It is no wonder that there is always news concerning cryptocurrencies. Honestly, innovations for this asset are made every day, trying to perfect it even more and today is no different. Bancor, which is a crypto liquidity provider has just announced yesterday that it is launching a new solution called BancorX. The platform will help users to convert between cryptos. However, there are limitations as it will only work for cryptos based on Ethereum and EOS blockchains.
Bancor is trying to innovate the whole crypto exchanging and converting mechanisms of the 21st century. At this point of time it was only available through a crypto exchange, meaning that a customer had to register, deposit funds, purchase cryptos (for which he would be charged) transfer it to a wallet and finally be able to convert it to another crypto, while also paying fees in the meantime.
Bancor was able to bypass all of these restrictions by making their very own token called the Bancor’s Network Token or BNT for short. This token is considered to be the very first crypto, able to move through and between blockchains. Through their platform traders will be able to convert the tokens directly to BNT and later, anyone they wish.
According to Eyal Hertzog, Bancor’s Co-founder, BancorX is just the beginning of a new era of crypto conversions. In his words, people will be able to utilize the platform only for EOS and Ethereum for now, but in the future, nearly every single cryptocurrency is being considered as an addition. Without BancorX, the conversions wouldn’t be possible and the innovations would fall behind considerably.
Shortcomings of the crypto exchanges
Today’s cryptocurrency exchanges are becoming one of the most profitable startups of the 21st century. pretty much every startup that was able to attain that status was either tech or fintech. Therefore there are many enthusiasts trying to tap into that market and make a name for themselves. The fact that the exchanges are so popular doesn’t mean that they are perfect. Bancor is based on their shortcomings, for example, the complex swapping system and fees. BancorX is hoping to act as the new middleman and help its customers convert to new cryptos without too many hassles.
In addition to the innovations, BancorX has already started to promise its new users a better and faster platform in terms of transactions. In their words, BancorX is offering a one-second transfer process, while its common for Ethereum to take at least 10.