When Daniel Larimer has created EOS, he envisioned it as a panacea for everything what he saw was wrong in the crypto space and despite his baby network is just four months old its success as the most utilized blockchain speaks for itself.
Although the base layer has provided its users with very high speed and fee-less transactions and account security not known in this area until now, the EOSIO software is still under an intense development and promises to bring the Inter-Blockchain Communication (IBC) that will change the way the side chains interact and will even make it possible for other blockchains like Ethereum or IOTA to port into EOS.
In the blockchain space, a fork is usually perceived as a threat as it splits the community and risks to see a war between the two factions so instead of creating an unhealthy atmosphere of a hard competition, Larimer wanted to create an ecosystem of chains and tokens that would cooperate in a harmonious manner. Custom blockchains can be created for specific purposes and making them part of the ecosystem was what seemed the best option. This interaction between independent chains is possible with IBC.
The advantages of sister chains (sister chain / friendly fork) are multiple. These forks are a testing ground where different kind of development, governance structures, economic models or privacy protection are being implemented. It’s a kind of a live testnet with real users so the behaviour is observable and if it’s something that could provide more value to EOS then it can be easily implemented on the mainnet. What’s more, the sister chains let users choose the features they want without leaving the EOS ecosystem and making everything easily interconnected through the IBC.
There are currently some known sister chains under development and Worbli, Telos and Creatos will all make part of the first IBC.
Worbli is a KYC and AML compliant financial services code fork of EOS blockchain under the development and launching on November 1th. It finds its application in a regulated industry. Its goal is to solve the difficulty many users face when approaching blockchain by making them interact in an easy way while preserving the transparency and the security.
Worbli founder, Domenic Thomson, thinks that people, while using Internet, they’re not bothered about all the backend behind the interface and the only thing they want to do is to use the Internet. To reach mass adoption, blockchain needs to work in the same seamless way. The users shouldn’t necessarily know what is blockchain, how it works or what are the private keys. They shouldn’t even know that an application has been built on a blockchain. When that stage will be reached, this will mean that the adoption has made its course and this is what Worbli wants to do.
Worbli’s insured wallet will be a novelty in the crypto verse and it will insure people against the hacks or thefts. Other features provided by Worbli will be the release of security protocols, auditing of dapps, white hack applications that will perform penetration testing of the network, user accounts with a dashboard displaying all the dapps.
The reason why Worbli choose to come with its company to the EOSIO network is because of the transactions speed and one of its kind in the blockchain space account recovery possibility which makes it easy to recover a lost account by establishing a recovery process.
Worbli users, entities and Block Producers will need to go through the KYC/AML verification in order to interact with the blockchain. To become the best financial services network, BPs will be selected and contracted by Worbli and they will have to abide to the strict compliance standards. These rigorous rules will permit users to utilise regulated payment gateways. Gamma is a fiat/crypto bank currently in development and it will be accessible for users using EOS and Worbli. The exchange of the tokens will be facilitated by IBC as the main changes made by Worbli will touch mainly the governance layer and specifically its compliance with the KYC/AML regulation. The chain will track EOSIO development updates and make sure that the IBC won’t be affected.
Telos is the fork of the EOSIO software that looks at improving the governance and the economic model. The plutocracy of EOS, as well as the arbitration system, are the issues that Telos puts the most pressure on. The decision to cap the accounts at 40.000 TLS is maybe the most significant change as it will limit whales’ influence on the blockchain. The voting power will be more distributed contributing to the security of the network and limiting votes manipulation. BPs rotation, a fair remuneration structure for 21 BPs and for those on the waiting list are other features that aim at improving the governability of the blockchain. Under this model, the top 21 BPs will receive an equal reward for producing blocks while the standby BPs will receive 50% of it. Additionally, standby BPs will change their position on a regular basis in order to verify their readiness to produce blocks as well as a way to monitor their hardware.
Telos promises also to start the chain with a functioning arbitration system, Telos Foundation as well as the referendum system which make an essential part of the governance. Also, the economic model is different as TLS token supply will be limited to 330 million while the inflation will be reduced to 2.5%.
Although Telos will change some system contracts like for example BPs rotation, it won’t make anything to affect the inter-operability between EOS and Telos which means that its tokens will move freely through the chains.
Creatos hopes to build an operating system for creative industries looking at connecting and rewarding creative brands and publishers as well as building trust and transparency in the media content, reputation and attribution.
Creatos will manage and store media assets uploaded by content originators. The assets will be tracked through creative process managed through the platform, a thing that doesn’t need a full centralisation and that is why Creatos sister chain will be run by a team of people rather than a decentralized set of BPs.
The content uploaded by originators will be linked to them forever and the agreed value will be transferred for fair and quality on-time work. The creators like for example art directors will have access to an unprecedented amount of content that is indexed and categorised to a meta-data level and will form a unique library for creative projects.
The governance structure is the most transformed part of the EOSIO mainnet model because Creatos will have different actors on the platform interacting with each other and will present them with its own constitution that will make sure that all the rules are applicable to all the parties. The arbitration process will be built in within the platform and it will default to the EOS mainnet arbitration in some specific cases.
Creatos will use an inflationary token that rewards users for their work on the platform.
Thanks to this sister chain people with a camera or a pencil will have a new source of income. It will empower people to find work in the advertising industry and receive training, tools and development opportunities to start and grow their career within one ecosystem.
Further reading regarding Inter Blockchain Communication: