Frequently Asked Questions
Worbli offers its Financial Services Network as an independent blockchain on the EOS platform capable of hosting a variety of decentralized applications (dapps) focused on compliance and FinTech. The first of the dApps launched on the FSN will be a decentralized bank which provides checking accounts, debit cards and more to eliminate the barriers of entry into the cryptocurrency market for the average consumer and to facilitate the exchange of crypto with fiat currencies. Worbli is creating a globally compliant framework, thus enabling others with regulatory needs to develop and deploy their own systems and dApps on the Worbli FSN.
“We believe blockchain technology is going to considerably improve financial services, cloud computing, data analysis, security and storage, supply chain logistics, social networks, voting, healthcare, income inequality, accounting, contractual arrangements and so much more, and WORBLI will be at the forefront of product innovation.
Imagine many of the current obstacles between blockchain technology and real-world application removed. Developers can design and build applications knowing the associated financial/ transactional services are preconfigured. Merchant processing is available for converting digital and fiat currencies into any payment form they desire. They have the option to create a unique token for their project at any time. Our network’s infrastructure – including computing power, data storage and bandwidth – is available by simply purchasing our WORBLI Token. They can launch new applications knowing anyone in the WORBLI community can access and use them. WORBLI will create the protocols that make all this possible, leaving developers free to delight and serve more and more users.
Despite the groundswell of interest and many potential applications, blockchain remains out of reach for the average users along with many institutions and organisations. The key challenge remains ease of use and accessibility, the technology is complicated, typically not user friendly and for the end user it’s possible to lose funds with no way of recovery. For large scale financial services organisations there are even more challenges ranging from speed of transactions, the tension between public and private ledgers or compliance and legal requirements stopping everyone from setting up a financial services product.
WORBLI Network intends to close the gap for users and service providers by creating a compliant financial services account allowing both users and merchants to buy and sell the bulk of available blockchain tokens in two transactions. Through the integration of a globally compliant financial services institution and digital currency trading platforms, users will only need a single account to store, buy and trade their blockchain assets. With the native infrastructure available via a fully programmable blockchain ecosystem, developers need not look further to build and deploy their dApps (applications on the blockchain). Our platform provides the compute power and data storage to host the dApp’s software securely, and is more cost effective than legacy cloud or hardware server deployment. Combined with an integrated suite of financial services, we believe developers will find the WORBLI blockchain meets all of their needs to launch their dApp. In addition, developers can feel confident in the full compliance of our user accounts and financial services.
A secure, compliant and cost efficient foundation with integrated financial services provides the infrastructure to build a vibrant ecosystem of dApps. As we complete the first phase of deploying the infrastructure we intend to recruit developers interested in creating a diverse offering of blockchain applications.
The latest version can be found at worbli.io
Our white paper is a living document, allowing us to update it as necessary to clarify the Worbli Vision. Changes to the White Paper may occur due to third parties (such as the SEC) ensuring we remain compliant and legal.
• WORBLI has direct access to the existing EOS COMMUNITY, which consists of 330,000+ token holders, GAMMA BANK and KuBitX’s Customers and Users.
• DEVELOPERS who are looking to build Fintech products, apps and services that leverage the blockchain:
• Existing FINANCIAL SERVICES BUSINESSES looking to leverage blockchain technology:
– Blockchain is going to redefine financial services
– Blockchain will enable cheaper and faster financial transactions
• CONSUMERS AND BUSINESSES who want access to cheaper, faster and more secure financial services.
• END USERS include but are not limited to:
– The general population
– The Unbanked population
– Investors and Traders
– Digital Currency Exchanges
– Financial Professionals (Accountants/Financial Planners etc)
– Cryptocurrency/Blockchain Businesses (i.e. ICO’s)
– Small, Medium and Enterprise Business – + More
Only Accredited Investors.
The WORBLI Token will be converted at a future date from an ERC-20 Token to an EOS Token. At the time of conversion purchaser will receive a number of WORBLI EOS tokens which represents an equivalent percentage of total offering to the tokens being acquired herein.
