Imagine that you could send Ethereum or Bitcoin to the EOS blockchain. With interblockchain communication(IBC) you would be able to send tokens from one distributed ledger to another or interact between decentralized applications (DApps), built on two or more different blockchains without making much effort.
The BOS blockchain has achieved inter-blockchain communication(IBC). Right now you can send BOS to the EOS blockchain and vice versa through BOS IBC.
How BOS IBC Works
To make an IBC transfer, one will be making use of the bosibc.io account on EOS or BOS. The minimum amount that you can transfer is 0.2 EOS or BOS. The maximum amount that you can transfer is 100,000 EOS or BOS. The transfer time is 4 to 5 Minutes. There is a transfer fee of 0.1 EOS or BOS depending on what you are sending.
Sending 1 EOS to a BOS Account
Step 1: Send 1 EOS to bosibc.io.
Step 2: Use your BOS username as memo adding the suffix @bos to your BOS username. For instance, my BOS username is boscoreisbos and so the memo that I would use is boscoreisbos@bos. The transaction usually takes just 10seconds before it goes through.
Assuming that I want to send 1 EOS token to the BOS network from my EOS account “tojukaka1234” to my BOS account “boscoreisbos”.
Notice that I’m not sending directly from tojukaka1234 to boscoreisbos instead, I'm sending the EOS to bosibc.io using my account name boscoreisbos plus a suffix @bos as memo.
Sending 1 BOS to an EOS Account
Step 1: Send 1 BOS to bosibc.io.
Step 2: Use your EOS username plus the suffix @eos as memo, for instance, my EOS username is tojukaka1234 and so the memo that I would use is tojukaka1234@eos.
This is just the beginning of BOS IBC. Very soon, when IBC becomes fully functional people would see the true potential of EOS.IO. People would understand what Brendan Blumer meant when he said that EOS can scale bitcoin and what Dan Larimer meant when he said that “in the future most #bitcoin will transact as a token on faster networks like #eos while being backed by automated multisig deposit and withdraw.
For more information about BOS, please visit the following media:
