Token name: Bancor (BNT)

Listing date: 02.12.2019

People often ask about the utility of BNT, Bancor’s Network Token. Why not use ETH, EOS or another blockchain-level token instead of BNT?

In short, BNT is a utility token for token creators, who use BNT to:
1) automate fast, fair and affordable conversions of a token; and
2) enable instant conversions of a token across different blockchains.

To achieve this functionality, token creators connect to the Bancor Network by staking an amount of their tokens and BNT in a smart contract which they own and manage. Each smart contract in the Bancor Network serves as an on-chain liquidity pool which receives and dispenses tokens at algorithmically-calculated rates. BNT is the common token within each liquidity pool through which conversions are processed. For instance, a conversion from DAI to BAX would convert DAI for BNT and then BNT for BAX — with the user experience being an instant, on-chain conversion from DAI to BAX.

Using BNT as a common token in every liquidity pool allows users to perform instant token-to-token conversions without a counterparty — including cross-blockchain conversions.

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Biteeu Team
2 December, 2019