The Bancor Network is a cross-chain cryptocurrency conversion platform that lets you convert between Ethereum and EOS tokens (others are in the works) without the need of a middleman or other third party. Bancor Network Token (BNT) is the intermediary token used by Bancor to initiate exchanges. It’s both an ERC-20 token and EOS token.
This helps keep exchange costs down, as it often takes multiple exchanges to move investments around. Of course, decentralized exchanges have reduced costs over popular options like Binance and Coinbase, but that’s not the real secret sauce in Bancor’s network. It also reduces the time it takes to perform an exchange.
In most exchange platforms (even decentralized, P2P platforms like Kyber and 0x), a trade order needs another party to accept the buy/sell/exchange for it to occur. This takes time, and there are a lot of factors involved, both technical and financial.
At the heart of the network is the Bancor Protocol, which is inspired by a currency balancing system conceived all the way back in 1944 by John Maynard Keynes and E.F. Schumacher. The Bancor Foundation, headed by self-proclaimed cryptocurrency expert President Bernard Lietaer, is dedicated to leveraging this protocol through blockchain technology.