- Bancor (BNT) says BancorX allows users to seamlessly swap cryptos based on the EOS and Ethereum blockchains without a crypto exchange
- The entire process is facilitated by Bancor’s native altcoin, Bancor Network Token (BNT)
- The Bancor team claims that users of its BancorX solution will not have to pay transaction fees
Bancor (BNT) distributed ledger technology (DLT), project and cryptocurrency liquidity provider, has announced the launch of BancorX, a new solution that allows digital assets holders to convert between Ethereum and EOS-powered cryptoassets without having to go through a cryptocurrency exchange, according to a Finance Magnates report on November 5, 2018.
Bancor’s (BNT) Innovative Crypto Swapping Solution
In a bid to make it easier for cryptocurrency holders to swap between various digital assets on the Ethereum and EOS blockchain networks, Bancor Protocol, a cryptocurrency liquidity provider has launched BancorX.
Per sources close to the matter, the BancorX solution first converts a user’s token (EOS or Ethereum-based coin) into the Bancor Network Token (BNT), before swapping it for the trader’s desired altcoin.
In essence, BNT functions as an inter-network token, helping hodlers of EOS and Ethereum powered cryptocurrencies to quickly swap their coins without having to pass through an exchange.
BancorX The New Decentralized Middle Man?
While one of the key ethe of distributed ledger technology is to eliminate the middlemen and promote decentralization, it’s worth noting that Bancor’s BancorX solution functions as a middleman, the only differences being that Bancor is a decentralised crypto exchange (DEX).
And it claims that users are not charged transaction fees as compared to centralized cryptocurrency trading platforms and exchanges.
“BancorX is based on the ability to move BNT between blockchain networks. This cross-chain functionality increases the utility of BNT as an inter-network token, bridging the gap between the EOS and Ethereum ecosystems,” declared Bancor’s Co-founder and Product Architect, Eyal Hertzog.
In addition to eliminating the need to deposit funds on crypto exchanges and pay transaction fees, the Bancor team claims that transactions on BancorX are much faster as compared to that of the Ethereum network.
Despite having its shortcomings, Bancor remains one of the most credible blockchain projects in existence at the moment.
After raising a whopping $153 million through an initial coin offering in 2017, Bancor says its primary objective is to eliminate the middlemen in cryptocurrency trading and allow people to trade automatically via its innovative solutions.
At press time, Bancor maintains a market cap of $90.87 million, and the price of BNT sits at $1.38, as seen on CoinMarketCap.