EOS is a decentralized system based on blockchain technology allowing developers to deploy decentralized subsystems and applications known as dApps. It is known for it’s transaction speed of 1 million transactions per second and vertical and horizontal architecture that allows it to scale.
“WORBLI’s total supply for initial WORBLI Token distribution is 2,500,000,000 tokens. These will be distributed through a series of issuances to be concluded at the end of our final fundraising round. We expect the platform to eventually host a robust and thriving economy full of decentralized applications providing various products and services to the community. It is paramount to incentivize users to spend WORBLI Tokens by creating value beyond merely holding the WORBLI Token as a speculative venture.
As we successfully attract developers to build applications on our network and provide fundamental utility through services like bandwidth, computing power and the financial services we intend to rollout, there will be many options to use the WORBLI Token in exchange for real world value. Therefore, we do not want a deflationary token issuance, nor do we want to create artificial scarcity through a limited supply.
After the conclusion of our fundraising, future WORBLI Token issuance will come through token creation as a reward to Masternode operators, otherwise known as “Block Producers” in the EOS software platform. Masternodes will provide various services to the network, and we expect these to grow over time. Initially masternodes will help facilitate network transactions, produce new token blocks, provide network services (RAM, computer power, bandwidth) and keep a record of all blockchain transactions.
Masternodes will be awarded a portion of the annual pool of newly created tokens. The annual token inflation rate for block producer rewards is 1% of existing token supply. One must remember there are no network fees for transactions on the WORBLI blockchain. So Block Producers only collect incentives from the annual token inflation rate.”
” The WORBLI Token is created as an ERC-20 token to provide ease of use at the project’s inception. The ERC-20 standard is widely accepted across the digital currency sector on trading platforms and existing wallet hardware and software. Once our independent EOS blockchain launches, we expect to implement an EOS token and initiate a 1-1 swap for all outstanding ERC-20 tokens to the native Worbli Network EOS token.
The WORBLI Token is used to access network resources on the blockchain. Token holders have access to the network’s computing power, data storage and bandwidth. Token holders may also redeem their tokens to access applications built on the network.
• User X wants to host their website so they redeem WORBLI Tokens to host their website for one month
• User X has an account with our Financial Services Platform and would like to wire some funds to their friend. They redeem WORBLI Tokens to pay the wire transfer fees
• User X wants to train their machine learning program and needs a large amount of computing power for an hour. They redeem WORBLI Tokens to access the needed computing power
• User X would like to securely store sensitive documents so they redeem their WORBLI Tokens to pay for a year of data storage”
Block Time is 0.5 seconds utilizing the EOS blockchain
Consensus System is DPOS utilizing the EOS blockchain
A finance firm that needs to adhere to compliance standards could be deployed on the Worbli FSN. A decentralized bank could also be launched by anyone as well as other FinTech dApps like a cryptocurrency exchange. Worbli is simply creating a regulatory framework for others to use that need to be deployed on the most powerful blockchain for decentralized applications.
“EOS is a decentralized system which allows for the development and implementation of various applications or dapps. WORBLI is leveraging the EOS software to develop a Financial Services Network (FSN) that will allow other projects to be built on our independent EOS blockchain which will have full AML/KYC compliant user accounts and Block Producers that meet global financial compliance standards. Therefore anyone can deploy a dApp on our network and benefit from the compliant network infrastructure and governance that WORBLI provides.
The WORBLI Foundation is a not for profit organisation that is committed to fulfilling our vision through the creation of a vibrant WORBLI community, with the following protocols:
• Project Software will be open-sourced, with some potential patent applications for proprietary technology – all community owned
• Decentralized decision making by the community for all macro-economic decisions
• Day to day operations, marketing, and general project management executed by core team
• Total financial transparency
• Board of directors with 2 representatives from the executive team, 2 elected positions from the community serving annual or semi annual terms, 3 recruited individuals with expertise/experience relevant/necessary to the success of the project, voted on by the community with a simple majority.
