Disclaimer: The article you are about to read is an opinion piece. This means I have not been rewarded in any way to give this a positive or negative write up. Everything written here is my personal opinion and not financial advice. This project has not launched and everything I discuss is subject to change.
Worbli is a sister chain of EOS, Which means it will be using the EOS.IO software with some changes. The main focus of Worbli is that is a financially compliant and governed blockchain which in turn will give it the speed of EOS but also ease of access into the fiat currency world.
I understand why this will attract many businesses to it that want to get the protection of the blockchain. However, I tried to find out why I should care about this project.
I started researching this project, and wow there is a lot to study however much of this was aimed towards businesses and just telling people why they should be interested in blockchain as a whole. I understand that not everyone knows about blockchain and why it is beneficial however many people do know, and this includes myself. I wanted to know why Worbli was a good thing not why blockchain is a good thing, so I carried on looking.
When I went onto there website, I saw the same kind of things. Just many buzzwords that it is a reliable and compliant blockchain and also that they will empower the next stage of blockchain evolution. However, I did have to find it a little amusing when I saw on their short paper a statement saying “Blockchain has too many buzzwords”.
I read through the white paper, and much of it was focused on businesses as I said before so I thought I would try and research elsewhere as maybe there was more information out now and luckily they had just done a conference of five sessions. The fifth session was “End users: Consumers and Businesses”. So I thought this would give me my answers. However, they seem to go on with stories again why blockchain, in general, will be a good thing for businesses.
After all of this, I decided to go straight to the team and ask them in telegram. I was hoping this would be the primary place to get my answers. My question was
“I am looking for info on Worbli, and everything I watch or read seems to be either buzzwords or just telling me how blockchain as a whole is a good thing. Is there anywhere that goes into specifics of why people should care about Worbli?”
Unfortunately, the first admin that I came into contact with didn’t seem to want to answer questions he just seemed to be interested in asking “Can you help me understand which buzzwords need dispelling?”
Eventually, I got an answer from a kind member of the public and I also, later on, got an answer from the Worbli team. However, both of these were after I told them I was writing an article about the project. The response from the Worbli team was.
“Everyday users would use the dapps that are built on Worbli. And Worbli enables use cases that are not currently possible on EOS or any other blockchain that I can think of.
For example decentralized bank, insurance, etc.”
So then I asked “Is there any information out yet about the insurance company that will be doing this yet? or which country it will be insured in or any legal documents about this out yet?” He then preceded to say.
“No, not yet. But the main thing is that all these use cases will be enabled by the unique value proposition that Worbli is offering – KYC/AML compliance that users have direct control of. You as a user will be able to choose what information to reveal to each individual dapp that requests it. This makes it much simpler for users as they don’t have to do KYC with each individual app they are using, and saves costs for the providers, as they can piggyback on the platform-level service.”
He also answered a question that I found interesting from another user who asked.
“So Worbli already answered me that they don’t have an bank license like other fintech projects on erc 20
Has this changed now? They have an bank license now? Yes?”
His answer to this was.
“Worbli itself is just a platform on which all these dapps can be built.”
Now, these two answers were fascinating. As I was under the impression, they were building a bank type Dapp on the network, but I must be mistaken. However, the most interesting thing I found was when he answered me. Because if they do not have any information on the insurance company’s or how it is going to be insured then why are people interested in this project so much? I don’t understand how people could be interested in a project that to me seems like it is just EOS but you have put all of your personal details on the blockchain.
Doing this research just left me with the same questions if not more about this project. The unfortunate thing about this is I could keep looking into the project, but I have a desire for it. I guess all in all that is my answer to why should I care about this project? Right now i don’t.
I will come back to this at a further date. Maybe when more details on the specifics of why I should care about a project like this. I do feel that perhaps I am just not the demographic that they are aiming towards and that’s ok. Everyone needs there own target audience, and I won’t always be a part of that. I know a lot of people who are hyped about this project, and I wish them all the best on launching this new technology.