EOS.IO and Bancor Collaborate to Simplify Token Creation and Exchange
Block.one, creators of the EOS.IO blockchain, today announced a collaboration with Bancor to simplify token creation and exchange. EOS.IO is an open-source platform designed to support Decentralized Autonomous Communities (DACs) and allow for the mainstream adoption of blockchain technology, while the Bancor Protocol enables users to easily convert between tokens. Through this collaboration, the Bancor Protocol will be implemented on EOS.IO, scheduled for release in June 2018.
Currently available only on the Ethereum blockchain, Bancor has long discussed the cross-chain intention of its decentralized liquidity network to realize its vision of enabling the long-tail of user-generated tokens to emerge. Similarly, Block.one has articulated its vision of creating the most secure, accessible and collaborative blockchain in order to facilitate mass adoption of decentralized technologies. Together, the teams hope to achieve this by allowing anyone to easily create standardized token contracts and to hold and trade them securely without any intermediaries.
“We see the Bancor Protocol as an elegant solution for liquidity that benefits all token holders by offering a completely new paradigm for value exchange based on efficiently automated market makers, powered by auditable smart contracts. This is the future of fair, low cost and predictable value exchange, and we’re excited to bring these benefits to the EOS.IO community,” said Dan Larimar, CTO of Block.one.
“EOS.IO represents the next generation of smart contract blockchain technologies that will effectively address serious user adoption concerns such as fees, scalability, security and customizable governance. We share the vision of seeing blockchain technologies adopted by the general public, and greatly look forward to expanding the Bancor decentralized liquidity network to support EOS users all over the world,” said Eyal Hertzog, Product Architect of Bancor.
After months of discussion and research, the teams recently met to outline the details of a cooperation and prototype the smart contract configurations for implementing Bancor’s Smart Token standard on EOS.IO. The sample code has been released to the public to demonstrate the direction of the Bancor Protocol native to EOS.IO blockchains.
Both teams emphasized the unique potential of blockchain technology to shift society forward. By making token creation and exchange an efficient, automated, low-cost service, a value can flow more freely through decentralized networks. By building community-based security protocols (such as delegating account recovery privileges to friends and family), users can safely explore new technologies knowing they will be protected. These and other social impact-driven innovations are a hallmark of EOS.IO’s collaboration with Bancor. More technical details will be announced in the coming months.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.