• The Board members will be elected annually to continue their service or be replaced by newly elected members through an annual community vote.
• Board will provide guidance and approval for:
– Executive contracts and compensation
– All budgets
– Strategic planning”
A peer-to-peer decentralized insurance market built to meet the growing needs of the blockchain community.
Businesses who want to build the most compliant financial technology? Developers? Existing Banks? Entrepreneurs?
An integral part of any community-driven project is access to information and influence over the direction of the project. Blockchain has created the first opportunity in human history to create decentralized governance models. These models operate as decentralized autonomous organizations (DAOs), in which democratically- arrived-at rules are created and enforced via smart contracts. Robust voting applications are emerging throughout the blockchain ecosystem. WORBLI will choose a secure state of the art voting platform with strong identity criteria.
The initial WORBLI core team will be tasked with getting the project started and funded. Although the ideal may be to reach a state of complete decentralized governance, we do not see it as practical for a globally compliant financial services network. If every project decision must pass through the entire community for reflection in order to move forward, there is likely to be limited progress. The foundation of all Worbli Network governance is compliance first. The basic tenets of all governance rules will be to meet or exceed financial regulations.
Our vision is to start with a hybrid model, then expand the influence of the community over time, as the network matures and grows i.e. intend to steadily implement greater community involvement in decision making as the network grows and prospers. As a measure of good faith in our intention to evolve into a complete, community owned project, we will run a fully transparent corporation during the start up phase.
A core value of the WORBLI Foundation is realizing a truly community-owned project. If the foundation is an independent entity and answers to the community and its elected board of directors, this provides the infrastructure required to realize such a truly community-driven project. In the meantime, blockchain may hold the potential for decentralized corporate models we have yet to discover. However, at present we must consider the necessity of compliance with existing business and corporate laws. There are no rules and regulations which currently exist that we can look to for guidance. Thus we will be creating and improving the model over time as a community.
This next step entails building layers of pre-programmed functionality on an instance of the EOS blockchain, discussed further in the technical sections below. The two key benefits of these layers will be a frictionless playground for developers, and an interface for users rivaling any website or app in its intuitive ease. We believe the value proposition inherent in a financial compliant network will attract a growing number of participants, empowered to create the decentralized future that is currently the blockchain’s unfulfilled promise. The WORBLI Foundation will continue to develop or support independent projects to meet the community’s needs and enhance the options for developers over time. Our vision is to create a robust ecosystem of decentralized fintech applications and services.
Block Producers will serve as the representatives of the Delegated Proof Of Stake (DPOS) consensus to produce new blocks on the network. Block Producers also supply the computer power, storage and bandwidth resources required for the operation of the blockchain. Since WORBLI are using the EOS blockchain software platform, there are rules for Block Producers to run the EOS network efficiently and securely. We will be following the EOS recommended protocols for our network.
Block Producer Requirements
• Minimum stake is 250,000 WORBLI tokens
• Computational power required is expected to be of an enterprise grade requiring server level hardware and specifications. However we do not know the specifics until the EOS software is deployed
• Compliance with financial and sensitive data storage regulations will be a requirement
• Full AML/KYC verification Masternode Benefits:
• Block rewards – 1% annually of the total outstanding tokens
An additional opportunity to earn tokens in the WORBLI Network is through the delegation of excess capacity. Every account is required to hold some WORBLI Tokens for account activation and to provide resources for the storage and securing of account data. Those who hold tokens in excess of the minimum required amount, but are not utilizing their full allotment of network resources, can lease their token’s resources to the network for others to use. Masternodes will handle the delegation of these resources and reward the user accordingly at the current market rate for delegating their WORBLI Tokens. Currently we are developing platforms to help facilitate the leasing process.
We believe the WORBLI Network will provide numerous advantages for developers interested in building an application or starting a service on the network. Our goal is to create the most developer friendly blockchain platform in the world.
