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How to convert any ERC20 to EOS and vice versa

en.cryptonomist.ch 31 August 2020 14:00, UTC
Reading time: ~2 m

ERC20 tokens can be converted to EOS and vice versa, but how?

Blockchain interoperability

One of the problems that plague the different blockchains is that of interoperability, which is to be able to move tokens from one blockchain to another. This is only possible in some cases, such as between the various sister chains of EOS that allow interoperability between them and thus perform cross-chain transactions.

For other blockchains, this is still difficult, but there are some solutions that allow for example to emulate the supply of some crypto assets on other blockchains, as in the case of pTokens, thanks to which pBTC on Ethereum and EOS were created.

The transfer is also possible when a protocol decides to support several blockchains, as in the case of Tether located on different networks or Bancor (BNT), which has developed a platform to move its tokens from Ethereum to EOS and vice versa.

This system not only allows moving BNT on both chains, but allows moving any ERC20, converting the starting token to BNT, through any service such as an exchange or a DEX. 

How to convert ERC20 token to EOS: the guide

Before proceeding to convert an ERC20 to EOS with this system, some things will be needed:

  • Having BNT tokens on an Ethereum address;
  • Having a couple of ETH to cover the transaction costs;
  • Having an EOS account.

The first step will be to unlock the wallet – here MetaMask will be used – and then connect to BancorX.

The following interface will appear, allowing to choose the starting token as well as the total number of tokens to move and to enter the details of the EOS account:

At this point simply click on the “Next” button and on the next screen click on the “Transfer” button to confirm the transaction with the MetaMask wallet.

In doing so the transaction can be seen on the Ethereum blockchain (here the example).

It will be necessary to follow the reverse procedure to transfer any token from EOS to Ethereum. In this case, a token will first be converted to BNT which will be sent to the Ethereum blockchain by providing the Ethereum address of the recipient.

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