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OmiseGo Participating in Its First AMA

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OmiseGo
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The objective of OmiseGo, as is known, is to amalgamate traditional financial system and blockchain technology and to ensure interoperability. Through their network. OmiseGo plans to use digitized financial tools to build a decentralized system where the user needs to open a bank account for financial freedom. A person should have financial freedom and bank accounts do not play any role in this, as per the OmiseGo team.

OmiseGo is currently ranked 21 on the coinmarketcap.com cryptocurrency list and has attracted many blockchain enthusiasts around the world. The OmiseGo team had recently decided to run an AMA (Ask Me Anything) to answer all questions their fans might have. Let’s take a peek into OmiseGo’s future through their clarifications.

Plasma or Cosmos

The OmiseGo team had announced in April 2018 that a “hard spoon” would occur between them and Cosmos. According to Jae Kwon, the CEO of Cosmos, a hard spoon is “A new chain that takes into account state from an existing chain; not to compete, but to provide broad access.” The hard spoon takes in the residue of a given token and then duplicates them onto another chain. Thus, duplicates would be created of all the OmiseGo (OMG) token balances onto a Tendermint chain. It will be connected to Cosmos.

The decision was taken by the OmiseGo development team such as to focus on the creation of Plasma decentralized exchange (DFX). The Tendermint team, for the time being, will work on Cosmos OMG DEX. The development team had assured in the AMA that Tendermint will support the OMG hard spoon project and is even confident that the results will even surpass that of Plasma OMG DFX. The team referred to it as a ‘healthy competition’. As per the AMA, the focus of OmiseGo has always been on increasing global financial freedom rather than on becoming the highest grossing blockchain company.

OmiseGo had replied to a Reddit user’s question of an advantage of duplicating DEX on Tendermint, “More DEXes means more optionality for users, and competition spurs innovation … All exchanges want to eat up as much liquidity as possible; ours will be no different. The two DEX’s will not be duplicated: the Cosmos OMG DEX is being designed and developed by Tendermint as a Cosmos zone, while the Plasma OMG DEX is being designed and developed by OmiseGO to run on Ethereum and scale using Plasma.” OmiseGo is currently exploring support in the SDK wallet for both the exchanges.

Marketing Strategy

Eager questions were raised in the AMA about OmiseGo’s marketing strategy, especially in the United States and Europe. OmiseGo had said that the team had been working hard to develop new relationships and technology and their marketing campaign had been quite successful in Asia. As the initial release of the OMG network progresses, the team has been focusing more on its adoption globally. Developing educational tools and support networks, and making connections with potential contributors are also being focused on currently. This basically shows that OmiseGo is going all the way for mass adoption of their project. As per the team, the OMG Network access points will ensure ease of use. But, OmiseGo is being careful about not taking up too aggressive marketing strategies.

“We’re building relationships, asking questions, and learning about the use cases people are looking for in order to build a platform that is as flexible and customizable as possible. At that point there is nothing to sell; there is simply a solid foundation on which any user or provider can build whatever they dream up, which begets a self-perpetuating cycle of awareness and adoption.”

Partnerships

Even though there was curiosity about OmiseGo’s upcoming partnerships, the team was bound by non-disclosure agreements and could not to reveal much. The team is also currently thinking about how to collaborate with mobile payment providers such that the users are in an advantageous position. OmiseGo team responded, “This includes ground research – for example, we are currently conducting a multi-year field study in Indonesia to better understand payment values and behaviors, existing infrastructure and the impacts that decentralized payment systems are likely to have on the environment.” Talks are also that the team is open to becoming a partner of ShinanCard. ShinanCard is a popular name in the banking and payments industry of South Korea. They are jointly working on the future of digital payments services.

Concluding Thoughts

There is the hint from AMA of OmiseGo that the release of OMG Network will most probably be in the third quarter of this year. The reason behind doing this AMA, as per the OmiseGo team, is to clarify any doubt regarding the integration of the present financial infrastructure and expecting more people to join the process and ‘profit from their value-add participation’. OmiseGo is all about building a structure that will facilitate free transfer of value and promote the freedom to use it.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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