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BancorX Facilitates the Cross-Chain Transfers Between Ethereum and EOS

CoinSpeaker
BancorX Facilitates the Cross-Chain Transfers Between Ethereum and EOS

CoinSpeaker
BancorX Facilitates the Cross-Chain Transfers Between Ethereum and EOS

Ethereum-based popular decentralized exchange protocol Bancor announced last month about working on a new platform BancorX to facilitate easy cross-chain transfers between Ethereum and EOS. Just in a months time since the announcement, the BancorX platform is now finally live!

The BancorX platform allows for easy and quick token conversions for Ethereum and EOS-based assets. Some of the interesting projects on the BancorX platform include Chaince, eosBLACK, Everipedia, Prochain, BetDice, MEET.ONE, and KARMA.

Establishing Cross-chain Liquidity Between Ethereum and EOS

The BancorX platform is an outcome of the partnership with the popular EOS Block producer LiquidEOS. Moreover, to facilitate the cross-chain transfer between Ethereum and EOS, BancorX uses the native BNT tokens. Thus the platform acts as a bridge between the two decentralized blockchain platforms enabling easy cross-chain transactions.

Before that an Ethereum token is converted into an EOS token, it first goes through an intermediary BNT conversion. Once this handshaking taking place, the BNT is then sent to the EOS blockchain wherein it is finally converted into an EOS token. All these process occurs in the background and instantly wherein BancorX takes care of the liquidity.

In the press release shared with CoinTelegraph, Bancor says that its BancorX paves the way to include “vastly more blockchains” in such cross-blockchain trading. Bancor co-founder and head of business development Galia Benartzi expressed optimism on the BancorX going live. Benartzi also noted that BancorX holds a futuristic approach of letting users easily switch between different blockchain.

“The ability to easily convert assets cross-chain points to a future in which token projects and users are empowered to seamlessly interact with any blockchain which best suits their needs,” said Benartzi.

Everipedia co-founder and CEO Theodor Forselius also showered praises on the BancorX protocol.

“The Bancor Protocol is the leading project in the crypto space that is bringing cross-chain liquidity and decentralized conversion functionality to EOS and Ethereum. We’re very excited to have the Everipedia IQ token listed on BancorX.”

Bancor has said that it will take some lead efforts in order to promote the initial liquidity. As a result, the Bprotocol Foundation will transfer $10 million worth of BNT tokens currently held on Ethereum to a secure account on the EOS blockchain. According to Bancor, this will further encourage the EOS development and serve as a symbol of faith and security for the EOS blockchain.

The Growing Popularity of EOS

EOS is emerging as a potential alternative to the Ethereum blockchain network for developing decentralized blockchain application. Over an above EOS promises to cater a larger pool of DApps in comparison to the Ethereum with much faster network operations. Due to the growing complexities of the Ethereum network currently, important projects are now considering moving out of Ethereum and looking towards other potential alternatives.

EOS and Tron have so far emerged as one of the strong competitors to Ethereum.

BancorX Facilitates the Cross-Chain Transfers Between Ethereum and EOS

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Is The Meteoric Rise In Cryptocurrencies Triggering More Cyber Attacks?

The cryptocurrency market is at an all-time high as coins recover from a  brief holiday bear season into a bullish New Year. But could this unprecedented growth in value attract cybercriminals?

Currently, there is a huge bullish run by bitcoin and other alternate coins on the cryptocurrency market even with the recent correction that saw bitcoin slightly drop in value over the holidays. However, now that the New Year has kicked off, cryptocurrencies are going up in price.  But could this surge in value be open season for cybercriminals?

For instance, the month of December last year saw Coinbase (a leading exchange in the US) temporarily suspended bitcoin Cash trading on its platform amid allegations of insider trading. In addition to that, the US Securities and Exchange Commission stopped a fraudulent initial coin offering for the first time. The fraudsters had lured thousands of investors with a promise of doubling their investments within months while the ICO raised $15 million.

How to Protect Your Cryptocurrency Holdings

Insider trading and fraudulent ICOs aside, the real threat to digital currencies still remains cyber theft. Simply put, hackers and cyber criminals pose a much more frightful menace to investors.

After all, we are living in a sophisticated digital age and since there are widespread digital tools and avenues that a hacker can use, the average person can hardly avoid or stop an attack once it begins.

Frankly, one of the biggest pain points in the world of cryptocurrency is cybercrime.  In fact, a report from the US Department of Homeland Security reports that between 2009 to 2015, more than a quarter of bitcoin exchanges were attacked.

Surprisingly, however, such reports have not been enough to keep cryptocurrencies from growing in value. Cyber criminals follow the money, however, and at the moment, it’s easy to see that the cryptocurrency market is where the money is as it currently stands at a market capitalization of about 816 billion according to CoinMarketCap.

With the rising price of bitcoin, cyber heists have become even more profitable as it only takes a single attack to potentially make off with millions of dollars.

How to Protect Your Cryptocurrency Holdings

How to Protect Your Cryptocurrency Holdings

With the cryptocurrency prices on the rise, investors need to be more vigilant than ever when it comes to protecting their digital assets. In most countries, the U.S. included, digital currencies are not recognized as legal tender so investors have little to no recourse when their funds are stolen.

So, how can an individual investor take measures to protect a digital assets account? No measure is absolutely foolproof but there are steps that you can take to minimize your risk of theft:

  • Installing an antivirus with anti-phishing support
  • Using a VPN to protect your internet connection
  • Adding an extra access protection layer with 2FA
  • Using a hardware wallet to store your cryptocurrencies
  • Setting up firewall protection

Do you believe that no one including well-funded corporations is 100 percent safe from hackers? What are you doing to protect your cryptocurrencies? Talk to us!

Images courtesy of AdobeStock, Shutterstock

The post Is The Meteoric Rise In Cryptocurrencies Triggering More Cyber Attacks? appeared first on Bitcoinist.com.

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