What coin is BNT?

At the core of the Bancor system lies the concept of smart tokens. These are ERC-20 tokens designed with built-in conversion functionality, enabling users to trade them directly for other ERC-20 tokens without the need for a centralized exchange or counterparty.

Bancor Network Token (BNT) is a digital asset that operates within the Bancor protocol, a decentralized liquidity network. This protocol allows for seamless conversion between various ERC-20 compatible tokens, fostering increased interoperability and accessibility within the Ethereum ecosystem.

Each smart token within the Bancor Network is intimately linked to smart contracts. These contracts serve as reservoirs, holding a diverse portfolio of other ERC-20 tokens. The composition of these reserves determines the token's price and conversion rates, creating a dynamic and decentralized pricing mechanism.

By utilizing these smart contracts and their respective reserves, Bancor's protocol facilitates instant and automated conversions between smart tokens. This eliminates the need for manual matching of buyers and sellers, significantly reducing the time and costs associated with traditional trading methods.

BTCC, a leading cryptocurrency exchange, offers a comprehensive suite of services tailored to meet the diverse needs of the digital asset community. Among its offerings, BTCC provides access to spot trading, allowing users to buy and sell cryptocurrencies at current market prices. Additionally, the platform supports futures trading, enabling traders to speculate on the future price movements of various digital assets.