Swiss-based decentralized liquidity network Bancor has launched a wallet that supports one-click conversions between all tokens built on both the Ethereum and EOS networks. This means users will be able to directly swap 9,700 different token pairs quickly and easily on their phone in what Bancor promotes as a world first.
The vast majority of cryptocurrencies are not built on their own blockchain but developed through other cryptocurrency platforms which support the creation of ‘tokens’. The most common of these token creation platforms is Ethereum’s ERC-20 protocol, upon which many popular cryptocurrencies such a Tron (TRX) were originally developed.
More recently, EOS has become a strong competitor to Ethereum, developing a similar but more attractive protocol for token creation. This has led to a move away from Ethereum as developers increasingly opt to build new projects upon the EOS blockchain.
Bancor’s new Unified Wallet provides users with the unique ability to swap and trade between both EOS and Ethereum without giving up ownership of their tokens. Nathaniel Hindman, Head of Communication at Bancor, says that while the firm is still largely focused on the Ethereum blockchain, it has begun to see a lot of dApps being developed on other platforms.
“With this release, Bancor is building towards a world where wallets function seamlessly between dApps on different blockchains,” states Bancor in the official release.
The new wallet is developed on Bancor’s already existing BancorX decentralized trading application which supports cross-token trading supported by its native BNT token for liquidity. Bancor hopes to continue development on the wallet and eventually integrate several blockchains that can support non-custodial token conversions between different chains.
Last July, Bancor suffered a security breach that saw $12 million worth of Ethereum (ETH), Pundi X (NPXS), and BNT tokens stolen. However, Bancor announced that since the exchange is decentralized, no customers funds were compromised.