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.

41 votes, average: 4.29 out of 541 votes, average: 4.29 out of 541 votes, average: 4.29 out of 541 votes, average: 4.29 out of 541 votes, average: 4.29 out of 5 (41 votes, average: 4.29 out of 5)
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Responses

  1. DFWplay

    I’ve been in crypto for several years now, seems like a life time. To be honest I’m getting tired of the “to the moon” attitudes that these project exude. This makes me pessimistic about all projects. That being said thank you for the angle you took on Worbli…..

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  2. njappboy

    @dobsdies I don’t see the value proposition with Worbli either. KYC without direct banking and insurance ties to the current system and their fiat gateways? Many early adopters in the crypto space are running from the current system, fiat, and these same banking/insurance cartels. They will likely just avoid Worbli all together. Which leaves the current system’s many naive supporters. What would be their incentive to use the Worbli network?

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  3. Joel Võsu

    I think you are looking at this from the wrong perspective. WORBLI is not a blockchain for users – it’s a blockchain for DAPPS (specifically the ones that require KYC/AML). I personally hate KYC – every time I have to do it, it feels overly complicated and useless waste of my time. If only someone offered me the option of doing KYC/AML once and then choosing which companies/DAPPS I share it with… well this is what WORBLI intends to do. Every DAPP developer knows that people hate KYC processes. Why would they develop an app on a platform where they would need to do this themselves, when they can choose a platform that does it for them and saves them and their users the trouble of doing it over and over again?

    WORBLI aims to be a blockchain that collects dapps needing KYC/AML processes and saves a lot of time and effort from both users and developers. I hope they succeed.

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    1. TRUTH(@i-am)

      But what I would prefer is a world without KYC/AML with no “National” governance,,, but if you want to have PHYSICAL LOCATIONS to your business model, then you are going to have to comply with the Local Authorities…. I prefer the DAO and DAG and DAC ideas, that ONLY exist in CyberSpace and use no Physical Land to conduct their opperations. This is the “New Paradigm”.

      That being said,,, for the Ignorant and Scared,,, WORBLI will be an easy onramp to the BlockChain,,,, they can migrate away from the old paradigm as the learn (or die off).

      Any Dapp that can be made for KYC/AML can be made “virtual” with no need for kyc/aml.

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      1. Paulius Gutauskas

        Now I see you joined Trybe I will definitely need that luck. Would be interesting to know though if you changed your mind about kyc/aml on worbli after you thought of the dapp? Did you find a reason to care or you still think it’s just EOS with all your private data on bc, even though it’s not quite accurate. I see your point at the same time I dont think just cause you have a less informed view on the project your article is in any way reflecting what WORBLI is trying to achieve. So I downvoted it, just my personal opinion. I’m sure some criticism wont hurt and I’d like to be open about it.

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  4. Eric

    My first thought is that this is a platform to run apps like EOS is. EOS has no functionality to users except to invest in until there are apps for users to use. EOS is really for developers. Worbli is like EOS but can allow apps to be more compliant as to regulations. If you had an insurance company that you wanted to run on blockchain and you had developers to program it, this might be right up your alley. At least that is my take.

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  5. blackpanther

    Good piece good points, thanks. We tend to complicate things,no one knows which crypto platforms will succeed in the future. So hedge your bets like an investor not a customer. You are getting Worbli tokens for free for simply owning EOS. They have a good team that’s talented with excellent EOS BPs. Financial dAPPS that can’t run on EOS because they require KYC will be on Worbli and you get to benefit from both worlds without having to spend an extra penny on worbli. Almost everything you can do with EOS you will able to do on Worbli. If you don’t wanna use Worbli others will and you benefit from that just by holding and staking the Worbli tokens, receiving airdrops. The world outside of crypto don’t care too much privacy and independence they just want convenience and efficiency with recourse if they lose their funds. Worbli will be a bridge for the outside world to EOS.

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  6. CryptosDecrypted

    Nice job Martin, this is what crypto needs these days – reflective – critical analysis of the ever-expanding array of ‘new’, ‘better’, ‘best’projects vying for notice and investment. Worbli, will airdrop to EOS holders that I like and I’ll hold those tokens, cause who knows? For the rest, I’ll wait on the sidelines (but stay up to date on Worbli developments) because as you note it is more likely hot air than not. Cheers.

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  7. Conceptskip

    Thank you for this awesome review, well worth a 5 star rating! Critical analylysis and personal investigations are much to rare, where most just reiterate the PR material! And i share your experiences with the incompetent admin on their telegram, i’ve also seen critical questions to be deleted. Having said that i wouldn`t judge whole project based on one one staff (although it shows the importance of communication). In fact their full whitepaper is well structured and does make sense. Also i found the videos featuring their founder quite informative.
    One guess as regards the missing bank license: This in fact is not needed for the chain which is all about KYC. With the launch the “sharedrop” will happen, so not only provide token holders with funds, but also the development team , which should provide them with the necessary funds for obtaining a bank license.

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  8. Ne0thrill

    Hey Martin, really good write up, you are pointing out nicely what WORBLI is about!
    It`s a “bridge” as this phrase is used so often by people supporting WORBLI to total transparency and audibility of the User. It`s not censorship resistant and it`s not aiming to build decentralized applications or any kind of trustless community. Neither WORBLI is aiming to get rid of the intermediary. Centralized Systems offer more privacy. I have to conclude the whole point for WORBLI is to benefit intermediaries and provide those with all critical information regarding its User`s. That WORBLI is baiting with the potential benefits of decentralization and Blockchain technology is in a high degree irresponsible to say in a nice way, assuming they really are not aware of the implications their development could cause if widely adopted. I seriously hope people become more aware and critical regarding their privacy and Data.

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  9. John

    Huess I didn’t put to much thought into it, just assumed it would be some sort of banking center. Will treat it like all the other airdrops I get; a free roll with hope it moons. I definitely will try out any DAPPs that benefit me.

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  10. TRUTH(@i-am)

    Ya, it should be a plus,,,, should allow banks and other traditional evil organizations a place on the blockchain that customers can have easy ex-changeability with EOS and TeLOS platforms….. don’t get me wrong, they are catering to the “evil side”, but unfortunately that is where the “world” is hanging out.

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  11. SugarFix

    I’m glad to see that you don’t write “Rah, Rah, Rah!” posts in order to fulfill some criteria set out by a bounty provider. We need more analytical posts to ensure that both us as consumers get information that can enable us to make better decisions. It will also enable any developer worth their salt to improve their product/get their message across.

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