Bancor, the protocol for built-in crypto token convertibility directly through their smart contracts announced today an upcoming collaboration between Aion, a multi-tier blockchain ecosystem designed to address the unsolved problems of scalability, privacy, and interoperability in blockchain networks.
By introducing Bancor into the Aion ecosystem, participating blockchains in the network gain access to continuous liquidity regardless of trade volume through Bancor’s technology. Bancor will also be able to convert across participating blockchains in the Aion Network, extending the reach of the protocol and accessing new markets.
Aion facilitates inter-blockchain communication via a high-performance bridging mechanism. Multiple bridges between pairs of chains allow both data and value to transfer between chains.
Bancor’s protocol will create decentralized networks for smart contract-based tokens to enable continuous convertibility between them, more information can be found in their latest whitepaper.
Matt Spoke, CEO of Aion said:
“We believe liquidity is a fundamental challenge in the emerging crypto landscape, and that a solution will be needed across all blockchains. Introducing the Bancor Protocol into the Aion network is how we can achieve this.”
Guy Benartzi, Bancor Protocol stated:
“Aion is exciting because it enables the Bancor network to operate across blockchains, which is part of our vision to allow any token to convert to any other via a transparent, automated formula that increases liquidity and stability for all.”
To date, the Aion project has raised $23 million USD prior to its public sale, which is scheduled to begin later this year.