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A new, open-source blockchain project is hoping to harness the power and potential the technology has to revolutionize the world of finance and financial services.
Bancor aims to revolutionize the way money moves between humans, businesses, and institutions on an unprecedented level.
Developed by a group of bitcoin enthusiasts led by Vitalik Buterin (whom I profiled previously), the ambitious project intends to create a global distributed ledger for money that can’t be counterfeited.
Bancor would solve the problem of double-spends, which occurs when one party sends coins to the other, leaving both parties with the same amount of currency. Double-spends have a significant impact on the economies of all parties involved, so anyone who uses Bitcoin will be affected. Furthermore, the use of a Bitcoin-based currency means it will be impossible for third parties to prevent double-spends through a central authority.
If you want an idea to see how Bancor will work, here are a few of its key features:
Transactions are made using a novel transaction protocol (instead of traditional bitcoin blockchains) that does away with third-party intermediaries and eliminates double-spends
Bitcoin transactions are not limited by the number of bitcoins in circulation, which should facilitate scalability and allow Bancor to scale to become the largest and most secure of its kind
The distributed ledger is built on top of bitcoin
It has a decentralized consensus mechanism so every Bitcoin-based payment would be executed on a Bancor platform
It aims to eliminate the volatility of bitcoin’s value and eliminate a central authority from influencing the value of bitcoin
Bancor is open source. If you want to get an idea of how this decentralized system might be applied to your own bitcoin-based project, check out this video:
At the core of Bancor is a technology called blockchains that are used to track transactions. A blockchain consists of two components: a database (called the blockchain) and a public blockchain (also referred to as an “alternative blockchain”). The blockchains on Bancor are different from traditional blockchains in that they are private to all participants.
Instead of relying on third-party intermediaries like banks or exchange platforms, a Bancor participant would use the technology
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