Happy Thursday, everyone!
One trend I’m paying close attention to in 2019– and I’ve said this before– is new EOSIO chains. These chains, often called “sister chains” or code forks, are a key to getting EOS to global scale. It’s a similar vision to the one other blockchain projects like Cosmos and Polkadot have; many different blockchains that can interoperate and communicate as a form of horizontal scaling.
The problem with EOS, as it exists right now, is that the interblockchain communication (IBC) software hasn’t been built yet. The basic EOSIO architecture supports it such that it will be relatively easy to integrate in the future, but nobody has actually built working, fully trustless IBC. There are a few BP and dApp teams working on different approaches, and it’s said to be on the Block.one roadmap for the near future. But it’s hard to predict when it will arrive.
Originally I suspected that many teams would wait to launch new EOSIO chains until IBC was completed, but that’s proven to be a false assumption. Telos and Worbli are live, and in Q1 2019 alone we’ll likely see 4 or 5 other EOSIO chains launch (starting with BOS and MEET.ONE), with more throughout the year.
While IBC is interesting, it’s not absolutely necessary for many of these projects. Even the EOS mainnet isn’t close to operating at its transactional capacity. Rather than functioning as a scaling solution (which requires IBC), EOSIO sidechains today offer the opportunity for communities to test different models around things like governance, BP pay, resource allocation, and much more.
I expect many of these projects to be glorified private blockchains, with alternative token distributions designed to enrich their creators and give them full control. But I also expect many of them to be fascinating, worthwhile experiments. I even think it’s possible that other EOSIO chains eventually become viable competitors to the EOS mainnet in terms of token value and dApp activity.
Kyle Samani had a great tweetstorm
about how EOS was actually the best thing to happen to Ethereum in 2018. EOS presented a viable competitor that forced Ethereum’s development team to double down and improve. I hope and expect that the same thing will happen within the EOS ecosystem as various EOSIO chains compete for mindshare, developers, dApps, BPs, and more.
Myles Snider, CEO