Dapp Bancor is all set to introduce its new Ethereum blockchain cross-chain product BancorX. Bancor is a well known and one of the most valuable decentralized applications on ETH platform that has now decided to expand its base to the EOS blockchain. The company’s announcement says that it is planning to bring the features of decentralized liquidity network to EOS.
The decentralized liquidity network allows crypto traders to carry out trading of a wide range of tokens based on ETH without depositing funds in exchanges. Dapp Bancor intends to bring this feature to EOS through BancorX. This new product will allow the traders to trade between selected EOS-based tokens and ETH-based tokens.
In its announcement, the company stated that it wants to evolve as a cross-chain liquidity protocol. The company wants to encourage the users on its platform to experiment with the new protocol in the testing environment for which it has come up with a code on EOS for open-source smart contracts. Dapp Bancor, however, is yet to decide a timeline for the launch of BancorX on EOS live.
There are several reasons why Dapp Bancor has decided to launch this Ethereum product on the blockchain. One of the important reasons is the speed of blockchain which is much faster than Ethereum. Also, the blockchain network does not ask for fees whereas, in contrast, the ETH platform requires the users to pay costly “gas” fees to call smart contracts, says Coindesk.
Just as Dapp Bancor there are many other companies that are using the decentralized applications and systems of blockchain technology to come up with their own unique products. And to discuss the latest launches and products in the field, since the mid of last year, multiple ETH hackathons have been organized across the world. One of the largest Ethereum hackathons was ETHGlobal that contributed in a major way for the growth and development of ETH platform.
According to Smartereum, a lot of hackers gathered recently at ETHBerlin for the Ethereum blockchain hackathon.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]