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One of the most popular cryptocurrency exchanges expands to the EOS network

One of the most popular cryptocurrency exchanges expands to the EOS network

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Answer One of the most popular cryptocurrency exchanges expands to the EOS network

One of the most popular decentralized applications on the Ethereum network has announced that it is targeting to expand to the EOS network to take advantage of free and fast transaction processing.

According to Bancor’s announcement, it will use the EOS network to expand its “decentralized liquidity” system, which allows users to trade between a range of Ethereum-based cryptocurrencies (ERC20) without specifying a direct order or matching transactions.

BancorX will be launched on the new product, and will allow traders to trade between select cryptocurrencies built on the EOS network, as well as directly between the existing ones. Ethereum network and EOS network.

Read:Bitcoin Mining Revenues Rise Sharply With Soaring Difficulty Rate

The Bancor platform explained in its statement, that it is developing a protocol that allows to provide liquidity between the two networks, and it has also published the special code for smart contracts on EOS, allowing users to test the protocol in a test environment. No date has been set for a full BancorX product launch.

The announcement of the Bancor platform indicated that what prompted it to take this step is the speed of transactions in the EOS network, which is faster than the Ethereum network, in addition to the lack of fees compared to the Ethereum network, which requires “gas” to use smart contracts.

It is worth noting that the Bancor platform protocol was previously used by the EOS network to regulate the RAM market, and the RAM is a necessary part to create an account in the EOS network. The Bancor platform is also a block producer in the network under the name (LiquidEOS).

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