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OmiseGo Participating in Its First AMA

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OmiseGo

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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