EOSIO open source blockchain software developed by Block One is designed to be customizable and can be operated with or without tokens. Its adaptive architecture aims to meet present and future horizontal scaling requirements for enterprise business and community blockchains.

The design envisions future EOSIO blockchains being interoperable by means of a technology known as Inter-Blockchain Communication, IBC a standard being developed to enable blockchains to communicate side by side as equals at the protocol level.

IBC standard is key to blockchain scalability, as new EOSIO blockchains emerge tokens will be able to move from an account on one EOSIO blockchain to an account on another. IBC relies on blockchains acting as light clients to each other. Light clients process account balances from Merkle Tree Proofs.

As future releases of EOSIO provide the tools to simplify IBC, it will become increasingly apparent how cross-chain token economics could become almost jurisdictional in nature and the full potential of this new emerging adaptive technology standard will start to be realized.

Customization of an EOSIO blockchain can include a system SYS token, used for resource allocation, token staking and voting. Currently, nearly all the EOSIO public community blockchains launched or preparing to launch have their own independent system token, resource allocation, voting system, and governance structure. Customization is made possible using smart contracts, for example the EOS public blockchain has a customized system token named EOS.

One of the most interesting questions IBC raises is in relation to token voting rights, what if system (EOS) tokens are moved to another blockchain would they inherit the voting rights on the new chain and lose voting rights on the old? It seems plausible that would be true, and vice versa if they moved back again.

Imagine a scenario where another public EOSIO blockchain launched only this time without system tokens, this chain through IBC can have EOS tokens move to it which become the system tokens for this new EOSIO blockchain. Further imagine that these tokens retain the same economic value across the ecosystem and can be  sent to compatible wallets, exchanges and traded using same EOS ticker. One system token many blockchains each with its own independent or shared governance structure voting rights and block producers is a distinct possibility and demonstrates how innovative, adaptive and scalable EOSIO could become through an efficient IBC standard.

Sources and further reading

https://block.one/news/eosio-1-0-release/

https://steemit.com/eos/@dan/inter-blockchain-communication-via-merkle-proofs-with-eos-io

https://steemit.com/bitshares/@stan/intra-jurisdictional-blockchains

3 COMMENTS

  1. That doesn’t work. The “system token” is pretty much bound to the social trust for a given block producer set. You need the different blockchains to somehow merge into a single domain of trust. One way to do that, while also increasing performance significantly, is having all those sister chains run on the same block producers, essentially becoming shards of each other.

    • Sure, you could have a different set of block producers on any chain that use the “system token” for resource allocation etc. Sharing producers can enhance trust and performance, although it wouldn’t be a requirment.

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