The bancor cryptocurrency project this Monday announced the launch of an inter-blockchain decentralized liquidity network called BancorX, which allows automatic exchange between more than 110 ERC20 tokens and EOS blockchain tokens.
Initially about creating BancorX was announced in September. Then the company explained that it will expand the functionality of the EOS system with the help of a new decentralized application that allows the exchange of a wide range of tokens in different networks without the need to attract centralized exchanges of cryptocurrencies and matching applications.
Based BancorX is the ability to move your own token network Bancor BNT between blockchains. It is designed to support inter-block interoperability and exchange without affecting the total number of BNT in circulation. The company promises that in the future, BNT will support other blockchains, so their tokens can also be exchanged in the bancor liquidity network.
“The bancor Protocol is a leading project in the cryptocurrency space that provides inter-blockchain liquidity and decentralized conversion functionality between EOS and Ethereum. We are glad that The everipedia IQ token was listed in BancorX, ” said Theodore Forselius, CEO and co-founder of the Everipedia project.
The Bprotocol Foundation, responsible for distributing Bancor products globally, has also announced that it will transfer $10 million in BNT tokens, which are currently in the Ethereum blockchain, to a secure account in the EOS blockchain. These funds will be used to encourage the development of EOS and ensure the liquidity of the token, as well as become a “symbol of faith in the security and promise of the EOS blockchain.”
BancorX is based on open source principles, so it can be integrated at the software level into other exchanges, decentralized applications and services.