Bancor Protocol (BNT) Announces Network All Set For EOSIO MainNet Launch

Bancor (BNT) All Set For EOSIO MainNet Launch

Bancor Exchange, that prides itself for having no transaction fees, recently announced that EOSBNT Relay Tokens has been removed from the Bancor network as EOS is going to integrate with the Bancor Protocol after the EOSIO MainNet launch.

Bancor Protocol wants to standardize Smart Token configurations with traditionally fixed supplies. The Bancor Protocol does not require conversion fees for operating profit, but rather benefits from increased adoption as the network of tokens expands and the number of users grows. The Bancor Network for decentralized liquidity can be used as an alternative to centralized token exchanges for any token that is connected to the network with numerous positive implications.

Preparing For EOSIO MainNet Launch

After striping down EOSBNT token relay, the Bancor Network has for time being deactivated all the EOS Transactions. All the registered EOS tokens will be transferred on to the EOS blockchain, as soon as the cross-chain functionality goes live on the Bancor Network and the EOS convertibility will resume.

EOS Relay Token is basically an ERC20 compliant Smart Token which is configured with two connectors, one to balance another ERC20 token and another one to balance BNT token so that it would allow conversions between the ERC20 token and BNT token using an on-chain transaction.

What's Next?

After the launch of EOSIO MainNet, the Bancor Protocol is going wants to merge with the upcoming EOS platform to provide automated, low-cost liquidity to the EOS community. The Bancor Protocol is the new standard for ERC20 tokens in order to enable smart contracts to connect to the liquidity network. It allows constant on-chain liquidity in the network without the need to match buyers and sellers.

Bancor had issued a statement that they cannot register and transfer EOS tokens which are kept in the individual Bancor Wallets as it is a decentralized and doesn’t control or hold any tokens in their individual wallets.

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