The crypto world is full of possibilities, unpredictable yet calculated highs or lows, rapid value crunches, and opportunities that are incredibly promising. Capable of creating a rational shift in the economic understanding of the present time, cryptocurrencies are a way to an exit of One World Order. This Crypto world that digital currencies have created has certainly gathered a lot of business intelligence since the launch of Bitcoin, which has further translated into an active investment intelligence. As many companies prepare to clone a cryptocurrency from the Bitcoin codebase, Bancor Protocol stands out and has attracted mainstream interest, as it promises novel improvements in the form of smart tokens. That said, Galia Benartzi, co-founder of Bancor, entrepreneur, investor, creator, and an achiever, represents an important side of this idea is said to have the potential to contribute greatly to the different use cases for blockchain technology.
Galia leads the Bancor company, which monetizes on the technology of “infusing” digital currencies with intrinsic “convertibility” via everyone’s favorite: smart contracts. Before we talk about Ms. Galia, let’s go over what Bancor is all about.
A Bit About Bancor
Bancor has reportedly created a system that enables token conversion by permitting users to exchange any token on its network using “algorithmically” determined rates. Moreover, Bancor’s official website says:
“The protocol utilizes “connector” modules, which hold balances of other ERC-20 tokens within a smart contract. The Bancor Formula constantly recalculates prices to maintain balance between Smart Tokens and their connectors.”
This writing is not only vague, but also confusing like that found in the Ormeus Coin Whitepaper. Anyone with a solid understanding of computer science concepts, particularly data structures and modularized code, would naturally question what these “connector” modules actually are. Those looking to seriously invest their time, money, or effort into these projects would definitely want/deserve better explanations. There’s more I can say to literally tear this explanation apart. However, that could be something I can save for a potential interview with either Galia Benartzi or the Bancor technical team.
Enough with the criticism…let’s talk more about…
Galia Benartzi – The Tech Wizard
Galia, born to Israeli parents, was brought up in Silicon Valley and since 2013, she has dedicated her efforts as a Venture Partner at Founders Fund where she worked on developing “community currencies”. Galia’s academic background includes a BA in Comparative Literature and an MA in International Economics from Dartmouth College and SAIS Johns Hopkins respectively.
To her credit, she even co-founded a social gaming startup, Mytopia in 2005, which, after considerable success was acquired by an online gaming company called 888 back in 2010. She also helped develop a cross-platform solution called Particle Code that allows programmers to utilize an automated porting process.
That sounds impressive, but what exactly are Galia’s contributions to the blockchain and crypto space? To find out, read on please.
Her Contribution to the Blockchain Space
Galia, and her team at Bancor, have designed a tool that lets users collaborate, a bit like a shared accounting system. The inherent security of blockchain and cryptography, assuming it is coded properly, lets users network safely. Not only that, but as Galia explains to Finance Magnates –
“It’s a tool that lets us work together–it’s like our shared accounting system. When you can break this down securely, thanks to blockchain and cryptography, and allow more groups and networks of people to have their own value instruments. You can think of it like the efficiency that you might hope for out of local governments, where the local government knows the people better, and is closer to the issues, and can handle a specific issue within a neighborhood better than the federal government could handle it for you. It really is the same thing with monetary instruments.”
While this explanation does not make much sense, Galia’s Bancor project claims to be a “decentralized liquidity network” which means that every token on the network is exchangeable with all other tokens on the same network..
One Final Thought
Notably, as I read through these explanations found on TechCrunch and Finance Magnates, it gave me all the impressions of a scam. So, as usual, I searched on Google, and I found plenty of that!
Although this article will not “shed light” or analyze this, we will go on to mention a few more facts or maybe factoids. In 2017, Bancor announced that it had raised $153 Million at a Token Generation Event. Apparently, there were almost 11,000 buyers along with over 15k transactions. More than 79 million BNT tokens were also created. Since then, BNT is said to have become a giant reserve. And, proponents of BNT boast that these big reserves have the potential to “transform” the blockchain industry. Not quite sure about that one.
I would like to end this article by saying that my reactions and statements in this article are simply a natural response to all the publicly available information on the internet. In no way am I accusing Galia, Bancor, or any other crypto organization or entity of wrongdoing. I am only using my right to free speech to express my opinion about certain things which don’t make sense to me. Would be nice to speak with Ms. Galia or the Bancor team, assuming they want to “clarify” some things.