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.
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.”
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.
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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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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