Bancor Network Token Fundraiser

Bancor Network Token Fundraiser

Bancor is preparing to raise 1 million Ether with the upcoming fundraiser beginning on June 12, 2017 at 2pm GMT.

They announced the plan to run the fundraiser for 14 days or until the hidden cap is reached, with a 1 hour minimum time and deposit any contributions above the “hidden cap” into a “buyback” smart contract.

Bancor has decided to allocate any proceeds collected in the minimum hour which exceed the hidden cap as follows:

  • 20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.

  • 80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in the Token Creation Terms.

Bancor published an article on How to Contribute to the Bancor Protocol Fundraiser on June 9, 2017 to explain how to participate and be safe. BNT can be purchased using Bitcoin Suisse, Myetherwallet, Mist, Parity, imToken and Metamask.

  • 1 ETH = 100 BNT

  • Bancor Address to send Ether is 0xBbc79794599b19274850492394004087cBf89710

  • Cap will be revealed when 80% of the cap is reached.

  • BNT Token will be sent immediately to the wallet from which the ETH arrived.

Lot of concerns are raised regarding the security precaution needed to deal with large amounts of Ether. So, the team published the security precautions with the fundraiser contributions to provide comfort to the potential buyers.

They are offering very significant bounties to anyone who manages to find a way to pull funds out of any of the contracts. This way, hackers will still be able to earn a nice bounty, but they can do so honorably, by helping Bancor strengthen the system.
Bancor smart contracts is built to be upgradeable, and even though this does provide it with a greater level of centralized control during the pilot phase, the team is positive that releasing this control too early is risky. To being better safe than sorry.

We look forward to provide further updates on the fundraising which is about to start in less than 10 hrs from now.

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