Bancor, one wallet to conver them all
The cryptomania has been spreading everywhere. As a result, many cool solutions have sprouted fresh out of the ground. The examples are quite numerous and plentiful come to think of it. Still, some outstrip others and allow the casual observer to be drawn not at the potential ephemeral riches that may never come to pass, but rather the brilliant staying power of new solutions that promise to change not only how we see money, but also how we see the financial system as a whole.
At the beginning of 2018, cryptocurrencies have already sported a solid number with 1,384 of these virtual golden tokens swirling around the Internet at a high speed. Many tokens, however, remain a bit of dreaming and a dear promise to the future rather than applicable right-now sort of currencies.
Nevertheless, many cool applications have come to the rescue. In the latest round, we take a clear aim at Bancor, an open source protocol, which will convert your tokens between any listed and reliable ones! The Bancor Wallet stands to dramatically reshape the crypto world and it is brilliantly poised to allow crypto traders feels like that they are in control of their digital money.
Understandably, Bancor is far from offering coverage for all 1,384, more or less, of the listed cryptocurrencies, but the wallet covers the 70 most traded and by extension most trusted crypto tokens on the market.
Bancor Wallets makes it possible to purchase any token with your debit and credit card and neatly bridges the gap between FIAT money and cryptocurrencies. It is quite brilliant to know that you can rely on your everyday wallet to quickly shift the value of your currency. However, the wallet would not allow users to cash out as it is more of a medium for storing crypto tokens rather than a financial institutions that is in any way linked to the monetisation of digital gold.
Still, Bancor comes handy. Naturally, there is criticism. Mobile wallets tend to be criticised as being generally less secure than the alternatives. However, Bancor makes sure that nobody on the company’s side of the company has access to users data. It ultimately renders the data more secure and if any slip should happen, it is generally the fault of a user.
Not only is Bancor endorsing the best practices in the trade, it has also successfully added third-companies as part of its vetting process. Bancor has been tested by firms that specialise in cyber security as well.
Beyond the claimed solidity and security of the wallet, users can also take personal steps to stave off ill-meaning parties from gaining access of their account. For starters, people can do better and keep their private keys safe. They will do well to use cold-storage devices and never connect the code to a device.
It is grossly impractical of course, but it also guarantees that no third-party can easily gain access over the user’s account.
Little is known, though, about what this multi-currency trading would bring to people. On the one hand, some may guess and rather justly so that the more cryptocurrencies people trade with, the better the risk for someone to get into an account.
Even a crypto network can be corrupted and once a hot token’s been ingested by a wallet, bad things may follow.
However Bancor worries about its own security. The crypt wallet is also ambitious, and intends to roll out more nifty features for its users. Not only that, but in the event an account is hijacked, Bancor will seek to establish a feature that encourages peer-to-peer action.
You would be able to appoint your guardians who can take control if things go badly and freeze dodgy transactions. The world of cryptocurrencies is quite exciting, it seems, and Bancor is only bringing a refreshing wind of innovation.
Bancor will strive to serve as an intermediary between more than 70 coins, integrating the most reliable and trustworthy tokens currently out there on the market.
It stands to reason. With so many decentralized tokens around and no one uniting, it makes sense to have a device that can easily transfer those tokens and convert them readily.
In future, some venues may accept payments in a variety of tokens and an easy and charge-free conversion could go a long way to help people buy things on the stop, including mundane groceries, which buyers may fail to purchase, because not many venues accept Bitcoin and others.
Bancor has made a good progress. When it started, only 20 tokens were available, and its offer has improved steadily up to 70 today. That is quite impressive indeed.