In Roy Bernhard’s view, a shift in blockchain use among developers is inevitable and when it begins to accelerate the utility value of the ecosystem will be immense and the financial landscape improved for many. Bernhard’s company, Fabriik, thoroughly investigated the blockchain sector and determined that the BitcoinSV (BSV) network was the only choice to achieve the vision of a highly liquid global digital financial services firm designed to democratize the world of commerce.
“We took our time. We come from the quant/algo hedge-fund space and we do our due diligence. We have been huge fans of blockchain, of its transparency, and we did a full study across all the many different blockchains that were relevant. So we went down this path and at the end of it we said, ‘BSV really rocks’,” Bernhard explained in an interview for the TAAL blog. “We look at someone who is a developer or maybe the owner of an enterprise business looking to build on blockchain, and when you look at BSV you see that I get all the functionality of Ethereum and I have the core roots of BTC, but I have it faster and on a public blockchain, which makes it decentralized and with a range of benefits, and it becomes easy to make the decision we did.”
Magnanimously, Bernhard praises one of BSV’s rivals while also predicting its limitations will inevitably cause a defection of engineers and entrepreneurs.
“ETH is wonderful,” he says of the Ethereum network. “The development community is massive and they’re wonderful people. Unfortunately, they’re stuck using a technology that can’t grow as they grow. It’s like saying all of these amazing engineers building cars on combustible engines are going to keep on doing that, when the truth is it doesn’t have a future. At some point they’re going to have to jump onto the technology that is built to sustain and handle the amount of activity that’s coming. Everyone in the car industry has to go to electric at some point. It’s the same thing in our industry. At some point you have to make the decision to go with BSV. It has tons of real-world applications and once it has reached a critical mass more developers will make the leap.”
BSV’s supercharged network, of which Fabriik is a member, includes a number of attributes Bernhard says an enterprise company would want, including: industry-leading scalability, the lowest transaction processing cost among blockchains, and asset-wrapping protocols, which allow a token built on BSV to have its currency pegged to the value of another cryptocurrency. To achieve its goals, Fabriik gets powered by TAAL through the world’s most active BSV transaction processing operation.
“Currently we’re working with TAAL as a transaction processing partner, which is a relationship that has been fantastic. We’re hoping to grow and expand that. We need stability and expertise and a partnership we can build on for years, and that’s TAAL,” he says. “For us, because we’re a small team, it’s difficult to keep some aspects of the application up to date or to focus on some details, like what’s happening with the back-end nodes. So we outsource that work to TAAL. They understand the network really well and they’re the best we have.”
Fabriik’s products and services include a multi-asset custodian, marketmaking on the over-the-counter (OTC) marketplaces, the Fabriik Exchange that provides high-net-worth individuals and institutional businesses a flexible platform for trading, the Fabriik smart wallet, and a new NFT space called Fabriik X.
Set to launch in 2021, Fabriik X will focus on luxury non-fungible tokens. The digital collectible marketplace will feature celebrities and athletes curating their NFT selections. “We’re hoping they’ll spark a lot of interest,” Bernhard says of Fabriik’s two famous, yet-to-be-named partners.
Building on BSV allows Fabriik to tokenize entire NFTs — including design specs — and store that data on chain. It is an added value that demonstrates the transparency of BSV and its scalability, too. The blockchain provides a sense of security for participating buyers and sellers on the Fabriik X marketplace as well as the celebrities enlisted to endorse it.
“Our celebrity curators will decide what NFTs are going to be launched,” Bernhard says, describing the level of autonomy athletes and film stars will enjoy. “They will choose categories of NFTs that speak to the exclusiveness of the items. This assures people who are buying their NFTs that the value won’t be eroded over time and that they are of high quality.”