Bancor Network is building a Bancor protocol which allows anyone to create liquid ethereum based tokens by algorithmically calculating rates. Bancor Protocol uses a connector token as a balance which is held as smart token in Smart contract.
Bancor network is trying to replace the traditional exchange model of price discovery which essentially depends on two parties with ask and bid and thus price discovery happens. Bancor protocol will enable algorithmic price discovery of Smart tokens through their smart contracts. So Smart tokens are purchased from Smart contracts and are liquidated through smart tokens.
Bancor raised 153 million dollars in one of the biggest ICO of 2017. Bancor is based in Israel.
How Does Bancor Works