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bancor is a decentralized exchange protocol (DEX) that was launched on the Ethereum blockchain. L & # 39; Company announced in September who was working to get to the EOS network – another high-level platform based on Ethereum – and now it seems like the time has come.
The new system on EOS, known as BancorX, officially went live. BancorX tries to allow conversions of over 100 different EOS and Ethereum resources, including eosBLACK, BetDice, KARMA and Prochain.
What is BancorX?
As an open-source and cross-chain liquidity protocol, BancorX can be used free of charge by other exchanges and decentralized applications.
Co-founder of Bancor and responsible for business development Galia Benartzi commented:
We are thrilled to have completed the Bancor Network expansion on EOS, as well as the cross-chain liquidity bridge linking EOS and Ethereum-based assets. The ability to easily convert cross-over assets into a future where projects and token users have the ability to seamlessly interact with any blockchain that best suits their needs.
The company initially raised funds through an initial supply of coins (ICO) and in 2017 raised $ 157 million, although it seems that things have been slow to take into account. At the time of writing, Bancor is the 13th most widespread and decentralized application and has a total of 156 users.
This is a small bean compared to the figures of other single blockchain DEX platforms like ForkDelta and IDEX. The executives are keeping their fingers crossed that the launch of BancorX will change things.
How does BancorX work?
BancorX was implemented jointly with the LiquidEOS block manufacturer.
Transactions take place via BNT, Bancor's unique token, which works on both EOS and Ethereum blockchains and allows cross-chain conversions.
If one Ethereum token must be converted to an EOS resource, the original currency is first converted to BNT. It is then sent to the EOS blockchain where it is converted to the appropriate currency.
The BancorX development team he explained the currency transition elaborate in detail:
When a user converts an Ethereum token into an EOS token via BancorX, it is first converted to BNT, which operates simultaneously on both blockchains. In contrast, conversions from EOS tokens into token based on Ethereum occur through BNT. During the whole process in both directions, BNT's current offering remains unchanged.
Collaboration with EOS
Bancor also claims that its Bprotocol Foundation is trying to transfer over 10 million dollars of BNT to a secure account on the EOS blockchain to improve the overall liquidity of the currency. The company is confident that this could potentially further increase the development of EOS applications.
The company has promised a size of around 500,000 BNT to any developer who improves Bancor's EOS user interface and the intelligent contract system.
Transactions can presumably occur in 1 second or less on the EOS network, which is why the Bancor team is so eager to work with it. Furthermore, EOS does not have transaction fees or risks at runtime, making it an easy mark for both cryptocurrency and blockchain investors.
Everipedia CEO and co-founder Theodor Forselius explains:
The Bancor protocol is the leading project in the crypt space that is bringing cross-chain conversion capabilities of liquidity and decentralization to EOS and Ethereum. We are really excited to have the Everipedia IQ token listed on BancorX.
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