Connect with us

Blogs

OmiseGo Participating in Its First AMA

Published

on

OmiseGo
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Elite