Milestone for EOS Side Chain; Inter-blockchain Communication and Three Seconds LIB achieved

Commendable progress has been recorded for the EOS Blockchain has in the past year. An EOS Side Chain called BOS (Business Operating System) successfully launched a 3s LIB version on a Testnet. LIB is an acronym for Last Irreversible Block. Where a blockchain transaction is no longer reversible this term is used to describe the situation. When a transaction is sent on the EOS Mainnet, it goes through in 0.5 seconds which is almost instant as against Ethereum or Bitcoin which takes minutes for a transaction to be confirmed.

Drawn from actual results, the Testnet could achieve LIB in 1 second. Added to that, the chain had reached an all-time high of 3,996 transactions per second. Also, it attracted a lot of investments, developers and entrepreneurs from all over the world. EOS has been able to win over the migration of many applications to its platform because of the advanced features that make it easier for both DApp developers and users.

As against Bitcoin, Ethereum and many others, the EOS is an amplified platform, so to speak. It takes 3 minutes for a transaction to attain LIB in EOS even though most people don’t regard the fact that a transaction is not complete until the last irreversible block is reached. One would need to make sure to wait until the last irreversible block is reached to ensure completion of transactions especially transactions of high volume. The 3 Second LIB would make BOS the preferred blockchain for DApps because it is suitable for coin instant payment in the retail sector and execution of trades with large volume.

The BOS blockchain has achieved inter-blockchain communication(IBC) as well making it possible to send BOS to the EOS blockchain and vice versa through BOS IBC. The BOS Network aims to serve as an intermediary circulation chain for various heterogeneous chain coins or tokens, and as a “free port” in the blockchain world. This avails the option to send EOS, Ethereum, and Bitcoin to the BOS blockchain through BOS IBC. This BOS has already done what the EOS Mainnet is not yet capable of doing.

Based on a prior promise, this happens to be just a scratch on the surface for EOS even considering all these remarkable achievements. It has not yet delivered on its promise to enable millions of transactions per second.  This can really only be achieved with upgrading the current infrastructure. The future will tell us what it brings when it is here.

READ MORE-

A New Way to Deploy Dapps on Ethereum 2.0 Via Beacon Chain Contracts.

Cryptopia Files for US Bankruptcy Protection following Hack Incident.

On a Need to Know basis: What is Ethereum?

Alleged ‘Crypto’ Ponzi Scheme Operator sued for $26 Million by SEC

Franck Muller’s “World’s First Functional Bitcoin” Time Piece emerges.

 

 

Credits- David Ben

 

 

JOIN OUR COMMUNITY

Leave a comment

My Newsletter

Sign Up For Updates & Newsletters

[mc4wp_form id="456"]