Here are some of the main advantages:
1 Integrated Financial Services
The Worbli FSN will have a financial account available for users and businesses to store fiat and digital currency assets. There will be a merchant processing service available for instant fiat conversion of WORBLI Tokens to the merchant’s bank account
2 Integrated Digital Currency Exchange
The Worbli FSN will have digital currency exchanges providing the ability to buy and sell numerous coins and tokens. The biggest feature for a startup is the ability for us to list their token immediately without the hassle required by existing exchanges
3 Customer Base
WORBLI expect to build a large community in time who are incentivized to purchase products and use services on the network
4 Software Language Agnostic
Developers can build their application in any language they choose and there will be no restrictions
5 Educational Materials
An extensive library of written and video tutorials to aid software developers and to educate users on the WORBLI platform will be created
6 EOS Support
WORBLI’s decision to use the EOS blockchain for our core blockchain infrastructure provides access to all of the tools built or in development by the EOS team. EOS has a huge brand name and a very ambitious plan to support development on the platform with technical and financial support.
7 WORBLI Network Support
WORBLI will provide direct support for any developers or businesses interested in joining the WORBLI community. Our team is comprised of seasoned business and technical professionals. We only expect to continue adding more highly qualified individuals in time
The existing barriers to entry for developers wishing to develop blockchain decentralized applications are currently substantial. There is an evolving regulatory environment to consider, specialized programming knowledge required and difficulty receiving payment. Our network provides comprehensive solutions to reduce the friction for developers who would like to build decentralized applications.
Our compliant and digital currency friendly financial services platform will allow developers to easily obtain a merchant account to store funds in and process payments. If the developer is considering issuing a token, we can offer assistance when listing through our trading platform partners. Listing on existing digital currency exchanges is becoming more difficult and expensive every day as there is considerable demand to be listed. Providing a merchant processing service to offer digital currency to fiat conversion for customer payments helps to considerably offset the volatility and risk associated with accepting digital currency payments. Even opening a bank account for any startup whose primary business involves blockchain technology or digital currency can be quite a challenge in today’s banking climate. WORBLI addresses all of these issues in a compliant and easy to use manner.
Our commitment to provide ongoing business development support is another attractive feature. The WORBLI Incubator, will dedicate a team to help aspiring developers deploy applications on our network. Support will be available for general business development, marketing, compliance, fundraising and financial planning. The WORBLI Incubator will provide a full service business consulting team to help incubate projects that possess the confidence of the community through our governance process. We will implement a proposal process allowing startups to submit a proposal to the community and allow the community to vote for the projects it wants to see deployed on the WORBLI Network. Upon approval, these projects will receive the full support of the WORBLI Incubator, The WORBLI Foundation and the Worbli Network Fund.
Use Case: “Example” dApp Development Team:
The “Example” dApp team wants to fund and develop their idea:
• Challenges of opening a bank account in most countries, receiving funding, and paying for services with fiat hinder next steps, and demand a streamlined solution
• Funding will likely be via digital currency deposits, presenting a need to convert some of these funds to pay for development expenses
The dApp is required to meet various financial compliance rules and regulations.
• The search for potential banking relationships leads them to our project, and discovery of our FSP and the WORBLI FSN
WORBLI are committed to providing the most user friendly blockchain experience for our WORBLI community. We believe this is the single biggest challenge currently facing blockchain technology growth and development. There is tremendous freedom available through the implementation of blockchain technology for individuals. However, in its current state, it is highly technical and fraught with a high probability of loss of funds or private keys for inexperienced users. We intend to bridge this divide by creating simple to use accounts for all of our software interfaces and to create web based d’Apps for the majority, if not all of our network and platform user accounts and features.
These are our proposed features:
• Integrated User Account – Only one account will be needed for the buying and selling of WORBLI Tokens with fiat or digital currency, storing digital or traditional assets and accessing the WORBLI economy. Features include:
• Digital currency trading
• Secure funds storage
• Community voting
• Financial services
• Access to WORBLI dApps
• Intuitive UX & UI, Optimized for Simplicity – Single login access to all features, laid out with Google Suite-style UI parameters, will be a key benefit driving user acquisition, engagement, and retention.
