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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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China’s Central Bank Will Soon Regulate ICO’s

The People’s Bank of China is turning its attention Initial Coin Offerings (ICO), seeking to regulate the new form of crowdfunding.

China to Regulate ICOs

Although cryptocurrency withdrawals are back on the big three Chinese exchanges, the People’s Bank of China (PBoC) isn’t quite through with the cryptoworld. Now it seems like it’s going after Initial Coin Offerings (ICOs), seeking to regulate the new phenomena in the crowdfunding world.

Chinese publication Weixin reports that Yao Qian, head of Digital Currency Research Institute at PBoC, has stated that the PBoC will soon regulate ICOs.

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Initial Coin Offerings or ICOs are a way to fund projects or companies crowdfunding methods. This typically includes selling project tokens for fiat currency, bitcoin, Ethereum, and other popular cryptocurrencies. These tokens are usually required in order to use the platform or they can also represent equity through a dividend or buy-back program.

Current ICO Landscape

The news comes at a time where ICOs are extremely popular, gathering millions of dollars every week and amassing higher and higher market caps.

Most recently, the Basic Attention Token (BAT) ICO, gathered $30million in a matter of seconds, while the Aragon project gathered $20million in roughly 15 minutes. The MobileGo ICO gathered over $53 million in the course of its month-long ICO.

Poloniex

While most ICOs currently take place through the use of the Ethereum network, other projects are also getting in on the action, as is the case of the Waves Platform, Wings DAO, and Ethereum Classic.

Although some of these crowdfunding campaigns have had exorbitant returns for investors, many members of the community are also raising questions about the validity of some of these projects and if they are really worth tens of millions of dollars before having even built their project/platform or an MVP (minimum viable product).

Regulatory Clarity Could Boost Industry

Although the moratorium on cryptocurrency withdrawals has come to an end, the PBoC has stated that they are not yet done with bitcoin exchanges.  Now, bitcoin miners in the country are starting to shut down their operations in fear of future regulatory pressure like the one applied to exchanges.

Some bitcoin miners in the Szechuan province, a place with cheaper electricity prices due to abundant hydropower resources, have decided to shut down in fear of regulation. One miner told YiCai Global:

The price is so high at the moment. Shutting down costs mine owners hundreds of thousands of yuan every day.

In China, the pressure from the PBoC has resulted in a weakened bitcoin market, strict KYC policies and may now also affect mining and ICOs as well. However, regulation can also be helpful. In Japan, the new regulatory framework built around cryptocurrencies has allowed their popularity to grow in the country.

Can the new stance on Initial Coin Offerings by the PBoC change the ICO landscape? 

Images courtesy of CryptoCompare, Twitter, Shutterstock

The post China’s Central Bank Will Soon Regulate ICO’s appeared first on Bitcoinist.com.

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