Why the future of the “Wild West” doesn’t belong to the cowboys

in eos •  19 days ago

cowboys.jpeg

The struggle between freedom and security is not a zero-sum game


If you have ever talked to a blockchain enthusiast, then there is a good chance you have also spoken with a fair few libertarians. For many in the community, the appeal of blockchain is not just practical, it’s philosophical too. It offers a vision of a future free from rapacious intermediaries and overbearing governments — a world of perfect financial freedom.

Many in the community see decentralization as sacrosanct, while regulation is anathema. As a result, debates around governance and oversight often get heated. The reason for this is that we often see freedom and security as an either/or choice. The false trade-off underpins an age-old debate. You probably know the following:

“They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety”

This Benjamin Franklin quote is a favorite among libertarians. But it is often paraphrased, misquoted or taken out of context. The implication is that safety and security must always come at a cost to liberty and freedom. But the reality of what Franklin was saying is more complicated. After all, he wasn’t an anarchist — he still believed in a constitution, a code.

In the same way, we believe in the essential liberties offered by blockchain technology. We also think our users should enjoy freedoms without losing security. It is all about offering choice.

"People will often equate the blockchain industry of today to the “Wild West”. There is a lot to be gained from a kind of frontier mentality, but it can also limit growth."

 
People will often equate the blockchain industry of today to the “Wild West”. There is a lot to be gained from a kind of frontier mentality, but it can also limit growth. Even the West had to be tamed in order to develop, and that came with the railway. A similar process is underway in crypto.

Our world is about to get bigger and, like it or not, global regulations are tightening. Concerns over money laundering and terrorist financing have driven legislators to strengthen rules. Blockchain technology has the power to change the world, but it won’t do that if it doesn’t have mass adoption. The challenge is convincing the public that they won’t risk getting arrows in their back if they get on board.

WORBLI will leverage the strength of blockchain technology while remaining compliant with global financial rules. We are using EOS to launch our own soft fork because it possesses all the best attributes needed for fast transactions that are secure and can be audited.

The critical trait of EOS is the ability to build on a chain governance layer. With EOS, WORBLI can set rules of the blockchain at the base layer. The block producing nodes will follow compliance guidelines submitting to regular auditing and transparency of financials including ownership stake. The user accounts will possess a built-in AML/KYC process at the genesis of account creation.

Using machine learning and artificial intelligence, WORBLI is also building tools to get rid of malicious actors and protect the finances of its community. All of this is possible while maintaining total privacy for the WORBLI network users. This about capturing the benefits and freedom of the blockchain while maintaining the safety needed to ensure a wider adoption.

At WORBLI, we want to bring credibility to the blockchain, but it doesn’t mean we can’t expand our frontier.

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