Why WORBLI Is Great For EOS.
The capabilities and use cases of the EOS ecosystem are immense. With superior features relative to other blockchain platforms, developers have wasted no time in creating a vibrant collection of decentralised applications (dApps) and ingenious ways of leveraging the EOSIO software. Some of the most groundbreaking advancements in the EOS world are coming in the way of forks and side chains. WORBLI, a new financial services network, is a code fork looking to enhance the entire EOS ecosystem by acting as the financial arm of the network.
The WORBLI network provides individuals with a user account, where they can easily buy, sell and store their digital assets. Developers and enterprises are also able to build and deploy financially focused dApps onto the network which is easily accessible through this user account.
So why couldn’t this just be built on the EOS mainnet?
WORBLI is a financial services network, entities who interact with the blockchain, including block producers and individuals, must be AML/KYC verified in order to leverage all products and services. Users can still create a WORBLI account without completing KYC/AML verification, they’ll just have limited access to some features.
Block producers are selected based on a rigorous process by the WORBLI Foundation, rather than being voted in. They’re contracted to provide services to the Worbli network and they agree to maintain certain compliance standards. This allows auditing and diligence to be undertaken in order to remain compliant with financial regulations. WORBLI’s network is required to have its own governance layer, hence the need for an insulated and independent chain by way of a code fork (sister chain / friendly fork).
Unlike many examples of chain forks in the past, WORBLI is in no way contentious with EOS mainnet, in fact, it is quite the opposite. The WORBLI team are working hard to enhance the EOS network through inter-blockchain communication (IBC) with the EOS mainnet and other blockchains. We’ll be educating the community about EOS and WORBLI, and supporting the network through a WORBLI Network Fund, proposals and incentives. Through applications on the WORBLI network such as Gamma (fiat/crypto bank currently in development), regulated payment gateways will be accessible for users using EOS and WORBLI, all facilitated by IBC.
Sister chains and forks such as WORBLI have been envisioned by EOS creators as they are aware of the potential that independent blockchains can be created for specific use cases. The possibilities of different chains are vast and will greatly enhance the overall EOS ecosystem. WORBLI will become the financially focused arm of EOS, opening up a borderless ecosystem to billions of people around the world and large enterprises who are seeking superior frameworks to conduct themselves in.
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