Calcitonin plays a critical role in maintaining the balance between bone formation and resorption. It's a hormone that's produced in our thyroid gland. When released, it helps in reducing bone resorption, which is the process where our bones are broken down, and the minerals within them, like calcium, are released into the bloodstream. By doing this, calcitonin indirectly promotes bone formation by preventing bone loss. Therefore, it's essentially a protective mechanism to ensure our bones stay strong and healthy.