Why WAX choosing to build their own blockchain based on EOS.IO isn’t a bad thing.
Image source: @eyegasm
You may have seen this article released by the WAX team yesterday
WAX is forking (a github function, not a hard fork) the EOS.IO code to create a custom configured EOS blockchain to host their WAX token. They chose the EOS.IO software as the foundation of the future WAX blockchain after evaluating multiple options..
Our engineering team performed a detailed evaluation of six chains — ARK, EOS, LISK, Tendermint, NEM, and NEO — and built local peer-to-peer networks for four of them while implementing a representative test business use-case. This project was titled “WAX Platform Base Technology Proof of Concept” and its purpose was to test several blockchain technologies to evaluate the following:
- General technology characteristics and its fit for the WAX Platform
- Code maturity and its stability as well as available documentation
- Development community size and its activity
After careful consideration, we will be building the WAX custom blockchain and protocol token using a variant of EOS combined with numerous custom features and functions to support the unique requirements of WAX.
We try to keep our ear to the ground to understand the sentiment of the community each and every day. After all, it is our job as a block producer. We have observed community concerns that WAX building their own chain based on the EOS code is a bad thing for token holders. We will paraphrase the sentiment:
“If all developers do what WAX is doing it will render my EOS token worthless.”
So the fear here is that if dApp developers are borrowing from EOS rather than building on top of it, then what’s the point of a “main EOS token”?
EDIT: It is the goal of EOS New York to support development on the chains that support the EOS main token first and foremost. It would be ideal if WAX chose to build on the chains supported by the EOS token.
Here’s why this isn’t something to worry about:
- The WAX team noted that they tested many blockchains and all of them, except for EOS, were found wanting. EOS was chosen because “it is the superior base technology”. This isn’t the first nor the last time developers will say this. Each time they do, it telegraphs to the rest of the world that EOS is not only something to watch but something to act on.
- EOS is an operating system. Think about Linux, not all existing Linux distributions satisfy all of the needs of every user so some create their own distributions. Does the number of Linux distros harm or help the overall Linux ecosystem? Many would argue that it helps — tools and applications created for one distro are fed back into the community and implemented on other distros. This bodes well for the EOS.IO software development life cycle and could lead to future improvements.
- WAX is in the top 90 cryptocurrencies by market capitalization at the time of this writing. We’re venturing the guess that they have more resources at their disposal compared to the average developer group. Building your own blockchain, even if based on other code, is time-consuming and expensive. Not to mention the cost of development and the cost of building out the hardware to host the network and/or building the community to participate in transaction validation (e.g. block producers) is very high. Most will not be able to take this route.
- There are many benefits of developing on top of a pre-existing public blockchain network like EOS rather than building your own. One that stands out is that there is a prebuilt distribution network to airdrop or otherwise distribute your dApp tokens (if the dApp has a token). Circumventing the challenge of breaking through the clutter of the landscape to get your product/message to the people more easily is a huge reason to use EOS.
- Block.One dreams of a world with not one chain but thousands or more. The EOS.IO protocol will enable inter-blockchain communication through merkle-proofs. Almost as good as building on top of EOS is building alongside it. WAX or any other developer group building a custom configured version of the EOS.IO protocol should be able to communicate with other EOS.IO chains, further cementing EOS.IO as the foundation of the blockchain ecosystem. The resulting network effect could increase the value of all involved.
Conclusion
EOS.IO is a great technology and open-sourced. Some teams will choose to create their own blockchain network based on this code but many won’t. Either way, EOS.IO is building an ecosystem where every improvement means more value for all. The proliferation of the base EOS.IO software will create a vast network powered by inter-blockchain communication. The result will be a more seamless adoption process rather than user’s having to declare allegiance to one network or another.
Feel free to add your own thoughts below. It is EOS New York’s goal to spur as much development on the main EOS token chain as possible.
Disclaimer: EOS New York has not spoken to Block.One nor the WAX development team regarding the recent announcement or any opinions contained herein.
Proofreading credit: @eos42
