Israeli decentralized cryptocurrency exchange Bancor has partnered its EOS Block Producer LiquidEOS to launch BancorX, a cross-chain liquidity network bridge between EOS and Ethereum. BancorX uses Bancor’s Network Token (BNT) to move tokens between blockchains.
BancorX is built on the EOS blockchain protocol which runs one-second transactions as opposed to more than 10 seconds per transaction on Ethereum. There is also no transaction fees on EOS as opposed to gas fees on Ethereum which can be more than $50.
BancorX enables automated conversions between 110+ Ethereum-based and EOS-based assets without users having to deposit funds on an exchange and without the need for order-matching between buyers and sellers.
This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems, and more blockchains in the future.
The ability of BNT to communicate across blockchain platforms is expected to further boost liquidity on both Ethereum and EOS as users and developers are able to freely move tokens between the two chains.
While using BancorX, every token amount that moves through the system is permanently recorded on the blockchain and fully verifiable on both chains.
As an added layer of protection, a transfer quota is built into BancorX smart contracts, setting the maximum amount of BNT that can be transferred at any given time.
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