Crypto Spotlight: BNT

Region: Europe
Aug 19, 2021, 8:00:00 AM Published By Wirex Team

Up next we have BNT - the Bancor Network Token. As always, here’s a rundown of what it’s all about.

What is BNT?

Let’s start with the Bancor. Bancor is a decentralised trading protocol that allows users to trade crypto and earn interest by staking tokens on the Bancor exchange. BNT, the Bancor Network Token, is the primary token used within the Bancor ecosystem. It acts as the default virtual reserve token for smart tokens created on the Bancor network, as well as an automatic exchange mechanism.

People who hold BNT can earn interest from the transaction fees that are generated when other tokens are exchanged to and from BNT.

Who created BNT?

The Bancor Network whitepaper was published by Eyal Hertzog, Galia Benartzi, and Guy Benartzi in 2018.

What makes BNT unique?

Fun fact: Bancor is named after the supra-national reserve currency proposed by John Maynard Keynes at the Bretton Woods conference in 1944. Trivia aside, Bancor represents a new generation of decentralised financial platforms alongside competitors like Uniswap. One to watch.