Bancor is a protocol that allows for the creation of smart tokens. Every smart token holds another token or cryptocurrency in reserve to allow for continuous price liquidity through the use of smart contracts. Its native token, Bancor Network Token (BNT), is built on the Ethereum blockchain and only uses ether as its reserve. All other smart tokens on the Bancor platform uses at least one token, BNT, as reserve. Anyone can instantly buy or sell a smart token in exchange for one of its reserve tokens. There is no need to deposit into an exchange to buy or sell smart tokens on the Bancor platform. Demand for any smart token drives up the price of BNT, benefiting all other smart tokens. BNT adds stability and liquidity to all smart tokens by acting as a reserve.