On June 12, 2017 the ICO of Bancor took place. ICO means Initial Coin Offering, similar to IPO (Initial Public Offering) in the stock market. ICOs take place in the world of cryptocurrencies and they are a quite recent type of phenomenon, which has existed for a few years only. By the way of ICOs the developers of interesting projects (usually some new cryptocurrency or cryptocurrency related instrument) can collect the money they need to actually develop it and if the project will be successful the initial buyers of the ICO will earn from the rise in price of the coins they bought during the ICO. In some cases, however, if not everybody who wishes to buy into the ICO actually manages to buy, the price typically goes to the moon as soon as the coin hits the market, as everyone tries to jump on the boat before it leaves the port. And there are hints that this is what could happen to Bancor in the coming days.
Bancor is probably the most innovative project in the world of cryptocurrencies of the past years. Bancor has invented so-called “smart tokens”, ie tokens which contain algorithms which allow them to do things, for example to discover the price of an asset. Using smart tokens Bancor can now create liquidity between digital assets of any kind, solving the problem of coincidence of wants. This innovation is destined to revolutionize the world of cryptocurrencies. Bancor’s ICO lasted three hours and they have been three hours of passion which made the entire world of cryptocurrencies shake. Bitcoin included. In fact we have witnessed a sort of “exodus” from Bitcoin towards Ethereum, which is the platform where Bancor runs, which lead Bitcoin to lose up to 15% of its value, while Ethereum’s price was skyrocking to the moon. All this happened just shortly after the news came in that in Russia Putin has recently met Vitalik Buterin, Ethereum’s creator, to study the possibility of introducing the blockchain technology with Ethereum’s “smart contracts” in Russia for bringing innovation to the Russian legal and monetary infrastructure.
Back to Bancor’s ICO, the tsunami of investors’ requests, together with some hacker attacks orchestrated by big speculators who were trying to corner the market, have almost crashed Ethereum’s transaction system. Around 11,000 investors managed to buy and the final sum raised is around 150 milioni di dollari, the second highest ever. However, it has been reported that there are also as many people who did NOT manage to buy, due to the obstacles put by hacker attacks. This is suggesting that when Bancor will hit the markets, one week after the ICO or so, its price is probably destined to rise quite rapidly. It must be noted that the staff of Bancor has done its best to structure the ICO so as to give as little space as possible to speculators and as much opportunities as possible to investors.
For more details about Bancor, what Bancor is, how it works and how it will change the landscape of cryptos, you are welcome to watch the following video, which also makes a little panoramic of the amazing world of cryptocurrencies.
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