Bancor (BNT), a decentralized Ethereum smart contracts liquidity network that allows users to trade Ethereum-based tokens on a peer-to-peer basis, eliminating the need for digital assets exchanges, has announced its expansion to the EOS network.
Bancor will now launch its BancorX project on EOS, to leverage the cost-efficient and super fast transaction confirmation speeds of the network, as stated by the Bancor team on September 17, 2018.
Bancor Set to Go Live on the EOS Network
Per sources close to the matter, the Bancor team has made it clear that with the launch of its BancorX project on the EOS blockchain, users will soon have access to projects that were previously accessible to only ERC-20 tokens.
Although an exact timeframe for the launch of BancorX on the EOS blockchain has not been set, Bancor has however said that it is transforming itself into a cross-chain liquidity protocol. In essence, the platform has the vision to integrate other distributed ledgers soon.
BancorX will make it possible for users to trade various EOS-based tokens as well as executing trades between EOS and ERC-20 tokens.
Bancor Avoiding Ethereum Gas Fees
Of a truth, developers pay exorbitant fees to get their decentralized applications (dapps) deployed on the EOS blockchain, transactions on the network are, however, hundred percent cost efficient and much faster, as compared to the Ethereum network.
The Bancor team has cited the absence of ‘front running risks’ as its primary reason behind its expansion to the EOS platform.
It’s worthy of note that while transactions on the blockchain is supposed to be entirely immutable and irreversible, a supermajority of EOS block producers, however, have the power to reverse transactions on the network.
And this key feature could have also prompted the Bancor team’s decision to choose EOS so that they could have control over the network and take necessary actions in emergency situations.
But Bancor has failed to admit it.
Earlier in June 2018, the 21 block producers of EOS froze seven accounts suspected for theft – a move that is seemingly impossible on the bitcoin blockchain.
An array of cryptocurrency enthusiasts criticized the EOS community for the decision at the time, arguing that freezing users’ accounts is against the ethos of distributed ledger technology (DLT).
“Protecting” “punishing.” No. No one gets to decide those things. You are hair swapping 1 nation state for another one, albeit a digital one. This is the point of crypto, no one should have that power. If you do, then we should just stop wasting everyone’s time,” tweeted Charlie Shrem at the time.
At press time, Bancor (BNT) token is gaining 2.29 percent at $1.36, with a market cap of $72,879,842 and its ranked 75th on the CoinMarketCap top hundred cryptos table.