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Bancor: from an Epic Failure to Crypto Success 💰🔑

When the cryptocurrency had emerged, it posed loads of challenges for users. Hardly did anyone have an idea of how to handle and monetize it. What made matters worse was a raw seller-customer system that limited users’ opportunities. Bancor was committed to solving this issue.

Idea

The startup’s mission was to simplify the process of buying and selling cryptocurrencies. Bancor enabled one to exchange their token stocks or get new ones without a direct participation of other people at any time of the day.

Before that, such kind of platforms worked like traditional exchanges, where a user put up an offer and had to wait for someone to get engaged.

This became possible thanks to a linking token, which adjusts the price for each transaction without third parties. Today, this technology is called Smart Tokens and allows you to form token liquidity networks through special algorithms.

Background

The project was founded by Galia Benartzi, a talented technology entrepreneur. She has been a venture investor, founder of cross-platforms, and developed mobile applications. Galia actively supports businesswomen and fosters their access to CEO’s positions. According to Forbes, she’s been listed in the TOP 50 women who successfully work on the IT market.

As the crypto market grew, investors began to complain about inconveniences of exchanges. They experienced a large time difference, even being within the same country. Galia found out about this on a forum and decided to set up a platform to facilitate the process of crypto trading.

In 2017, Galia launched the startup using her personal savings. At first, it was criticized a lot for excessive centralization, which slowed down the operation. However, the team continued to work and managed to speed up the process.

First failure

Galia decided to improve the platform and make it decentralized bringing it to the kind she originally aspired to. But suddenly the system was hacked and the company lost $13,5 million. Luckily, the team managed to block another large transfer in time amounting to $10 million.

First success

In June 2017, Bancor began to hunt for funds. Simple crowdfunding solutions did not fit its goals, and Galia tried something like selling shares, but instead of the latter they traded tokens.

As a result, the team succeeded to collect a record amount of money — $153 million, which temporarily slowed down the purchase process of Ethereum sales.

Moreover, the platform already has 10,855 buyers who made over 15,000 transactions to buy a whopping 79,323,989 Bancor Network tokens. This happened for the first time in the cryptocurrency market and brought real fame to Bancor.

Competitive advantage

The main benefit of the startup is the independence of its participants. No one needs to wait for anything, everything works automatically, without failures or hacks.

Other advantages include a high level of security, decentralized control, and intensive development. On top of that, Bancor enables users to store funds for a long time without any operations and provides them with user-friendly and simple interface.

Conclusion

To succeed, you need to be aware of what is happening in the world and not reject the new, even if it still seems incomprehensible.

Take your time and figure it out, especially if it concerns the technology industry, which up-and-coming. Try to find problems yourself, or talk to those who see them and are ready to share. Learn to see opportunities where others see only problems.
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