We’re thrilled to announce the release of Bancor’s mobile-friendly native wallet. With the Bancor Wallet, users can purchase, store and manage any ERC20 token and easily convert between any token on the Bancor Network, including ETH, EOS, BNT and many more.
This is Bancor’s largest product release to date, and a major step forward for the project, the Bancor community and the industry at large. Users no longer need to send their cryptocurrencies to exchanges if they wish to acquire other tokens. Instead, users can convert their cryptocurrencies directly and seamlessly from within their own wallets, and without having to deal with common issues that plague exchanges, such as:
- Complex and lengthy registration
- Centralized servers storing user’s money
- Large spreads, transaction fees and withdrawal fees
- Minimum deposits for users and listing costs for tokens
- Rampant pump and dumps
- Fake or inflated volumes
All users need in order to join the Bancor Network is a Telegram, WeChat or Messenger account. After creating a profile, users can create a new Bancor Wallet or import any standard ERC20 wallet protected by their selected password (which Bancor never has access to). From there, users can send their ERC20 tokens into their Bancor Wallet and instantly convert them for any token on the Bancor Network. In-wallet conversions are made against smart contracts, rather than by matching buyers and sellers, giving users transparent and efficient pricing that is more predictable and more resistant to manipulation.
In building Bancor’s Wallet, we set out to create a simple user experience for everyday consumers by designing a wallet that is:
Dynamic: The Bancor Wallet is the first of its kind to offer automated token conversions with instant on-chain settlement. Each token that joins the Bancor Network becomes instantly interchangeable for any integrated token directly from within the Bancor Wallet.
Secure: As a decentralized liquidity network, Bancor neither holds nor has access to customer funds, making its network and its wallet more secure. The wallet also underwent numerous rounds of paid auditing by third-party security firms, in addition to a variety of unsuccessful attacks during the 12-week Bancor HackMe Bounty Challenge.
Portable: Users can login to their Bancor profile and access their Bancor Wallet from any device using their password. Users are always in control of their keys and can withdraw their tokens and export them to any ERC20 wallet at any time, at no additional cost.
Simple: Driven by design and built with simplicity in mind, the Bancor Wallet includes the ability to view token balances in various display currencies, receive notifications when transactions are executed, and filter transfers and conversions by token symbol, all from within a sleek wallet interface.
Reliable: The smart contracts that power the Bancor Wallet serve as autonomous and predictable market makers. Since their logic is transparent and immutable, the Bancor Wallet is always able to predict how a conversion of any integrated token will move its price. This minimizes price slippage between the expected price of a conversion and the price at which a conversion is actually executed.
Extensible: Any Web3-enabled decentralized application can integrate Bancor’s open-source protocol in order to provide their users with automated conversions directly from their own environments.
The addition of a native wallet (along with an upcoming fiat integration via credit card) makes Bancor an end-to-end decentralized solution for frictionless, on-demand access to tokens — even for users who are completely new to cryptocurrencies.
We believe that removing friction from the token conversion process — both within the Bancor Wallet and within any wallet that integrates Bancor’s open-source protocol — will dramatically increase adoption of cryptocurrencies and ultimately open the emerging world of dApps to a far wider array of users.
As the first transactions in the newly launched wallet are sent to the blockchain, we would like to thank you, the Bancor Community, for your patience and your constant support as the Bancor team and contributors to the project have worked tirelessly to deliver a secure, simple and reliable place to store, manage and convert your tokens. As always, we look forward to hearing your feedback, and to rolling out the myriad of enhancements we have planned.
The Bancor Devs
P.S. Stay tuned for a step-by-step tutorial and more detailed info on how existing Bancor users can migrate any ERC20 wallet to the Bancor Wallet.