Big day for EOS tokens: A bridge between Ethereum and EOS, BancorX Liquidity Network Goes Live on EOS blockchain

A cross-chain liquidity network from Bancor team that will bridge Ethereum and Eos is live today!

BancorX will allow users to buy and sell EOS tokens directly on the blockchain; with no deposits, no central servers storing your tokens, and no need to match buyers and sellers. The Bancor Protocol facilitates smart contracts which provide instant liquidity to all EOS tokens on the network. Since Bancor does not hold user funds, users will still be subject to receiving all EOS airdrops.

The fact that they don’t have any listing fees is a huge plus for tokens who can’t afford the $10–15m listing fees of the big exchanges, where liquidity isn’t even guaranteed and they definitely have a nice selection!

BancorX enhances Bancor’s features by utilizing the unique advantages of building on EOS such as:

  • One-second transactions (as opposed to > 10 seconds on Ethereum)
  • No transaction fees (as opposed to gas on Ethereum which can reach upwards of $50)
  • No front-running risk (EOS transactions are not prioritized by gas fees as they are on Ethereum)

Over 110 EOS and Ethereum-based tokens are currently convertible via BancorX. Anyone can integrate their token with Bancor’s liquidity network by staking an amount of those tokens in a smart contract which they own and manage.

A key component of this cross-chain functionality is the unique ability of BNT, the world’s first Smart Token, to automatically issue and destroy itself simultaneously on multiple blockchains. Any BNT that moves between chains is removed from circulation on the originating chain and sent to an address on the destination chain. This ensures that throughout the cross-chain conversion process, the circulating supply of BNT remains unchanged.

The tokens that will be listed in the initial phase:

  • Everipedia (IQ) — blockchain-based encyclopedia
  • MEET.ONE (MEET) — EOS Wallet and EOS Sidechain
  • HireVibe (HVT) — jobs dApp powered by crowdsourcing
  • Lumeos (LUME) — decentralized social platform
  • MyCryptoBank (MCB) — crypto-fiat online bank
  • Chaince (CET) — blockchain asset trading platform
  • COART (COAT) — specialized EOS platform for the art market
  • Prospectors Gold (PGL) — multiplayer online economic strategy game
  • HorusPay (HORUS) — decentralized global payroll portal
  • DEOS (DEOS) — decentralized EOS-based games
  • KARMA (KARMA) — decentralized social network that incentivizes users to do good

 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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