Bancor, a decentralized liquidity network, has just announced it has completed its partnership with Block.one to provide cross-blockchain token swaps with EOS and Ethereum (ETH).
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
EOS and Ethereum (ETH) Automated Token Conversion
The company originally announced its partnership and venture in September. The announcement just published a few hours ago reads:
“BancorX enables automated conversions between 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. Anyone can integrate an Ethereum or EOS token with BancorX by staking an amount of those tokens in a smart contract which they own and manage.”
BancorX currently supports a copious amount of Ethereum ERC20 tokens and uses its own BTN token to make the cross-blockchain transfers.
First, either EOS or Ethereum is converted into BTN. Then, the BancorX smart contract removes BNT from circulation and receives account information from the destination chain. Oracles watch the BancorX contract on the original crypto chain and report the BNT amount and destination wallet address to the BancorX contract on the destination chain.
The BancorX contract on the destination chain then issues BNT on its chain. The BNT token can then be converted into the desired coin through Relays on the Bancor Network.
The company also states that its cross-blockchain dApp was built in partnership with LiquidEOS.
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In addition to its announcement today about BancorX, the company announced that its Bprotocol Foundation would transfer $10 million to EOS, to encourage development and token liquidity on the EOS network. This money is geared toward incentivizing developers to expand and grow the already vast network.
At press time, EOS remains the fifth largest cryptocurrency by its total market cap and is trading at $5.51 a coin, up 1.25%. Ethereum (ETH) remains in second and is trading at $210.37 a coin, up 4.17%.
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