A few days ago BancorX was launched and there is a simple reason why this could be the nail in the coffin for Ethereum. Even if it doesnt, it has some amazing utility that we have never seen before.
You might think, but what about Shapeshift? Well, there are a few differences.
- BancorX does not use a bid/ask system, but exchange directly with the smart contract. The smart token BNT actually both automatically issue AND destroy itself simultaneously on multiple blockchains.
- Decentralised and anonymous (Trezor and Scatter compatible, and Ledger is going to be supported as well)
- Can support A LOT of tokens, even very low liquidity ones.
In short, what we got here is a system where you can “atomic swap” across blockchains, feelessly and anonymously(if desired). You can paste in your desired erc20 token (or EOS token for that matter) and then convert that into BNT token (the native Bancor token) Then you convert that into EOS or another EOS-token and ship it away to your account through the smart token.
Unfortunately I haven’t been able to test it personally yet, because I use a Ledger and currently there is only Trezor that is compatible. And I will not log in with Facebook or my phone. But that is just me. For others that is not an issue, and either way BancorX is a HUGE deal.
Bancor does a big thing for illiquidity in the crypto market, because a lot of these tokens are difficult to trade, buy or sell especially on decentralised exchanges and often centralised ones as well. Bancor was first built on Ethereum protocol but is now a cross blockchain protocol. It has its open source smart contracts on EOS as well.
If you want to learn more about BancorX I suggest you check out some of these resources.
If you liked this you can also check out some of my other articles!
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Disclaimer: This is not investing advice. I am not a professional. Just a regular guy talking about cryptocurrencies on the Internet.
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