Decentralized liquidity network Bancor has introduced a wallet for the purpose of on-chain conversions between Ethereum (ETH) and Eos (EOS) tokens. The latest addition, also known as Bancor Wallet, is referred to as a non-custodial crypto wallet developed to facilitate on-chain crypto conversions between Eos-based tokens and Ethereum“ in a single action,” according to the press. This latest wallet is in accordance with Bancor’s newly introduced cross-chain protocol BancorX. This lets the users convert among Ethereum and EOS-based tokens devoid of exchanges.
Nate Hindman, Bancor’s director of communications, commented that Bancor’s release of the new wallet is speculated to allow the integration of other blockchains, providing Tron (TRON) and Bitcoin (BTC). He did not reveal the details of the chains that are expected to be the ones integrated in the coming days, but he stressed,
“dev time required to add these chains is now dramatically lower than the time it took us to add EOS.”
As mentioned in the press release, Bancor Wallet provides zero-fee and instant transactions among 9,700 token pairs. They try to ensure that tokens in the network can be converted among each other at any time. This is the case regardless of the sellers or buyers. Bancor Wallet users will be able to use their decentralized applications (DApps) without exiting their wallet’s interface, according to the press release.
The Bancor Wallet is made above the BancorX, Bancor’s decentralized app used in trading EOS and Ethereum tokens. It empowers Bancor’s native token BNT, in order to make the cross-chain transfers. As the release said,
“Originally BancorX users had to undergo a multi-step process during converting tokens from Ethereum to EOS. This is a unique user action by the new Bankor Wallet..”
Bancor’s Co-Founder & Product Architect, Eyal Herzog said,
“With increasing token use shifting from speculation to utility Bancor has the goal to create a non-custodian wallet that will make it easier for users to share value across apps through token management and built-in conversions between ERC20 and EOS tokens, making it easier for users to share their wallet between dApps.”
Atomic cross-chain swaps are there to ensure that the swap among two tokens is completed at the right time without the help of a third party. Performing a simple transaction from person A to person B and back might seem the most sensible and obvious solution. However, in this case, if one person decides to leave abruptly, the other person would be left stranded. Therefore, it is very important to find a way to swap the tokens without taking this risk. It has to be done in a decentralized way, without involving a third party. This is important for blockchain and cryptocurrency space.