On November 5, Bancor announced the launch of BancorX, a decentralized liquidity network. This allows users to automatically convert Ethereum and EOS-based tokens. The product would be a decentralized network of cross-blockchain.
Bancors Tweet said:
”#BancorX, has officially gone live, enabling automatic token conversion of more than 110 EOS based token on ERC20 and EOS. “
The decentralized Bancor application was developed in the Ethereum Blockchain, which has processed more than $1.5 billion token conversions to date.
The token transformation in BancorX can be done between operators without matching commands. The EOS-based blockchain platform offers several advantages, such as: faster transactions, no transaction costs and transactions where gas prices are not a priority.
Eyal Hertzog, co-founder of Bancor, said:
“BancorX is based on the ability to move BNT (Bancor Network Token) between block sequences.” This inter-channel feature enhances the usefulness of BNT as a network to connect EOS and Ethereum ecosystems today and more Blockchains in the future “.
Cross chain conversions in BancorX are performed by transferring the Bancor [BNT] network token between the EOS and Ethereum blockchain. BNT can be destroyed after completion of the transfer into several block sequences. The outstanding BNT offering remains unchanged even though participates in these token conversions.
In addition, BancorX allows all users to read the transaction between blockchains and can be checked in both blockchains.
Well-known EOS projects launched at BancorX include Everipedia, MEET.ONE and Chaince. All users can transfer assets from the Ethereum Blockchain to EOS by integrating their assets into the new liquidity network.
The signature blockchain aims to improve the user experience and eliminate friction with BancorX. According to the team, “With the real interoperability of blockchains, the potential for token applications is growing dramatically.”
Yonas, a cryptocurrency dealer, says:
“Just tried #BancorX . It is faster than any exchange I have ever used. Great job guys!!!”
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