Bancor’s New Wallet Unifies User Experience Across EOS and Ethereum, Catalyzing Cross-Chain Adoption of Decentralized Apps
- Bancor has unified its Ethereum and EOS networks into a single interface, the new Bancor Wallet, enabling one-click token conversions across blockchains.
- The user experience resembles Coinbase and other popular custodial wallets allowing users to manage and convert between tokens on different blockchains in a slick, intuitive app. But behind the scenes, users of the Bancor Wallet transact directly with smart contracts on the blockchain and remain in full control of their funds at all times.
- Users who open or upgrade a Bancor Wallet now receive a free EOS account, and enough EOS resources (RAM, CPU, NET) to get started, along with the ability to manage EOS resources from within the wallet.
- As the rate of dApp usage and development on next-generation blockchains such as EOS and TRON has accelerated, the need for a decentralized service which allows users to transfer value across multiple blockchains, with no intermediary, has steadily increased.
- Bancor plans to integrate additional blockchains into its unified experience, and BNT (the Bancor Network Token) is the bridge through which these non-custodial cross-chain conversions can occur, increasing BNT’s utility as the network grows.
- The launch comes on the heels of Friday’s news that Bancor will be integrated in Samsung’s new S10 smartphone via the Enjin crypto gaming platform, causing a surge in conversion volume on the Bancor Network to an 11-month high.
We are thrilled to announce the new Bancor Wallet, a non-custodial wallet offering instant, on-chain conversions between Ethereum and EOS-based tokens in a single action. The wallet is the first unified interface built atopBancorX, the project’s recently launched cross-chain protocol enabling continuous on-chain liquidity between 9700+ token pairs on EOS and Ethereum without order books or counterparties.
In recent months, as the rate of dApp usage and development on next-generation blockchains such as EOS and TRON has accelerated, the need for a non-custodial service which allows users to transfer value across multiple blockchains, without giving up possession of their crypto, has steadily increased.
The user experience of the Bancor Wallet resembles that of Coinbase and other popular custodial wallets in that users can manage and convert between tokens on different blockchains in a slick, intuitive app. But behind the scenes, users of the Bancor Wallet transact directly with smart contracts on the blockchain and remain in full control of their funds and private keys at all times. Bancor charges no fees for transfers in and out of the wallet or for its built-in token conversions, which occur instantly and are processed fully on-chain – from pricing to execution – ensuring maximum transparency and safety.
The wallet’s cross-chain conversion functionality is based on Bancor’s newly launched ability to move BNT — the Bancor Network Token — between blockchains. By utilizing BNT, any token can be instantly converted into other tokens in the wallet, regardless of available buyers or sellers, and no matter the underlying blockchains.
Live tokens on the network include ERC20 tokens like DAI (Maker Dao), BNB (Binance) and BAT (Basic Attention Token), as well as EOS-based tokens like IQ (Everipedia), DICE (BetDice), BLACK (eosBLACK) & many more. Anyone can add a token to the Bancor Network by staking an amount of those tokens and BNT in a smart contract which they own and manage.
Bancor is designed to simply introduce new users to blockchain without them needing anything more than a mobile phone or Telegram, Messenger or WeChat account. The new wallet provides users with a free EOS account and enough EOS resources (CPU, RAM etc.) to get started. Users never need to know they are even using a blockchain.
“Bancor is building towards a world where wallets function seamlessly between dApps on different blockchains, just as browsers allow for seamless surfing between websites,” said Eyal Herzog, Bancor’s Co-Founder and Product Architect.
“This is the next step in Bancor becoming a cross-chain network and abstracting away the blockchain experience in favor of frictionless token conversions and management,” Herzog added. “Bancor’s aim is to offer a simple way to use your wallet on multiple blockchains, with intuitive token management and built-in conversions cross-chain, allowing users to more easily share value between the dApps they love.”
The launch comes on the heels of the news last week that Bancor will be integrated in Samsung’s new S10 smartphone via the Enjin crypto gaming platform, causing a surge in conversion volume on the Bancor Network to an 11-month high of more than $8 million in 24-hour volume on March 8th.
About The Bancor Protocol
Bancor is an on-chain liquidity protocol revolutionizing the way people create and share value by ensuring constant convertibility between tokens. Conversions via Bancor are executed against on-chain liquidity pools using automated market makers to price and process transactions without order books or counterparties, enabling faster, cheaper and more predictable conversions across 9700+ ERC20 and EOS token pairs, including non-custodial conversions between blockchains.
Core Features of Bancor’s Unified Wallet:
EOS & ETH On-Ramp: Get a free EOS account & enough EOS resources (CPU, RAM etc.) to get started when you open or upgrade a Bancor Wallet. On Ethereum, import any ERC20 wallet, buy ETH with a credit card & instantly convert ETH for other ERC20 and EOS tokens in the network.
Low-Cost & Predictable Pricing: Bancor charges no fees for transfers in and out of the wallet or for its built-in token conversions, which occur instantly and are processed fully on-chain. Thanks to decentralized on-chain liquidity pools (i.e., “Smart Tokens”), users know exactly how many tokens they’re getting, with predetermined slippage that is visible to users prior to performing conversions.
Accessible Anywhere: Use the Bancor Wallet on any mobile browser (iOS, Android) or desktop browser. Bancor Network supports instant conversions using any Web3 Wallet (on Ethereum) and supported EOS Wallets (Scatter, Token Pocket, EOS Nova, MEET.ONE & more).
Safe, Secure & Complete Control: Your keys, your crypto. Stay in full control of your funds and private keys at all times. Even if the Bancor Network goes offline, you can still access and transfer your funds at any time.
Seamless Crypto-to-Crypto Conversions: 9700+ token pairs means users can convert into any token on the network in a single action, ensuring the most convenient conversion experience.
Built-In Resource Management: Buy and sell EOS RAM, stake and unstake CPU and Net directly from your wallet.
Continuous Liquidity: The innovative Bancor Protocol ensures that any token in the network can be converted into any other, at all times, regardless of available buyers or sellers. Bancor utilizes smart contracts and staked liquidity to price and process conversions without an order book.
Built-In Dapp Browser (Coming Soon): The Bancor Wallet will enable users to seamlessly access and use their favorite dapps on any device without leaving the interface.