Worbli is forking the EOS blockchain on November 1st in order to create a platform that financial dapps can be built on top of. The possibilities are only limited by the imagination and skill of the developers. There is so much that can be done with this platform that it can be overwhelming to try and think of dapp ideas. In this article I will take a slightly different approach to designing a financial dapp by describing my financial situation and coming up with features and solutions that would make my life easier. Hopefully some of you can relate with me and comment on whether you would use a similar dapp if it existed.
My current financial situation is probably similar to many crypto enthusiasts. I have my “real world” finances that are handled by 3rd party established institutions. I bank with one of the largest banks in the US who has a CEO that hates crypto, my insurance is through a company that has annoying TV commercials and my stocks/bonds are held by a custodian that believes the only smart investment strategy is index funds. Outside of my fiat assets, I like to keep a percentage of my net worth in old fashioned, physical precious metals stored in a gun safe. It is comforting to know that I have some money that isn’t completely dependent on computers and internet. Last but not least, I have my crypto assets that are diversified but heavily weighted in EOS due to my belief in the platform. My crypto assets are held in a variety of hardware wallets, paper wallets, desktop wallets and small amounts on exchanges.
I would like to see a virtual bank dapp created on Worbli that links my crypto assets with my “real world” finances in a way that I can transact back and forth quickly and easily with minimal fees. This dapp would have to be part wallet, part exchange and part bank account. I would like to be able to send EOS or Worbli tokens to this account and be able to immediately spend fiat money in the real world through a linked debit card. This would allow me to pay bills, buy groceries or anything else you can do with a debit card. If paper cash is needed, this debit card would also work in ATM machines. The account value would of course depend on the USD value of EOS/Worbli tokens that is changing constantly with the market. If my crypto tokens appreciate in value, the purchasing power in the real world would increase. This wallet/exchange/bank would automatically sell my tokens in the exact USD amount to cover my debit card purchases at the exact time of purchase leaving the rest in EOS/Worbli tokens that can be withdrawn to a different wallet at any time I want. If there is not enough tokens in my account, the transaction simply will not go through on the debit card (no overdraft penalties). All transactions would be recorded on the blockchain and can be viewed on a 3rd party block explorer to provide transparency.
The debit card would give users a suitable way to spend USD from their crypto account, but what about depositing USD into this same account? I would like to see the ability to setup direct deposit from an employer so that a pay check could be deposited and then immediately exchanged into EOS or Worbli tokens. Another feature that would make this dapp more like a bank is the ability to deposit paper checks. In the past this was done by physically walking in to a brick and mortar bank but we have seen innovation from banks that now allow you to take a picture of the front and back of the check with your smart phone. This is a cool feature and it could be integrated into a virtual bank dapp because of the AML/KYC that Worbli provides. There might be a waiting period while the check clears, but this is normal and acceptable.
These simple features for deposits, withdrawals and spending would be enough for me to close my checking account at the giant bank. I would also close my Coinbase account since there would be no need to jump through their hoops and pay their fees if my money was instantly exchanged in to crypto. This banking dapp can also provide a better alternative for transitioning people into the crypto world by using a format and terminology that they are familiar with. I know there will be legal and regulatory hurdles to clear, but it isn’t impossible. Gamma Bank is being developed by Worbli and might provide all of these feature plus more but there will be room for much more than one single bank on the Worbli platform and this will create a healthy environment of competition. UI/UX, speed of transactions, fee’s and customer service will all be important factors in the success of a virtual bank dapp. Different people have different banking needs so there is not one exact right way to do this. Other areas that could be explored would be governance through user voting and profit sharing through tokens.
Blockchain is obviously the future of money. The question is, how will we create bridges between the traditional fiat world and the new crypto world? I don’t see a future where Coinbase and Gemini are the only options. Worbli is creating a platform that will allow the community to create what they want and need using the proven performance of EOS. CEO’s of large banks have every reason to be scared.