The EOS Blockchain has achieved remarkable progress in the past year. It reached an all-time high of 3,996 transactions per second, attracted a lot of investments, developers and entrepreneurs from all over the world. Many applications have migrated to EOS because of the advanced features that make it easier for both DApp developers and users. Despite all these remarkable achievements, there is still a lot of room for improvements, EOS has just scratched the surface, it has not yet delivered on its promise of “millions of transactions per seconds” and it cannot achieve that without upgrading the current infrastructure.
An EOS Side Chain called BOS (Business Operating System) successfully launched a 3s LIB version on a Testnet. The actual results suggested that the Testnet could achieve LIB in 1 second.
What is LIB?
LIB means Last Irreversible Block. The term is used to describe a situation where a blockchain transaction is no longer reversible.
When you send a transaction on the EOS Mainnet, it goes through in 0.5 seconds(almost instantly). This is much better than Ethereum or Bitcoin which takes minutes for a transaction to be confirmed.
However, people don’t usually pay attention to the fact that a transaction is not complete until the last irreversible block is reached. It takes 3 minutes for a transaction to attain LIB in EOS. This is still better than Bitcoin, Ethereum and many others but this also implies that if you are transacting in high volume, you want to make sure that you wait until the last irreversible block is reached to ensure that your transaction is complete.
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.
In addition to becoming the preferred base chain for DApps, the BOS Network aims to serve as a intermediary circulation chain for various heterogeneous chain coins or tokens, and as a “free port” in the blockchain world.
You will be able to send EOS, Ethereum, and Bitcoin to the BOS blockchain through BOS IBC
The BOS blockchain has also achieved inter-blockchain communication(IBC). Right now you can send BOS to the EOS blockchain and vice versa through BOS IBC.
The BOS Network can be understood as a free port of digital currency. The inter-chain communication functions supported by the BOS Network will affect the operation of the entire blockchain industry. All kinds of digital assets can link traditional isolated digital assets into a network through inter-chain communication, including BTC, ETH, EOS or other certificate assets. They can be traded and transferred on the BOS Network.
BOS has already done what the EOS Mainnet is not yet capable of doing. Is BOS the Future of EOS? Dan Larimer praised the BOS team(Boscore) for developing 3 Sec LIB and IBC. He said that the EOS Mainnet could adopt the 3 Sec LIB in the future. Boscore has rightly positioned itself as a major force and contributor to the EOS.IO ecosystem and the blockchain industry.
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About the Author
Toju Kaka, is the Africa Community Manager for BOS and an EOS Nation Ambassador working to facilitate the adoption of EOS in Nigeria. His newest venture EmpowermeEOS is a social enterprise that is helping marginalized young people earn EOS based tokens.
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