Bancor network moving forward with Ethereum
There was an announcement made for the Bancor network, that the company will be launching the first Cross-Blockchain decentralized liquidity network. The Bancor network was originally released through the Ethereum Blockchain and will be expanding into the EOS ecosystem as well. There is now the possibility of users being able to instantly perform instant EOS-based tokens conversions within a smart contract.
The features that the EOS protocol presents have a lot of benefits to it, the Bancor team, likes that the EOS network will have no transaction fees attached to it. This is very different when it comes to Ethereum as “Gas” is needed in order to execute contracts and or transactions on the network. The EOS network will also be able to provide faster transactions, with transactions ranging from 1 second on the EOS network to 10 seconds on the Ethereum’s network, which will reduce front-running risks. However, the EOS network cannot fast track as the Ethereum network can, when it comes to transactions or executions of contracts.
The collision of networks and the benefits
According to a report Bancor has processed well over $1.5 billion in token conversion. Along with the fact that the company has facilitated accessibility and affordability for more than 120 Ethereum based token projects, The EOS platform has proven to be very helpful. Many see EOS as the new Ethereum, as both platforms are quite similar. The EOS is focused on improving a few aspects that Ethereum is lacking. Bancor will be transferring its public code to the EOS network because of these complications.
The Bancor network will be launching the decentralized Cross-Blockchain liquidity network (called Bancor-X) on the Ethereum platform and EOS and has already listed an amount of EOS-based tokens on Bancor-X. The platform will include projects like Everipedia (IQ), HireVibe(HVT), DEOS (DEOS), MEET.ONE(MEET) and Lumeos (LUME) with more listing on the way.
There will be no matching order on the Bancor Network which is a major difference while functioning as a decentralized exchange. What the platform does is it allows for the automated processing of users orders through smart contracts on the Blockchain. Different network protocols will be able to integrate tokens on the platform to be traded with more than 8000 trading pairs like BNB, ETH, LTC, BNT among others. The Bancor internal coin called the BNT saw a spike in its price by more than 12 percent. The fact that the coins value has risen so much based only on the Ethereum protocol shows its potential. This means prices may continue its increase once the EOS networks comings live.
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