Until now, users have had to rely on an exchange or platform to swap currencies. The Bancor network aims to simplify this swap process.
Ethereum and EOS as the Platform Foundation
The Bancor network may already be familiar to some readers. The provider has become one of the better-known liquidity network services. The operator recently announced plans to offer customers greater convenience when exchanging currencies. The new service for the native Bancor Wallet will be built on Ethereum and EOS. These platforms were chosen because their smart contracts enable flexible creation of new decentralized applications.
A Broad Selection for Swaps
So what does the new wallet actually do? According to the provider, Bancor’s decentralized app will enable cross-chain swaps. That means users can complete transactions across different digital asset chains without relying on intermediaries, which reduces fees. The model is promising: using Ethereum and EOS, the network plans to support more than 9,700 direct trading pairs between digital currencies. The system uses Bancor’s native token, BNT, to facilitate these swaps. Bancor emphasizes that their approach replaces a multi-step exchange process with a single transaction step, calling the method “atomic cross-chain swaps.”
Use Cases Beyond Speculation
The provider stressed that this development is important because Bitcoin, Litecoin, Ripple and other digital assets are no longer just speculative instruments. Increasingly, users see practical utility in digital assets for executing transactions in various contexts. The Bancor Wallet does not act as a custodian. Instead, it enables access to multiple blockchains through a single wallet, allowing swaps between currencies directly. This is an interesting approach that could inspire alternative solutions as the concept gains traction.
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