fbpx
Altcoins

Bancor Announces Cross-Blockchain Decentralized Liquidity Network: BancorX

The world’s largest decentralized liquidity network, Bancor has recently announced the launch of its decentralized cross-blockchain liquidity network supporting the MainNet of Ethereum, which was previously the sole one, and the EOS MainNet. Bancor platform is making advancements and will now enable its users to carry out conversions of tokens that are based on EOS as well as Ethereum technology.  All EOS-based token conversions will be made against its automated smart contracts.

It has additionally launched a EOS bounty program to encourage the users to help improve the services by discovering bugs in Bancor’s EOS smart contracts, if any, and have offered 500,000 BNT as incentive to the individual who discovers a glitch.

The Bancor Network is the first and largest decentralized liquidity network ever launched on Ethereum. From its inception to date, the platform has processed a whopping $1.5 billion in token exchanges and has enabled over 120 Ethereum based blockchain tokens to be processed and liquidated with ease.

The incorporation of EOS platform has indeed been a progressively advantageous one as it has maximized the speed of transactions. It provides the speed of 1 transaction per second whereas the Ethereum MainNet took more or less 10 seconds to process a transaction. There are no fees attributed to any of the transactions as compared to Ethereum which can charge more than $50. Also, as there are no gas fees, there are no priority based advantages given to people paying more.

Currently, Bancor has merely deployed its open-source smart contracts on EOS and an embeddable user interface that accommodates EOS-based token exchanges with the help of EOS web wallet Scatter. These have been launched in partnership with LiquidEOS, Bancors block producer team.

With two of the most exceptional blockchain technologies empowering Bancors Cross-Blockchain decentralized liquidity network, the platform has the added value of both. In the Future, BancorX will also be announcing details about the functionality of hybrid platform.

Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain, cryptos and traditional financial markets. Email: hassaan@blockpublisher.com, hassaanmalek@gmail.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Close