What is Bancor?
Bancor was introduced in 27 June 2017 by Bprotocol Foundation in Israel. Bancor allows you to create smart tokens based on smart contracts. It enbles the user to convert tokens without the need of a second party. The Bancor token (first smart token created using the Bancor protocol) will be issued by Bprotocol foundation which will establish the Banor network. Bancor uses proof of work to create new coins. It is the first solution for the Coincidence of Want Problem, allowing user-generated currencies to emerge. Since Bancor is built on Ethereum, block time and transaction fees will depend on Ethereum blockchain.