Bancor This significant move highlights Bancor's position as a top-tier application in the decentralized space. Ethereum network , has announced plans to expand to the EOS blockchain ..
The company introduces BancorX, an upcoming initiative that will enable seamless trading across not only EOS-based tokens but also between EOS and Ethereum assets, though the specific EOS tokens aren't disclosed yet.
This strategic update emphasizes expanding the 'decentralized liquidity network', a platform that grants users the power to trade Ethereum tokens effortlessly without relying on centralized exchanges or traditional order books, bringing this feature onto EOS.
Bancor is transitioning into a versatile cross-chain liquidity system, and the company has dispatched open-source code for smart contracts on EOS, inviting users to try it out on the testnet environment. Details on the official go-live for EOS remain undisclosed.
Faster and Cheaper
EOS was chosen by Bancor for its swifter transaction processing compared to Ethereum, and its absence of transaction fees appeals greatly when contrasted with Ethereum's gas fee structure.
Before the enhanced network, high fees were a norm for Ethereum users. Bancor highlights EOS's advantage where transaction priority isn't determined by fee amounts, eliminating 'front-running risks'.
Read: Beginner’s Guide to EOS
While EOS transactions incur no cost for the user, deploying the development process of dapps on the EOS blockchain can prove costly unless developers pass these expenses onto the end-users.
Interestingly, a feature not openly highlighted by Bancor is EOS's system where block producers, akin to Ethereum's miners, can potentially reverse transactions by majority vote, which isn't possible on Ethereum.
Powerful Block Producers
Even though block producers can't erase transactions already executed, they have the prerogative to forcibly relocate tokens between addresses.
In addressing this, Bancor's spokesperson Nate Hindman refuted claims that such EOS traits influenced their expansion decision, re-emphasizing the attributed benefits of faster transactions, zero fees, and robust front-running defense.
The ability of EOS to reverse transactions has sparked debate, with many in crypto seeing irreversible transactions as blockchains' allure. This has drawn criticism towards EOS block producers from the online community. freeze Early on, actions to halt transactions from compromised accounts stirred controversy. Later, further account freezes were sanctioned by EOS's arbitration board.
In a similar vein, Bancor is recognized for decision its function in embedding transaction freeze and reversal potential within Ethereum's smart contracts, as cryptocurrency expert Udi Wertheimer detailed in a prior blog article.
Eyal Hertzog, a co-founder and product architect for Bancor, defended such approaches, citing referring back to the notorious DAO hack, which resulted in substantial losses without recourse. This event ultimately pushed Ethereum towards a divisive network split to rectify the situation.
Bancor exercised these features when it enacted a freeze on the movement of 2.5 million BNT tokens, equivalent to $10 million, following a security breach in July, although it couldn't stop the theft of $12.5 million in ether.
Unlike Ethereum's approach, EOS accommodates damage reversal through debated yet accepted methods. Upon notification of theft, arbitration allows block producers to undo the impact.
As of now, Bancor’s protocol plays a vital role on the EOS platform, governing the marketplace for RAM, essential for setting up EOS accounts.
