The Bancor Network recently launched a new generation crypto exchange service. It’s designed to disrupt the existing paradigm that requires funds to be deposited on a centralized system.
The company announced on November 5th by posting an update on its Twitter account. The post read:
How Will BancorX Work?
Since it’s a new platform, not much is known about the dynamics right now. However, the company recently posted a blog on the official site explaining the idea behind BancorX.
The system allows “automated conversions between Ethereum-based and EOS-based assets without users having to deposit funds on an exchange.”
It also does not require “order-matching between buyers and sellers.”
All users will be allowed to integrate an EOS or Ethereum token through the system “by staking an amount of those tokens in a smart contract which they own and manage.”
There will no more be a need to deposit funds in a centralized system and wait for order matching.
For the system to work, Bancor Network Token (BNT) will function simultaneously across both Ethereum and EOS blockchains, which will allow cross-chain transactions to occur without any trouble.
The Token works on an automatic system, issuing and destroying itself simultaneously. The process occurs on various blockchains, resulting in the token not being on two blockchains at the same time. As a result, the token’s supply remains constant.
It Offers More Security
The system is said to be very secure. According to the company, the framework contains a fail-safe for added security. Moreover, there’s also a transfer quote that assigns a maximum number of Tokens that can be exchanged or moved across blockchains at a given time.
This quote is periodically reset based on how it’s depleted. This ensures that the system works without any distortion.
I don’t even understand how I finished up here, however I assumedthis submit was good. I do not recognise who you might be howeverdefinitely you’re going to a famous blogger for those who are not already.Cheers!
It’s genuinely very difficult in this active life to listen news on TV, therefore I just use internet for that purpose, and take the latest information.
I’ve been browsing online more than 3 hours these days, but I by no means discovered any interesting article like yours. It is beautiful price enough for me. In my opinion, if all website owners and bloggers made excellent content material as you did, the net will probably be much more helpful than ever before. “Now I see the secret of the making of the best persons.” by Walt Whitman.
I will immediately seize your rss feed as I can’t to find your email subscription hyperlink or newsletter service. Do you’ve any? Please let me realize so that I may subscribe. Thanks.
Excellent blog you have got here.. Itís hard to find excellent writing like yours nowadays. I seriously appreciate individuals like you! Take care!!
An intriguing discussion is worth comment. I do think that you ought to publish more about this subject, it may not be a taboo subject but generally people don’t discuss these issues. To the next! Kind regards.
Wow that was strange. I just wrote an extremely long comment but after I clicked submit my comment didn’t show up.Grrrr… well I’m not writing all that over again. Regardless,just wanted to say fantastic blog!
Thanks for your post made here. One thing I’d like to say is the fact most professional career fields consider the Bachelor Degree just as the entry level standard for an online certification. Though Associate Certification are a great way to begin, completing your Bachelors opens many doors to various jobs, there are numerous on-line Bachelor Course Programs available coming from institutions like The University of Phoenix, Intercontinental University Online and Kaplan. Another issue is that many brick and mortar institutions offer you Online variants of their college diplomas but normally for a significantly higher payment than the corporations that specialize in online degree programs.
I learned more new stuff on this weight loss issue. A single issue is that good nutrition is highly vital any time dieting. An enormous reduction in junk food, sugary food items, fried foods, sugary foods, pork, and white flour products may be necessary. Having wastes organisms, and toxins may prevent ambitions for losing fat. While certain drugs momentarily solve the issue, the awful side effects usually are not worth it, and they never present more than a short-lived solution. It’s a known fact that 95 of celebrity diets fail. Thank you for sharing your notions on this website.
Thankyou for all your efforts that you have put in this. very interesting information.