I am not a blockchain maximalist although I do have ones I am optimistic about. Steem is obviously one of them.
That said, I have the approach that the in-fighting within the crypto community is foolish. There is a cartel of bankers out there who are the true enemy of freedom and we get hung up with the "my blockchain is better than yours" garbage.
The idea of trying to destroy another blockchain is preposterous. That is akin to slicing your own hand off. Why do the dirty work for the bankers? We all know they are out destroy what is being created.
Thus, my conclusion is anything that improves the world of blockchain/cryptocurrency is positive, regardless of what chain it is on.
BEOS is a middle chain that is going to provide interoperability between Bitshares and EOS. This will allow Bitshares based tokens to penetrate the entire EOS network. Since BEOS uses EOS code, anything that is done on EOS can be integrated into BEOS. It is simply a fork of EOS.
There is one characteristic that BEOS is providing which I do not think is stressed enough. The idea of Jurisdictional Agility is earth shattering.
While the anarchist in us wants to say screw authority (especially the SEC), this is not a pragmatic viewpoint. As of now, most of the money in the world falls under regulation. Entities that engage in financial services are regulated and that is not going to change any time soon. One of the reasons institutional money is slow to penetrate the cryptocurrency realm is because of the regulatory agencies. In the United States, the SEC has done this industry few favors. It keeps dragging its feet on matters.
Managing money is very profitable to Wall Street firms. They do not want a client to take any portion of the nest egg and invest it elsewhere. Thus, with cryptocurrency starting to get some attention, especially among the wealthy, this is not an avenue they want to be locked out of.
The benefits of blockchain are also very attractive to these firms. Few of us realize how much these institutions pay to send money around the world. While it is a high cost to the consumer, the entities are not getting off easy either. They are being gouged by other banks. Blockchain can help to alleviate this.
We all see the rise of the "private" blockchains. This might seem like a sensible solution until you realize there is still the trust factor. Most of these institutions aren't going to trust the others because they are competitors. They will all cut each other off at the knees if they can.
Thus far, the benefit of the private chains outweighed the cost. However, there is another option which could really help them: public blockchains.
So why haven't these institutions adopted them?
The answer lies in regulation. Financial institutions operate under a large amount of regulation which comes from many different levels. There are some that, if broken, will nor spring a visit from the SEC but, rather, Homeland Security. Doing money transactions with or in certain countries could put an institution in a lot of hot water. This is something they seek to avoid. Writing a check does not bother them; facing potential jail time does.
BEOS is going to offer up a solution that could be very appealing to the types of companies. Jurisdictional Agility will allow anyone to decide where they want their transactions conducted. This is in sharp contrast to a typical blockchain where the next block producer in order is the one who handles it. This is all well and good until that node is in a country that gets a company in hot water with the government.
Thus, if one wants transactions occurring under the laws of New York, then that option is available. If, on the other hand, one wants no regulatory authority, perhaps having it take place in space or on the open seas is preferable. Those options will be available too.
When I first encountered Bitshares, I really liked the idea. It was something that I could see being a major threat to Wall Street. For a variety of reasons, that never took place. With the addition of BEOS, perhaps we will see the institutional crowd start to migrate here. This will be of great benefit to the entire industry.
While on the surface, it seems odd to want those vultures here, the bottom line is they have access to a lot of money. The industry is in need of development and large amounts of cash will assist in that. We talk in thousands while they operate in denominations of billions.
Is this far-fetched?
According to @michaelx, he is in discussions with banks and other institutions on a regular basis. They are well aware of blockchain along with the benefits that are offered. EOS garnered a great deal of attention across the financial spectrum. This curiosity did not result in a move thus far.
BEOS could be the solution. It does seem one of the big holdups is the ability to use a decentralized blockchain while staying in compliance. With Jurisdictional Agility, we could see a flood of institutions with a lot of money move into this space.
Michael appears in the first half of this video.
Wouldn't it be ironic if Wall Street entered this arena only to fund the development of those platforms and applications that made Wall Street obsolete?
It would not be the first time something like that happened.
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