First off, before we get started, what is IBC?
I-B-C stands for inter blockchain communication which is the primary means by which the EOS IO blockchains will integrate EOS IO daughter and sister sidechains into the EOS mainchain network. As the EOS blockchain continues to grow, the preconceived perceptions, of many community members are beginning to run up against the hard, cold reality of what is actually possible at this current point in time. As the EOS IO mainchain grosses, we are beginning to run up against significant usage issues. The current expenses associated with running a decentralized application on top of the EOS IO mainchain have begun to create some friction, and as a direct result, many daughter and sister chains have started to spin-up new alternative chains, some a bit premature in my opinion, but that is a topic for another day. In this video, I will be focusing on the importance of a trustless native-side-chain-scaling inner blockchain communication solution, and how it is significantly necessary for the healthy continued growth of the entire EOS IO ecosphere.
Okay now, let’s begin by going over the current IBC solutions that we have seen developed to date. Probably one of the more better-known inter-blockchain-communication solutions we have currently is, of course, that of the bancor IBC integration solution that is, to my knowledge, able to transfer funds between the Ethereum Network and the EOS IO mainchain network. In my opinion, this is definitely a step in the right direction, and I am always amazed by the bancor team’s competency. But with that being said, this is not the native-side-chain-scaling inter blockchain communication solution that we’ve been waiting for, as good as it is, this still can only be considered a token pegged swap with the E-T-H network, and should not be confused with a native-side-chain-scaling solution.
Furthermore, most gateway solutions usually require a middleman in some limited capac...