What is Bancor Network Token? Bancor is a decentralized liquidity network that allows you to hold any token and convert it to any other token in theShow more [+] network, with no counter party, at an automatically calculated price, using a simple web wallet.
The Bancor Protocol is a new standard for cryptocurrencies called Smart Tokens, which are autonomously and continuously convertible to other tokens in the network at algorithmically calculated rates. The protocol utilizes “connector” modules, which hold balances of other ERC20 tokens within a smart contract. The Bancor Formula constantly recalculates prices to maintain balance between Smart Tokens and their connectors.
The Bancor Network Token was activated on June 17, 2017 and serves as the hub network token for the Bancor Network. All tokens in the network can be converted to and from BNT, and thus eachother, at a rate calculated by the Bancor Formula.