How to Register on Bancor

Benchmark will aim to get our BMK tokens listed on as many exchanges as possible. However, one of the first sites where BMK tokens will be listed is Bancor.

A cryptocurrency exchange is a digital marketplace where you can exchange one cryptocurrency for another cryptocurrency or for fiat (currency that a government has declared to be legal tender, but is not backed by a physical commodity eg. ZAR/USD/EUR). A currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency. They can be market makers that take the bid/ask spreads as service commission or simply charge fees as a matching platform.

Bancor however is not an exchange. It is a protocol which allows for asynchronous price discovery and continuous liquidity. Bancor allows you to convert between any two tokens on their network, with no counterparty, at an automatically calculated price. Thanks to built-in liquidity, the future of user-generated tokens is here. This means that converting a cryptocurrency does not require matching two users with opposite wants. It can be completed by a single user directly through the token’s smart contract.

Unlike exchanges where you have to find someone who wants to buy what you’re selling, Smart Tokens™ are always completely and immediately liquid regardless of trade volume. Smart Tokens™ built using the Bancor protocol form an interconnected monetary network that instantly enables any request to convert between tokens in the network.

Unlike most exchanges, the Ethereum wallet provided by Bancor is ERC-20 enabled and thus you can use this address to hold your tokens.

Here is a step-by-step guide on how to register on Bancor.

Make sure you are at the correct secure website:

Select ‘Sign in’ on the top right-hand corner

You can sign up using the following platforms where a conversation with a Bancor bot will be initiated: Facebook, Telegram and WeChat

Because Facebook is the most widely used platform, the following instructions will display what occurs when ‘Connect with Messenger’ is selected. However, pretty much the same will occur on both Telegram and WeChat — a conversation will be initiated and you will have to answer a series of questions using the app before you are redirected to the Bancor site to create your password and wallet.

After selecting any of the above options, a screen will appear and you will need to select “Start”. This is what the messenger screen looks like:

After selecting “Get Started”, a conversation with the Bancor bot will begin and you will have to respond to each question.

After answering each question, click on ‘Create a wallet’

You will be redirected to Bancor where you will be required to create a strong password. Please make sure this is a unique password (not your Facebook password). Follow stringent password security and try to create a unique password not used anywhere else. Do not record this password on your PC or phone or anywhere that may get exposed in a hack.

You will then be redirected to your Backup Recovery Phase (a sequence of words that will allow you to restore your wallet if you forget your password). Please write them down exactly in the correct order as visible on the screen and ensure this is also not saved anywhere online on your PC or phone. Keep this very safe as anyone who has access to this will be able to access your wallet without your password. You also have the option to print your recovery phase.

After clicking next, you will then be redirected to a screen where you will need to select your backup recovery phrase in the correct order (this is to ensure you have written it down correctly).

Once clicking ‘Confirm’ you will be directed to the following page and given your ERC-20 enabled ETH wallet address:

You might not be able to click ‘Go to my wallet’ immediately as the transaction might still be pending blockchain confirmation. You can then click continue.

If you would like to view your address and QR code, select your account icon

Click on ‘My Wallet’

Select ‘Receive Tokens’

And a screen will pop up with your address and QR code. You can use this address to store your tokens.

This post was brought to you by Benchmark, The Venture Token. Benchmark has created a utility token to raise funds for the development of several exciting projects. These projects create a sustainable future whilst still trying to generate healthy returns.

Stay tuned for more informative posts and updates on the Benchmark Crowd Sale.