Bancor launches BancorX to provide cross Blockchain token swaps
November 6, 2018 10:09 am,
Bancor, that is a Cryptocurrency Liquidity provider, has launched a new solution for users known as BancorX. This will allow the users to convert between Cryptocurrencies based on Ethereum and EOS Blockchain. This has been made possible by the partnership between Bancor and EOS.
Before BancorX was launched, Cryptocurrency traders who wished to swap Ethereum based tokens for EOS Cryptocurrencies would have to go through an exchange. There users first deposited their funds to the exchange, then place an order and then finally waited for the exchange’s order matching system to work. These all services of depositing and exchange orders were charged by the users itself.
But now the situation has changed due to the Bancor’s BancorX. The tokens of the traders (Ethereum or EOS), are converted in to Bancor’s Network Token (BNT). This new token is the first Cryptocurrency capable of moving between Blockchains. This cross chain functionality increases the utility of BNT as an inter- network token and connect the EOS and Ethereum. BancorX also uses smart contracts to move tokens between different Blockchain.
Currently there are 120 Ethereum and EOS based tokens that may be converted through BancorX.
This all aims to reduce the hurdle of users of going to exchanges to swap currencies. Moreover, traders don’t have to pay even for transaction fees when they use BancorX. Adding more to the benefits, transactions are much faster. It only takes approximately one second rather than ten seconds.
Bancor is a Blockchain network that allows users to convert different virtual currency tokens directly and in an instant way instead of exchanging them on Cryptocurrency exchange. It is similar to Coinbase.