Bancor：Continuous Liquidity and Asynchronous Price Discovery for Tokens through their Smart Contracts; aka “Smart Tokens”

Bancor Protocol

https://bancor.network
crowdfund will begin on May 30, 09:00 GMT

Continuous Liquidity and Asynchronous Price
Discovery for Tokens through their Smart Contracts;
aka “Smart Tokens”

The phrase "double coincidence of wants" was coined by Jevons (1875). "The first difficulty in
barter is to find two persons whose disposable possessions mutually suit each other's wants.
There may be many people wanting, and many possessing those things wanted; but to allow of
an actual act of barter there must be a double coincidence, which will rarely happen."

The Bancor Protocol
Abstract: The Bancor protocol enables built-in price discovery and a liquidity mechanism for
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tokens on smart contract blockchains. These “smart tokens” hold one or more other tokens in
reserve, and enable any party to instantly purchase or liquidate the smart token in exchange for
one of its reserve tokens, directly through the smart token’s contract, at a continuously
calculated price, according to a formula which balan