EOS And Ethereum Married On Bancor

zyx066 (72)in #crypto • 6 years ago

Maybe you've heard this already, since it got quite some hype, but just in case you haven't, or if you don't understand what caused all the hype, here's my brief take on the launch of EOS on Bancor.

_{source: Bancor}

Easy. Simple. Comfortable. These are a few words that spring to mind when trying to summarize my first impressions on the Bancor exchange. It's not an exchange like Binance, where you have to place an order and wait for that order to be filled in order to go from one token to another. Bancor instead uses an internal Smart Contract to immediately exchange tokens, whereby exchange rates are calculated with an algorithm that simply adds EOS to the token's reserve when it is bought and raising it's value accordingly, and subtracting from that reserve when they are sold, and lowering the price simultaneously.

Bancor isn't an exchange in the classic sense; it is, in their own words, "The World’s First Decentralized Liquidity Network". And I think that's a good title as it brings a lot of liquidity to all the tokens of the supported blockchains. It started as a decentralized ERC20 exchange, but has now added support for the EOS blockchain as well. This is, if you're a holder of EOS and all it's airdropped tokens, huge; it means that from now on any EOS or ERC20 token can now be instantly exchanged for any other token on those blockchains!

You don't have to set up an account or transfer funds to an exchange's wallet; all you need to do is be logged into Scatter. You can download the Scatter App from their GitHub page by clicking the "Download Scatter" button on this page: get-scatter.com. When it's installed, simply click the "Vault" button and create a new Vault. I opted to import my EOS private key and everything was set :-) With Scatter active, it's a simple case of going to the Bancor website and exchange any EOS token directly, or buy BNT, Bancor's native token, and then use that to buy any ERC20 token. Instantly!

_{Want to exchange IQ into EOS? Just fill in the amount and click the button!}

This is the birth of inter-blockchain instant transactions. No matter how obscure or unknown your token, in a maximum of two steps it's interchangeable to any Ethereum based token, or Ethereum, or EOS, or EOS based token; everything is liquid now! Think about what this development means for DApp developers, or the many Casino and other gambling sites and DApps; they can now accept any token in their playhouses and immediately exchange it for whatever "native" token the house uses. Developers can make decentralized applications that can accept any EOS.IO or ERC20 token. In the domains of the ERC20 and EOS.IO based tokens, the fixed trading-pairs are a thing of the past!

This is what makes me relax about market prices; they don't really mean a lot at this point. Developments like these, innovative blockchains like Steem and EOS.IO and the ever increasing developer activities on them are, for me at least, a sure sign of where we're headed. Having said that, it's still early days of course and the markets are slow right now, so we'll have to see when all these positive developments translate into even more adoption and higher prices. The technology and the developers are very much alive and won't be stopped or even slowed down by this temporary slump.

Visit the Bancor eXchange here: Bancor.

And I'll close with a short YouTube video of the thing in action:

_{Why BancorX is a GAME CHANGER for EOS! [LIVE DEMO + TUTORIAL]}

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