What is the purpose of BNT, the Bancor token? Does it have utility? Thanks.
Yes, you need them if you want to use Bancor app.
Why not just use ETH?
Bancor network (and thus BNT) will (hopefully soon) be deployed not only on Ethereum, but on different smart contract platforms.
ETH is the gas for the Ethereum platform and doesn't work in other platforms.
In addition, ETH supply is limited, now that Ethereum is headed toward proof of stake.
BNT on the other hand has the benefit of potentially unlimited supply, in dependence of demand and connector weight. this is very important because the price formula would not make sense with a limited supply.
It would theoretically be feasable for ETH to work as connector for smart tokens within the Ethereum platform, but because the overall demand for BNT conditions its worth in terms of the bancor formula, which is programmed into the smart contract of BNT, without this intermediate layer it would bereave all coins within the Bancor network of a second power of appreciation.
But more importantly, Bancor is striving to become a cross chain network, connecting across different blockchains at this intermediate layer.
