Bancor, Ethereum’s DApp expands to EOS, names it BancorX
According to reports, Bancor, a decentralized application on Ethereum announced that the application that allows users to trade Ethereum-based tokens without the help of an exchange will bring the same use to EOS.
This cross chain project allows its users to trade between different EOS-based tokens that are yet to be revealed. Through this new project named BancorX, one can also trade between EOS and Ethereum based tokens.
The company explained in the announcement that it will develop into a cross-chain liquidity protocol and that it will publish the code for open-source smart contracts on EOS that will allow its users to experiment with the protocol in a testing environment.
The main decision to launch BancorX is due to its network speed which is faster than Ethereum’s and also it’s cheaper when compared to the fees paid by users on Ethereum to call smart contracts.
As a further proposition to the lack of fees, Bancor explained that EOS eliminates tailgating risk since transactions are not given importance in exchange for paying higher fees.
Is reversing and freezing transactions a bane?
Another major feature of EOS that Bancor’s announcement did not mention is its block producers to successfully reverse transactions similar to that of the Ethereum miners.
Though they cannot delete the completed transactions, they can still forcibly transfer tokens from one address to another.
However, the freezing and reversal of EOS transactions didn’t go well with some from the crypto community. Some have a negative reaction to the freezing of accounts by the EOS block producers immediately after the network launch.
According to a report by BC Focus, the EOS blockchain project is trying to attract new users to its platform. Fifteen block producers including EOS New York have approved a new protocol update. This update known to be EOS 1.2.1 will reduce the account opening costs for new users by 25%.
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