The Bancor Protocol is a blockchain-based system that supports multiple smart contract platforms, allowing tokens to be locked in reserve and exchanged instantly via smart tokens. Bancor is a trading protocol that enables traders, liquidity providers, and developers to participate in an open financial marketplace with no barriers to entry. As a decentralized autonomous organization, Bancor is governed democratically by its community through transparent voting. The BNT token is the first smart token on Bancor, holding Ether as its reserve, and other smart tokens can connect to the BNT network, benefiting from increased demand for the common BNT.