Bancor’s unified wallet is the first cryptocurrency wallet that supports both Ethereum Request for Comment; or ERC20, tokens, and EOS tokens.
In fact, Bancor (BNT) claims its new Unified Wallet can manage over 500 ERC20 and EOS tokens across over 9,700 pairs in a single click. Moreover, Bancor’s Medium claims you can perform conversions on any mobile or desktop device with the Unified Wallet.
Plus, you can supposedly have any ERC20 or EOS token airdropped into the Unified Wallet. Importantly, you can upgrade a Bancor Wallet to the Unified Wallet to support EOS tokens.
Bancor’s Unified Wallet could offer conversion and Liquidity
Bancor’s new Unified Wallet could be a gamechanger because it could offer both conversion, and a solution to the Great Blockchain Scalability problem.
Importantly, Bancor operates liquidity networks for both EOS and ERC tokens. The networks help maintain the cash value or liquidity of altcoins by letting you instantly convert one token into another. For instance, you can convert your EOS (EOS) into Ethereum (ETH) instantly.
Thus you could quickly convert an ERC20 or EOS token issued by a blockchain platform into something you can actually spend or sell. Hence, Bancor can help you convert ERC20 tokens something of real value.
Interestingly, both Ethereum (ETH) and EOS (EOS) are now on the main Bancor Liquidity Network. In addition, Bancor operates Bancor X a second liquidity network for EOS tokens. Uniquely, BancorX claims to offer conversion with no transaction fees, no deposits, and no order matching.
Bancor’s Unified Wallet could offer a Blockchain Scalability Problem solution
Significantly, Bancor’s Unified Wallet could offer access to a partial solution to the Great Blockchain Scalalibity Problem.
To explain, most blockchains have a small size and a limited capacity to move data because of all the encryption. In particular, this can slow the speed of cryptocurrency transactions to a crawl.
For instance, Bitcoin (BTC) can only handle three to seven transactions per second (TPS). Hence, an e-commerce platform can only accept a handful of BTC payments at once.
In contrast. Ethereum can only process around 20 TPS. Meanwhile Visa’s VisaNet can reportedly handle, 1,667 transactions a second, Altcointoday claims.
However, there have been unverified claims EOS can process up to 5,000 transactions per second (TPS). On the other hand, the blockchain testing company Whiteblock claims EOS can only process 250 transactions per second.
Thus EOS and the Unified Wallet could offer a potential solution to the scalability problem. For example, you could convert an ERC20 token like GNOSIS (GNO) into EOS so you could make faster transactions with it.
EOS is not Blockchain, so the Unified Wallet could be less secure
In addition, Whiteblock charges that “EOS is not a blockchain, rather a distributed homogeneous database management system, a clear distinction in that their transactions are not cryptographically validated,” in a press release.
To clarify, Whiteblock is alleging that EOS is using a sidechain rather than a blockchain. Sidechains are faster and offer greater capacity than blockchain because they have less encryption.
Unfortunately, that means EOS, and the Unified Wallet have a potential security hole, because sidechains are less secure than blockchains. Effectively, less encryption equals less security and more vulnerability to hacking. Hence, the Unified Wallet could have security holes.
Even with these potential problems the Unified Wallet could be a gamechanger because it can be the beginning of the convergence of EOS and Ethereum. I wonder how this wallet’s appearance will affect Coin Prices. Especially those of EOS (EOS) and Bancor (BNT).