OMG Updated Review – OmiseGo Airdrop! Should You Add This Large Cap To Portfolio?
Twitter: Todd Butterfield: https://twitter.com/WyckoffOnCrypto
Nick Hellmann: https://twitter.com/stunad620
Sign up for Coinbase: https://www.coinbase.com/join/597299439ce8cf0171befc46
Sign up for Binance: https://www.binance.com/?ref=10983889
Sign up for KuCoin: https://www.kucoin.com/#/?r=2J68c
Ledger Hardware Wallets and Accessories: https://www.ledgerwallet.com/r/4d7c
– OmiseGo enables financial inclusion and interoperability through the public, decentralized OMG network.
– OMG seeks to be a decentralized exchange for all currencies (fiat, crypto, reward points, in-game items).
– They do this by providing a scaling system for finance on ethereum through plasma to enable a transparent public network supported by a wallet development kit that facilitates peer-to-peer transactions in real-time. (Think of it as the Napster of finance).
OMG is a decentralized public exchange with several layers:
1. White Label wallet SDK – build an app that enables wallet to wallet transactions of crypto, fiat, loyalty points, game credits etc with an ultimate goal of the creation of new wallets with little to no required developer support.
2. Decentralized Exchange – Eliminate middlemen in the exchange order book by using OMG Stakers to collectively and dynamically determine the fees for transactions which benefit the user through cheaper fees, incentivised by stakers earning their rewards based on the amount they charge per transaction (lower fee = more transactions = more rewards).
3. Scalability newtowrk mechanism layer – Using Plasma architecture to implement side chains secured by proof of stake bonding further secured by a separate root chain to safelty enable cheap, and and unprecedented transaction speeds.
What’s OMG been up to since the last review:
– Released the first open beta implementation of the OMG Wallet SDK
– First server and mobile SDK released publically for the purpose of onboarding eWallet providers.
-Developed Tendermint-based Honte (Phase 2 of roadmap)
– Constructed the initial Plasma MVP (Minimum Viable Plasma)
– Announced Hardspoon of Honte onto Cosmos
– this will duplicate your tokens on the cosmos network, creating a 1:1 of your OMG tokens and CosmosOMG tokens – further details: https://blog.omisego.network/o-m-forking-g-e6925aca9c96
-Strategy Update ( https://blog.omisego.network/strategy-vol-02-89a4d8476eed)
– In order for OMG to achieve their vision, they need support of the following requirments:
1. ETH/OMG should be able to support massive transaction volume
ongoing efforts using Plasma architecture continue with the goal to be able to process near unlimited transations as a solution to this.
2. OMG Network should have sufficient transaction volume
3. Wallets should be able to exchange any tokenzied value via a decentralized exchange
require an increase in transactions to ensure profitability for stakers. While the parent company Omise aims to have the blockchain faciitate their transaction volume, the team doesn’t feel this alone is enough transaction grownth to incentivize stakers at this time, so they have announced their intent to launch a new subsidiary which will aggressively develop a user-facing crypto exchange network for this year whose volume will be using the network with an effort to increase trade volumes on the order books, while further providing liquidity on the DEX once its launched on plasma, as well as drastically increase the transactions to further incentivize staking the OMG token.
4. Wallets should have cash-in/cash-out capabilities to enable free access to all funds
Further details on this should be released with the road map update on April 30th, with a public presentation at EDCON on May 3-5th where Jun will release further details.
Break down of validators decisions starts here: https://youtu.be/PUJuqWn88DY?t=642
Idea behind how fees will work here: https://blog.omisego.network/omg-network-staking-returns-5744a23f4569