Bancor provides a relatively inexpensive method to convert one crypto to another, involving no buyers or sellers in the transaction. Launched in 2017, it received backing from billionaire venture capitalist Tim Draper. The BNT protocol uses smart contracts to create smart tokens, which internally process different ERC-20 tokens. The smart contracts hold different cryptocurrencies within them as a reserve and exchange them for the user when requested. Since Bancor’s protocol supports Ethereum’s ERC-20 standard, it can convert any coin with a parent coin/predecessor complying with the ERC-20 standard. BNT token is used across the network as a standard measure for conversions.
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