We are thrilled to announce that our Cross-Blockchain Decentralized Liquidity Network, #BancorX, has officially been pushed live — enabling automated token conversions between 110+ ERC20 and EOS-based tokens. https://t.co/E54nlUElmG pic.twitter.com/NSocQZr11A
— Bancor (@Bancor) November 5, 2018
According to the announcement, BancorX functions via the movement of BNT between blockchains, where the protocol automatically issues and destroys BNT simultaneously on multiple networks. This keeps the circulating supply of BNT stable throughout the cross-chain conversion process. Additionally, similar to other public blockchains, all transaction hashes using BancorX are recorded and fully verifiable on both chains.
Bancor has added a built-in protection layer that sets a maximum for the amount of BNT that can be transferred at any given time. As the amount of BNT deletes with each transfer, that value is slowly restored with the production of each new block.
“As BancorX goes live and the first BNTs flow from ETH to EOS and back again, Bancor will aim to remove friction, unify the user experience and ensure the system’s continued decentralization and utility,” reads the announcement. “With real blockchain interoperability, the possibilities for token-powered applications proliferate dramatically.”
Bancor states that some of the benefits of the new protocol for EOS include 1-second transactions, zero transaction fees and no front-running risk.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.