BlockchainSpotlight

Bancor Reveals BancorX – An Expansion of Bancor Protocol to EOS

The block.one team (creators of EOS) have integrated the Bancor Protocol as one of the first dApp prototypes on EOS. This integration has been called BancorX, which is an expansion of the Bancor protocol to EOS.

BancorX is the first of its kind, decentralized cross-blockchain liquidity network that supports Ethereum and EOS main nets. Bancor, an autonomous liquidity protocol for ERC-20 tokens made the announcement on Twitter, which Block.one also shared.

Having initially started built Bancor on the Ethereum blockchain, Bancor is now growing into a cross chain liquidity protocol. This move is translated into added support for EOS on its network. The inclusion of EOS will allow users to perform instant EOS based token conversions against its automated smart contracts, using Bancor. These EOS-based tokens listed on Bancor will be instantly convertible to any Ethereum-based token through the Bancor Protocol. Bancor states that benefits of the new protocol for EOS is aided by transactions as short as 1 second long, having zero transaction fee and no front running risk.

Having processed over $1.5 billion in tokens since launching on Ethereum, Bancor supports over 120 tokens and has announced that BancorX will launch with 10 different EOS tokens.

Bancor also announced the list of EOS based tokens to go live on BancorX. The list includes:

  • Everipedia (IQ)
  • MEET.ONE (MEET)
  • HireVibe (HVT)
  • Lumeos (LUME)
  • MyCryptoBank (MCB)
  • Chaince (CET)
  • CoArt (COAT)
  • Prospectors Gold (PGL)
  • HorusPay (HORUS)
  • DEOS (DEOS)

Bancor Liquidity Network

Bancor, the world’s largest decentralized liquidity network, works the same way as a decentralized exchange but with a key difference in functionality. This difference is the processing of orders done against automated smart contracts on its blockchain instead of conventional matching of two parties involved in the trade. Bancor allows EOS-based token conversions against its automated smart contracts, also known as Relays. Any project can integrate their token on the Bancor network by creating a relay to automate fair and efficient token conversions directly from the users’ wallets.

Bancor claims to providing instant liquidity to all tokens that integrate with its network, regardless of its trade volume. It welcomes anybody that wants to issue tokens and provides a solution for its value. These sentiments have been echoed by Bancor’s co-founder, Eyal Hertzog. He said:

The newfound ability for anyone to issue a token is useless without a solution for buying and selling it. This is the exact solution that the Bancor protocol provides.

The BancorX testnet is now live and Bancor is offering 500,000 BNT in total bounties for developers who improve the contracts or user interface. Its functionality is set to undergo further announcement of details in the coming days, as it is a rather unusual collaboration of automated cross-chain liquidity on the EOS and Ethereum ecosystems. This brings together two powerful infrastructures towards a growing blockchain industry.

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Razi Khan

Researcher, Electrical Engineer and a teacher, Razi is one who takes great intrigue in the prospects of blockchain and cryptocurrencies (BTC in particular) while contributing a critical approach over the subject regularly. Email: razi@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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