Bancor Crosses 140 million, Was it a Good Deal?
- Posted on Jun 16, 2017
On 12 June 2017, the opening of the token offering was announced by the Bancor. Can it be a great chance to exchange Ether for the Bancor Network Tokens?
There is a minimum of one hour time in token offering whereas all the contributions will be processed in order to stop the whale investors from the seizing of all the BNTs available for the public.
In addition to this, the Bancor also has an affiliation with the Bitcoin Suisse AG, which is an escrow agent and offers a chance to the non-US citizens for obtaining a guaranteed stake in BNT via a pre-contribution offering.
The Ethereum network was blocked with transactions during the time of offering. It is unclear that whether it was simply enthusiasm from crowdsale participants or it was a directed denial of service attacks.
The Bancor reported through Twitter that a big attack coincides with the token offering that has greatly affected their website and application.
Because of this, the mechanism under which the token offering operates stuck with another type of transaction and fails to function. The Bancor choose to extend the minimum time for the token offering by almost three hours or the time second hidden cap reaches for coping with the network problems. Bancor raises 396,720 Ether and sold 79.3 million BNTs when the second hidden cap was a hit. At that time, the value was more than $ 142 million.
Bancor takes Twitter to announce the partnerships with the Etherprise Ethereum and other blockchain companies that include Aragon, Smart Contract Japan, Antshares, Gnosis and imToken prior to the token offering.
The core developer of Ethereum Name Service Nick Johnson performs two independent audits in which he found no big issues with the token offering of Bancor. According to his statement, none of the concerns present security problems and any advantage to the attacks that is common to the exchanges in the present days.