U.S. Markets open in 1 hr 40 mins

EOS.IO Blockchain To Implement The Bancor Protocol

ZUG, Switzerland, Feb. 22, 2018 /PRNewswire/ -- Block.one, creators of the EOS.IO blockchain, an open-source platform designed to support Decentralized Autonomous Communities (DACs) and allow for mainstream adoption of blockchain technology, and Bancor, creators of the Bancor Protocol standard for automatically convertible Smart Tokens, today announced that the Bancor Protocol will be implemented on EOS.IO, scheduled for release in June 2018. The Bancor Protocol enables users to easily convert between tokens.

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. Sample code has been released to the public to demonstrate the direction of the Bancor Protocol native to EOS.IO blockchains.

Bancor, currently available only on the Ethereum blockchain, has long discussed the cross-chain intention of its decentralized liquidity network in order 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 efficient 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.

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, 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 the EOS Bancor collaboration, with more technical details to be announced in the coming months.

ABOUT BANCOR
Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token "connector" method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. For more information, visit about.bancor.network and read the Bancor Protocol white paper.

ABOUT EOS.IO
Published by block.one, EOS.IO is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications. The EOS.IO software provides accounts, authentication, databases, and the scheduling of applications across multiple CPU cores and/or clusters. This allows for horizontal scalability, replaces user fees with an ownership model, and powers simple deployment of decentralized applications. The EOS.IO GitHub repository is available here. For more information, please visit the www.eos.io and resource or contact support@block.one.

 

Cision

View original content:http://www.prnewswire.com/news-releases/eosio-blockchain-to-implement-the-bancor-protocol-300602995.html