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Sidechains: Top Five Siblings In The Eos Family
EOS is a decentralized platform which is designed to support decentralized applications (DApps) similar to the Ethereum blockchain. Though EOS’s model has been successful, there are certain parts of the EOS community that have their idea of how the platform should work. These projects are commonly referred to as sidechains or sisterchains. Each of these sidechains runs a modified version of Block.one’s EOSIO software.
Let us now list down some of the most prominent EOS sidechains.
1. Telos: for app developers
Telos makes life easier for app developers. The Telos solution was introduced in response to the RAM market of EOS, that makes participation in the network prohibitively expensive. One of its main goals is to eliminate account creation costs and stabilize fees. Although Telos’s goals are humble, EOS has already mitigated most of these concerns using features such as REX and vRAM.
Telos intends to distribute voting power. Wealthy coin holders have the majority of the voting power in on EOS, thus allowing only a limited number of wallets to set the course for the entire network.
To stop this from happening, Telos limits the number of TLOS tokens to 40,000 tokens for its EOS Genesis Snapshot accounts. This will help make the elections more fair and decentralized.
2. Worbli- for finance and enterprise
It is an EOS sidechain that intends to provide services for financial institutions and enterprise users. It is more centralized than EOS. In EOS, users are allowed to vote for block producers. In Worbli, the block producers are picked by hand. Worbli maintains strict regulatory compliance. All the block producers and account owners must undergo KYC (Know Your Customer) or AML (Anti-money laundering) background checks.
In terms of market capitalization, its token is one among the 2,300 largest cryptocurrencies. Worbli is one of the earliest EOS sidechains.
3. WAX: for game asset trading
WAX or Worldwide Asset Exchange is a game asset trading platform that is based on blockchain technology. The EOSIO main net was launched in June, and this qualified it as a new member of the EOS family. It deals with the exchange of virtual goods like character skins and in-game items. The WAX token is one of the ninety largest cryptocurrencies.
The WAX sidechain was not designed only to confront the existing EOS problems. It relies heavily on features from other projects such as Ethereum’s ERC-20 token standard.
4. EOSForce- a sidechain with new governance
EOSForce is a Chinese-based EOS sidechain that primarily makes changes to the default governance model of EOS. The EOS mainnet allows vote splitting, where coin holders can vote for multiple block producers with each token they hold. But in EOSForce, coin holders can only vote for one block producer with each token. EOSForce provides token rewards to users voting for block producers. This is a feature found on other blockchains with vote delegation like Tezos and Cosmos.
These are a few governance changes introduced by EOS. The mainnet upgrade performed by EOS on 1 July 2019 helped improve the interoperability and performance of the sidechain.
5. Boscore: sidechain for businesses
This focuses on business applications. It is designed for DApp construction. Its main focus is on solving real-world problems. It emphasizes on inter blockchain communication. Boscore is capable of handling tokens like Bitcoin and Ethereum. This ensures that its app developers can work with some important blockchains. It provides a few other features as well. It aims to provide higher transaction speeds when compared to EOS and currently offers more plugins than EOS.
EOS sidechains benefit the EOS blockchains by providing horizontal scalability. This means that they offload some of the transactions and activities that would otherwise have to be handled by EOS. But this needs the participation of both block producers and developers. On the whole, sidechains are useful additions to the EOS ecosystem.
To know more about blockchains and enroll in blockchain certifications, check out Blockchain Council.
Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/
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