• Educational Materials – In tandem with our developer education section, tutorials for users will enable discovery of all aspects of the WORBLI Network.
• WORBLI Customer Support – We will have a help desk available 24/7 to assist users with any issues that might arise
• Governance Participation – All registered community members have the right to vote on WORBLI proposals and participate in shaping the future of the foundation.
• Launch a Financial Services Platform (FSP)
• Financial Services software integration for trading platforms • Custom user account interface
• Custom developer account interface
• Integrated Web Wallet
We believe the EOS blockchain is an incredibly innovative and robust network in the blockchain sector. Not only does EOS lead the field in technical development and ease of use, but they share our strong social values of building a sharing economy model benefiting as many people as possible. This creates a strong alignment of values and technological synergies between EOS and WORBLI.
EOS Standard Features:
• Permissioned accounts
• Private key account recovery
• Private messaging
• Network resources
• Bandwidth and Log Storage (Disk) • Computation and Computational Backlog (CPU)
• State Storage (RAM)
• Block consensus model
• Delegated Proof Of Stake (DPOS)
Our technical platform will use the EOS blockchain as its foundation. EOS boasts no per-transaction fees, and offers a user experience similar to those currently provided by existing centralized services We will build and host our dApps on our own EOS platform instance. EOS is an open source software available to anyone who wishes to launch an instance of the blockchain to build dApps on. We will begin the process of launching our independent EOS blockchain in Q3 2018.
This will be called the WORBLI Network. After launch, the next step will be to swap all of our outstanding ERC-20 tokens for our newly created WORBLI Token (an EOS software based blockchain token). The newly created EOS based tokens are widely tradeable across all existing trading platforms at this time. One of our top priorities is to make the value proposition attractive for entrepreneurs interested in creating dApps on the WORBLI network. We expect our network to interact with public EOS blockchains and allow applications to be deployed and governed on multiple EOS networks, as this ability gets gradually implemented. WORBLI Network will be an independent blockchain, but not private, and therefore will not exclude anyone wishing to deploy a dApp on our network provided the developers adhere to our financial compliance guidelines. We are planning to see a cooperative relationship emerge in time between the EOS public blockchains and many independent EOS networks such as ours.
Our Sharedrop is similar to a conventional airdrop, whereby token holders (in this case, all of you EOS holders!) will be able to claim their WORBLI tokens. The only difference is that WORBLI is an independent blockchain, so Sharedrop participants will need to claim their tokens through establishing a WORBLI user account, as opposed to the tokens appearing in existing EOS wallets.
As WORBLI will be one of the first robust eos.io software forks, we expect substantial interest in our token on the open market.
Domenic Thomas, WORBLI’s CEO, is one of 8 members of the EOS Worker Proposal Fund committee. This group is overseeing the creation of the EOS Worker Proposal Fund which is set to allocate nearly $400 million dollars in EOS tokens to various projects in the EOS main net community. Domenic, Robert Dewilder (CTO), Craig Kellogg (COO), and Sam Russell (EVP Strategy) are engaged in a number of private Telegram groups which include prominent members from EOS and block.one (the organization which developed the eos.io software). WORBLI is positioned as one of the thought leaders in the EOS community and through these relationships will be launching one of the first EOS blockchain forks.
Airdrops are a newly created token distribution mechanism unique to the blockchain industry. With the advent of blockchain technology we possess the technical tools to distribute data globally within minutes. Due to the flexibility of digital assets, a company can tokenize all or parts of its business within minutes. Through network tools like block explorers, a company can locate the wallet addresses of every user on a given blockchain network. Once this list is compiled, a company can then distribute its digital token in any manner it chooses through deploying a smart contract.
The purpose of an airdrop is to widely distribute a digital asset across thousands or millions of users instantaneously. This immediately creates a vast array of stakeholders with a vested interest in the success of the enterprise. Through additional smart contracts, the company can motivate users to perform various actions to unlock some or all of these digital assets. These actions may include account creation or stimulating users to promote the business in various ways. The end result is to generate interest in the enterprise, create a stakeholder network and a trading market for the digital asset.
