Insularity is the biggest obstacle to encrypted adoption. For the latest blockchain projects, those faster and cheaper transactions tend to be outweighed by network costs; it is impossible to restart an ecosystem without users. Projects like EOS, Tron and Tezos have huge ditches that prevent most users from trying, let alone using, their new dApps.
This could change for EOS, following the launch of a new decentralized plant to bridge the gap in the Ethereum ecosystem. The Bancor Network, a protocol based on Ethereum for decentralized exchanges, has collaborated with an EOS block maker to create a new DEX, allowing seamless exchanges between the two multi-billion dollar dApp platforms.
In an announcement published in Medium, LiquidEOS wrote:
Bancor's unique liquidity network allows users to convert frictionless tokens without the need to find a counterpart to trade. Unlike traditional exchanges, which rely on orders to match buyers and sellers, Bancor uses transparent algorithms and automated deposits to manage liquidity and allow continuous conversion of one asset to another. From its historic sale of 153 million coins in 2017, Bancor has transformed over $ 1.5 billion in coin conversions on Ethereum and is regularly ranked among the largest volumes of Ethereum's blockchain.
Partnership is the ultimate effort to cross the ditches that separate the fifth largest blockchain from the rest of the crypto economy. In addition to the usual advantages of intelligent contract-based exchanges, BancorX will also exploit the benefits of the EOS network, such as one-second transactions and zero costs.
LiquidEOS is not the only figure in favor of the new exchange. "We consider the Bancor protocol an elegant liquidity solution for the benefit of all token holders by offering a completely new paradigm for value exchange" said Block.One CTO Dan Larimer, in a statement released when BancorX was announced for the first time.
Currently, 110 Ethereum and EOS tokens will be available for cross-chain trading, including the most popular EOS tokens such as Everipedia (IQ) and Meet.One (MEET), and the smart contract can easily be extended to other token. For the announcement: "Everyone can integrate their token with Bancor's liquidity network by targeting a number of those tokens into an intelligent contract they own and manage."
BancorX joins a growing number of suspension bridges between the two main intelligent contract platforms, many of which are still under construction. Crypto Briefing has already reported on EOSFinex, a decentralized exchange proposed to allow exchanges without trust in the same way as BancorX.
The author is invested in Ethereum, which is mentioned in this article.