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Bancor is made up of a set of smart contracts that handle token conversion on the blockchain. Without needing to go via an exchange, the protocol makes it simple and rapid to convert tokens. Smart contracts in the protocol control the liquidity pools that link the various tokens in the network.Bancor's protocol allows users to convert between ERC-20 compatible tokens. Smart contracts that contain reserves of other ERC-20 tokens are connected to each smart token. Internally, the tokens are converted based on these reserves and the volume of user requests.BNT is the default reserve currency for all smart tokens issued on the Bancor network.