Bancor, a cryptocurrency liquidity company, announced on Monday that it has launched a new remedy – BancorX – that enables consumers to transform in between cryptocurrencies based mostly on the Ethereum and EOS blockchains.
Prior to this, cryptocurrency traders that wished to swap Ethereum-primarily based tokens for EOS cryptocurrencies would have to go through an trade.
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People of an trade would have to very first deposit their money to the exchange – anything they are frequently charged for doing – then put an purchase and, finally, hold out for the exchange’s purchase-matching process to work its magic, again anything that they would be billed for.
Bancor’s new system performs by changing the token a trader possesses, whether it be Ethereum or EOS, into Bancor’s Community Token (BNT). This new token is the 1st cryptocurrency capable of transferring among blockchains.
“BancorX is based mostly on the potential to go BNT – Bancor’s Community Token – in between blockchains,” explained Eyal Hertzog, Bancor’s Co-founder and Item Architect. “This cross-chain performance improves the utility of BNT as an inter-community token, connecting the EOS and Ethereum ecosystems currently, and vastly much more blockchains in the foreseeable future.”
Bancor – the new center guy
Together with Hertzog’s feedback, the company rightly point out that its new product will indicate customers no for a longer period have to go by exchanges to swap currencies but omitted the actuality that they, in impact, are now acting as the center man – even if they really don’t describe on their own as this kind of.
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To give the company their thanks, they do assert that applying the new assistance will wipe out a lot of of the difficulties that cryptocurrency traders face when applying an trade.
Further than not owning to deposit with an exchange, traders really don’t have to fork out transaction expenses when they use BancorX.
Transactions are also a great deal more rapidly. The corporation claims that what can just take more than 10 seconds on the Ethereum blockchain, only takes one 2nd utilizing BancorX.