNT) Contribution & Token Allocation 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:

  • 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.
  • How minimum time works? Read this: https://goo.gl/1lL0NY
  • 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

Security Audits

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 hidden 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)

Logistics

  • 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

Feedback and Questions

To liquidity and justice for all,
The Bancor Team

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 www.bancor.network

Bancor is an on-chain liquidity protocol that enables automated, decentralized exchange on Ethereum and across blockchains.

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