“Airdrops combine the best of paid referral programs with stock options. Potential users get paid for joining or using the network and have the potential upside if the network increases in value.” – Brayton Williams of Boost VC
“WORBLI’s Roadmap as of July 2018:
Phase 1 – 2nd Quarter 2018
• Help launch EOS main net in preparation for launching Worbli network • Seek additional funding through private investment sources
• Finalize strategic, marketing and operational plans
• Finalize partnership with KubitX
Phase 2 – 3rd Quarter 2018
• Recruit and hire additional technical, business and administrative team members
• Market and promote Worbli token Sharedrop
• Launch independent EOS blockchain(WORBLI Network)
• Conduct Worbli network token Sharedrop
• List Worbli token on multiple digital asset exchanges
• Seek additional funding to support development of the Gamma Bank software MVP
Phase 3 – 4th Quarter 2018
• Add additional Block producers to Worbli Network
• Add AML/KYC verification to Worbli Network user accounts.
• Publish WORBLI Network governance processes and engage WORBLI community in ongoing governance efforts
• Pursue additional strategic partnerships with digital currency exchanges
• Facilitate the launch of dAPPS on Worbli Network
• Build Gamma Bank MVP
• Incorporate WORBLI Foundation in favorable regulatory environment (Switzerland, Bermuda, Malta, Panama, Singapore)
Phase 4 – 2019 onwards
• Test Gamma Bank MVP
• Continue recruiting and hiring for Worbli network team (Worbli Foundation staff)
• Hire world class executive team to develop and launch Gamma Bank
• Secure global correspondent banking relationships
• Begin development and support of additional applications to be developed and deployed on the WORBLI Network
• Develop long-term strategic, financial and marketing plans
• Launch Gamma Bank in global markets (Africa, Latin America, Australia and Europe)
• Ramp up global marketing efforts
• Commence lobbying efforts and developing relationships with US governance bodies(SEC, IRS, Federal Reserve, OCC)
• Develop correspondent banking relationships in the US
The WORBLI network will offer a WORBLI Network Fund(WNF) similar to the EOS public blockchain’s worker proposal fund. Annual token supply inflation at the rate of 1% of total issued supply will flow into the fund at daily intervals through- out the year. The purpose of the worker proposal fund is to allow the community to vote for projects or initiatives they feel will help grow and improve the network. The WNF offers an opportunity for anyone to seek funding for their ideas.
A process will be created to provide guidelines for idea submission and oversight to ensure projects have the best chance to succeed. The fund can be used for any purpose the community deems worthwhile given the idea remains within the base layer governance rules. Some potential uses of the fund include:
• Community led marketing and PR initiatives
Global financial compliance rules and regulations have only tightened in the past several years. Concerns about money laundering and particularly terrorist financing have driven legislators across the globe to strengthen compliance rules. Blockchain technology holds tremendous promise in improving the efficiency and driving down the cost of financial transactions. The challenge is, how do we maintain compliance in a decentralized world? We set out to find a way to leverage the strengths of blockchain technology while still remaining compliant with global financial rules. In our extensive research we discovered EOS. A state of the art blockchain possessing all the best attributes for a financial institution looking to leverage blockchain technology: fast transactions, auditable and secure.
Yet the critical trait of EOS is the ability to build an on chain governance layer. With EOS, WORBLI is able to set the rules of the blockchain at the base layer. All user accounts, transactions and nodes must follow the rules of the governance layer that WORBLI decides on. The block producing nodes will follow strict 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.
A compliance team will monitor and audit the network at all times, ensuring that every transaction on the network meets global financial regulations. Finally with the evolution of machine learning and artificial intelligence.
WORBLI is building tools to recognize suspicious transaction patterns and constantly scan users matching them with global terrorist lists and dozens of other compliance databases. All of this can be done while maintaining total privacy for the WORBLI network users.