On 5th November, the decentralized liquidity network, Bancor announced the launch of their new enhanced product named BancorX. This will help the users convert between Ethereum and EOS based tokens automatically. The product is said to be a Cross-Blockchain Decentralized Liquidity Network.
Bancor’s tweet stated:
“We are thrilled to announce that our Cross-Blockchain Decentralized Liquidity Network, #BancorX, has officially been pushed live — enabling automated token conversions between 110+ ERC20 and EOS-based tokens.”
The decentralized application, Bancor has been designed on Ethereum blockchain which has processed over $1.5 billion token conversions till date.
The token conversion on BancorX can be performed without matching the orders between the traders. The EOS based blockchain platform provides various advantages such as faster transactions, zero transaction fees, and the transactions are not prioritized by gas fees.
Eyal Hertzog, the Co-Founder of Bancor said:
“BancorX is based on the ability to move BNT — Bancor’s Network Token — between blockchains. This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems today, and vastly more blockchains in the future.”
Cross chain conversions on BancorX are achieved by transferring the Bancor Network Token [BNT ] between the EOS and Ethereum blockchain. BNT has the ability to destroy itself on multiple blockchains once the transfer has been completed. The circulating supply of BNT remains unchanged, even though it is involved in these token conversions.
Also, BancorX lets all the users view the transaction hashes of the cross-chain conversion and can be verified on both the chains.
Some of the well-known EOS projects which are launched on BancorX are Everipedia, MEET.ONE and Chaince. All the users are allowed to move there assets from Ethereum blockchain to EOS by integrating their assets with the new liquidity network.
The blockchain firm is aiming to improve the user experience and remove the friction with the help of BancorX. According to the team, “with real blockchain interoperability, the possibilities for token-powered applications proliferate dramatically”.
Yonas, a cryptocurrency trader says:
“Just tried #BancorX . It is faster than any exchange I have ever used. Great job guys!!!”