What is BNT?
The BNT is the Genesis smart token to be deployed, establishing the BANCOR network, functioning as its native currency. The BNT will hold a reserve in ETH.
BNTs will be issued in a crowdsale. The crowdsale proceeds will be used to deploy and continuously evolve a user-friendly web/chatbot interface for issuing and using tokens in the BANCOR network, to support various efforts for growing the network such as investing in the reserves of new tokens, and to make the initial deposits required to set up a new type of high liquidity decentralized token exchange network based on the Bancor protocol, using 100% CRR token changers.
All smart tokens issued within the Bancor network will hold the BNT as a reserve (though they may also hold additional reserve tokens.) This means that an appreciation in the value of any of the network’s smart tokens will appreciate the value of the BNT, benefiting all other smart tokens in the BANCOR network, since their reserve balance value will increase.
BNT will also be used as a reserve for the token changers that make up its decentralized exchange network. A BNT changer is basically a smart token that holds a 50% CRR reserve in BNT, and 50% CRR reserve in an existing, standard ERC 20 token (e.g. REP, GNT, RLC) allowing end-users to easily convert between the two by buying the smart token with one reserve token and selling it for the other. In the future, Bancor plans to support additional tokens as well.