Bancor Contracts Audited and Deployed

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Bancor contracts have been deployed following a thorough auditing process in which no security issues remain.

Bancor seeks to create a new standard for ever-liquid cryptocurrencies. It cannot be stressed enough how critical the process is of making sure the smart contracts’ code works securely and exactly as designed.

Over the past few months, we’ve submitted the code of our smart contracts to multiple industry veterans for independent audits by renowned experts.

The first to auditor to review the Bancor smart contracts was Martin Holst Swende, the Security Lead at Ethereum and part of Dyno Security AB. Martin ran many different audit tests, as well as performed a thorough analysis on the “Bancor Formula” contract, increased the algorithm’s accuracy and assisted us in lowering its gas consumption.

Martin’s latest audit (#1, #2, #3) states that:

“Based on the audit, we estimate the Bancor contracts have a high degree of security, and estimate the risk level for the contract(s) to be Low.”

The second professional to audit Bancor’s smart contracts was Nick Johnson, a reputable engineer and a member of the Ethereum Foundation. We were honored to work with Nick, who on top the extensive audit, helped us improve the overall architecture of the system. We originally met at EDCON in Paris when we first shared the Bancor Protocol with the Ethereum community back in February 2017.

Nick’s latest audit on GitHub states:

“Overall, the code is clearly written, and demonstrates effective use of abstraction, separation of concerns, and modularity.”

We also offered (this continues) an extremely high bounty reward for finding any issues with the contracts and requested the community to attempt hacking them. One user claimed a bounty for finding a small calculation error before even had a chance to test it properly. There are over 450 active members in the Bancor bug bounty group.

As a result, we’ve gained a high degree of confidence that our token allocation event and Bancor smart token contracts are functioning properly and securely.

You can review our smart contracts’ code on our GitHub.

Smart Contract Deployment

We are pleased to announce that the Bancor smart contracts are now available on the Ethereum mainnet.

The BNT allocation event will begin on June 12th at 14:00 GMT. You can read the specific token allocation terms here.

  • BNT Allocation Contract (etherscan)
    NOTE: To Participate, you must agree to the Terms and Conditions. ALSO NOTE: Ether sent to the contract before the beginning of the allocation event will be rejected by the contract.
  • BNT Smart Token Contact (etherscan)

For more information on how to participate in the BNT allocation event, please see our blog post on How to Contribute to the Bancor Token Fundraiser.


To Security and beyond,
The Bancor Team

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