What is BNT?

Bancor Network Token (BNT) is the native currency token to the Bancor network, a blockchain protocol and a competitor to decentralised financial systems like Uniswap. Bancor allows users to convert different tokens directly and instantly, without the need to exchange them on a cryptocurrency exchange. Bancor is instrumental in providing liquidity to small- and micro-cap tokens and rewarding liquidity providers in the process. The Bancor protocol works by having each ERC20 compatible token linked to smart contracts that holder reserves of other ERC20 tokens. The tokens are converted internally based on the reserves and depending upon the volume of user requests.