Decentralized platform Bancor working on the Ethereum blockchain launches crosscanonby product that will allow you to trade tokens EOS and EOS/Ethereum tokens.
“Now turns to the Bancor Protocol crosscanonby liquidity,” — said in a statement.
So, “a decentralized network of liquidity” that provides trade many tokens on the basis of Ethereum without the need of placing funds at the exchange and comparison of bids, implements same functionality in the network EOS.
Crosscanonby new product, called BancorX will allow users to trade as separate tokens blockchain EOS — have not yet been announced what, and EOS/Ethereum tokens.
The developers also note that the published code for smart contracts open source EOS, allows users to experiment with the Protocol in the test mode. Launch date BancorX “live blockchain” EOS is not specified.
The reason for the creation of such a product, according to representatives of the startup, was the analysis of speed of transactions on the network EOS that exceeds the same indicator of Ethereum, and no commissions, distinguishes newly launched on the background of blockchain Ethereum, with its costly gas necessary for the execution of smart contracts.
As reported by the developers, no commissions EOS eliminates the risk of frontrunning on the stock exchange of these transactions is not a priority.
It should be noted that the deployment of decentralized applications on the blockchain that offers work without any commissions can be costly for the developers, except in those cases where costs are divided with users.
It is noteworthy that in the statement the developers did not mention one peculiarity of the EOS of importance to create such a product: we are talking about the possibility of a qualified majority of founders units serving the blockchain EOS is similar to Ethereum miners, to cancel the transaction very effective.
It is known that while the creators of the blocks cannot delete a completed transaction, they can force to transfer tokens from one address to another.
However, the Director of public relations Bancor Nate Hindman (Hindman Nate) replied that the function did not affect the decision to work with a startup bloccano EOS, instead he reiterated the benefits mentioned in the statement of the company: faster transactions, zero Commission and resistance to frontrunning.
Cancel transaction EOS and the ability to “freeze” has already caused controversy — many members of the crypto community consider the impossibility of carrying out these actions as a key feature of the block chain. Indeed, many commentators reacted negatively to the decision makers of the blocks to freeze EOS transactions of a number of compromised accounts shortly after the launch of the network. Subsequently, however, the arbitration body EOS ordered the makers of the blocks to freeze more accounts.
By the way, Bancor is also known by its decision to prescribe the ability to freeze and cancellation of individual transactions in their smart contracts on Ethereum, which last year noted developer of cryptocurrency UDI Wertheimer (Wertheimer Udi).
Co-founder of the Bancor Herzog Eyal (Eyal Hertzog), who is the architect of the company’s products, defended the position of the Bancor in relation to the inclusion of these options, putting on the infamous break-in DAO, where millions of dollars were withdrawn with smart contracts, without any way to stop it. As you know, the incident eventually led the community to the Ethereum hard forks.
As for the Bancor, he introduced these functions when it detects the vulnerabilities in the security system in July, which helped to block the transfer of 2.5 million tokens BNT, at that time equivalent to $10 million However, the company was unable to prevent the theft of about $12.5 million in Ethereum.
Note the Bancor Protocol already in use on the network EOS to control the market of RAM — resource for invoice creation EOS. The company also manages the Creator blocks LiquidEOS.