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.
Source
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.
If you found this article informative, please give an upvote and resteem.
Wow, what an outstanding post. I love how well you simplified the explanation of Beos. In my next post, can I make reference and link to this post? If not, no worries :) I just love your post!
Of course you can link it. I would be greatly appreciated if you did that.
I am glad you found it informative and concise. I try to keep things simple for people. This industry can get overwhelming with all that is going on.
Thank you for taking the blockchain with you on your worldly travels.
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It only takes one Institution to go in and demonstrate the efficiencies available using blockchain and an avalanche could come sooner than many expect!
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I agree. If one household financial institution jumps to BEOS, it will open the floodgates for the entire industry. It will provide instant legitimacy across the board.
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I really like the idea of BEOS. I have my doubts that it will succeed, but also my hopes that it will.
Back at the time of #SPUD I reserved a small amount of STEEM and put it over into the BEOS rainfall thingy. So I also have #skininthegame in BEOS. Whenever I have some free cash, I may add more :-)
Blockchains are competitive, but I am not too blockchain "discriminate" or staunchly loyalist. Spread the love I say!
I had Bitshares for a long time which I staked. I am excited about BEOS. I think they have a good plan; hopefully it works out.
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Yeah, I hope so too. I like the idea enough that I am willing to put more money in it soon if I can. I really like the jurisdictional agility and the fact that there is a floor with all of the BEOS being backed by precious metal. Ensures the price will never fall below whatever gold is at the time.
Afterall, the Bitshares can come back to me even if BEOS doesn't work out.
Yes the BTS is only staked, not paid out. It is a wonderful idea for the rainfall.
You also have a few other apps that are close to launch as soon as it goes live. Ruon and Biquitous are both very interesting.
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AMEN! So say I...
What a corrupt bunch of ne'er-do-wells!
Having said that, may BEOS become the petard by which the crooks in the financial establishment are ultimately hoisted.
😄😇😄
That they are. Corruption is their middle name.
They will ultimately be taken down in my opinion...it will just take a while.
We are going to have to take them apart piece by piece. It is not a one punch knockout.
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It's the dominance instinct getting the better of people who should know better. That Everipedia guy interviewed by @theycallmedan's made me experience second hand embarrassment just for this reason. Much of the time he was going on about projects getting destroyed by this or that project.
Interoperability!
BEOS is also legally well design and set. I do love the membership part. Token portability and Jurisdictional Agility are great features. So many Start-up, COOP & Not-for-profit organization can benefit from many things BEOS will be offering from Bitshares. I see BEOS as an EOS sisterchain like Worbli or Telos, only that it already have many businesses running on Bitshares that can move to this new chain if they want. The challenge IMO will be to build a strong EOS development team around BEOS. For now, lets just focus on selling the "rainfall" opportunity to those wanting to join a cool project.
👍👍👍👍👍👍👍👍👍
You said it @pnc.
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A very insightful write-up about Blockchain. I am not a finance person. But there are three fundamental truths I believe in ( amongst many 😎😁)👇
😊
"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." - 👍 it couldn't have been expressed better. ☕
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