The crypto-world welcomed a crucial piece of news at the start of the present week: Bancor, a popular project as a decentralized application on Ethereum, is joining forces with the EOS blockchain. The resulting product will be BancorX, and with it, users will be allowed to trade between EOS-based tokens and Ethereum-based coins. As of now, the exact tokens in question haven’t been specified by Bancor or EOS. The former will provide the latter with the capability to trade Ethereum based tokens without depositing funds in an exchange.
The Reasons behind Bancor’s Decision
Bancor is expanding capabilities to quietly become one of the most promising cross-chain liquidity protocols. The project has already published its code for open-source smart contracts on the EOS blockchain to let people experiment. However, the exact date of BancorX’s launch on the live platform is not public yet.
Bancor officials stated that the decision to launch the protocol on EOS had to do with its speed, which is better and faster than that of the Ethereum blockchain, as a primary reason. Additionally, the no-fee setting had a role in the choice as well, as there will be no “gas” expenses to pay for Smart Contracts. The Bancor staffers that announced the deal also claimed that they loved EOS’ approach of diminishing front-running risk because the operations are not prioritized in exchange for offering to pay substantial fees.
Bancor: What is it?
The Bancor protocol is making noise for months now. It is full of promise, and it provides a platform that will let users determine the price of equal or different assets or currencies exchanged at a determinate moment.
The Bancor protocol is a useful dApp equipped to receive, send and administrate funds from several tokens, now further enhanced with the recent partnership with EOS. Bancor is known for charging no fees or commissions for cryptocurrency conversions. Also, there is no spread, and it has a predictable and manageable price slippage, helping people solve liquidity problems associated with our times.
All in all, Bancor is one of the simplest platforms to use, as it offers a more appropriate atmosphere for trading and exchanging digital assets, with a straightforward approach and design, and with the ability to support most ERC20 tokens.
EOS: a Leading Blockchain Protocol
One of the most famous and widely used platforms in the cryptocurrency exchange world is EOS’. It can be defined as a blockchain protocol, which is powered by its native digital token of the same name. It administrates a smart contract network and decentralized operating system that has the intention of deploying industrial-scale dApps by using a decentralized autonomous corporation model.
The platform is also known for eliminating transaction fees and for performing and allowing hundreds of thousands, or even millions of transactions per second, a significantly higher rate than other “competing” blockchain structures.
By Andrés Chávez