Real-time
crypto news

OMG and the broader crypto perspective - analysis

Published 2 years ago by /u/Floyd_Zeppelin

Folks,. wanted to share some reasons why I feel OMG will usher fundamental changes to crypto and expand ethereum's ecosystem. First some context -- in the early days of bitcoin, we were excited as heck for a currency that - for the first time in modern history - has successfully managed to separate currency from governments. This was groundbreaking, and for many -- bitcoin was the ultimate solution, and 'altcoins' that largely forked off of bitcoin were considered crap by many. Then ethereum came and turned altcoins upside down with a far more ambitious and versatile platform - one that managed to very rapidly command a leading share of developers time and imagination. The fact that start up projects can be rapidly funded through ICOs only propelled the ecosystem.. Today, and largely because of bitcion's nasty civil war, there are many blockchain-based currencies each with slightly different characteristics, but most of which are forked from bitcoin. Dash looks promising with its masternodes, incentivized ecosystem and remarkable governance system. And of course there are many others - litecoin, zcash, bitcoin, bitcoin cash (possibly more splinters to come), monero, and the very innovative IOTA with its tangle network (an emerging technology I hope the ethereum foundation studies for certain layer 2/3 applications on top of ethereum).. So.....many investors and speculators began to hedge their bets trying to figure out which blockchain or currency will be the dominant one - after all, we were led to believe in bitcoin's early days that due to network effects of money --- that there can be only one. So which one? Bitcoin stalled for many years, others chains added innovations - but wait..bitcoin got its act together, wow! they are implementing segwit, lightning is around the corner, and soon they will be able to do smartcontracts too (rootstock). Oh wait....the drama isn't over, bitcoin cash is more profitable to mine, bitcoin is still prohibitively expensive (how many dollars per transaction again??), blockstream is still too dominant, etc.... Enter OmiseGo. Why is this so fundamentally important to ethereum and crypto? Because instead of trying to figure out which chain is going to dominate or ultimately succeed as digital cash, payments, transfers, microtransactions, store of wealth, machine to machine payments, etc.............. we now have a plasma-based solution that is blockchain agnostic and can truly revolutionize payment technologies with a consumer experience that is likely to be far more user friendly, intuitive and have utility with actual usage. Omise the company is already working on this, has signed up merchants all over southeast asia, and is prepping to dominate the intersections between multiple blockchains, consumers, merchants (McDonalds already!?!$! ..YIKES).. And remember the big deal we made about the lightning network finally being supported by bitcoin in recent weeks? And how litecoin jumped in market cap when they announced implementation? Well the guy that wrote the book on lightning networks is the same guy that co-authored the plasma whitepaper with Vitalik.. Oh yes, let's not also forget that all ERC20 tokens can also be seamlessly exchanged in a decentralized, highly liquid manner using OMG tokens. I have come to the conclusion that instead of trying to figure out which blockchain is going to dominate (I still think ethereum and bitcoin - possibly bitcoin cash and dash will enjoy much success), why not invest in a technology that accommodates ALL of them, ties them into a seamless end-user experience, and is completely decentralized while adding significant value to the ethereum network through the bonded relationship that OMG's child blockchain is going to provide? The one ring to rule them all? Maybe... Finally, the fact that investors can 'stake' their OMG to validate transactions, and as such be incentivized to support the OMG network will make OMG tokens even more valuable as tokens are locked in and tradeable supply is reduced. Once this takes off as the folks at Omise and Vitalik himself have envisioned, and OMG expands beyond Asia to take on Europe, Americas, Australia and Africa - the dividends that are to come could very well be enormous.. We still don't have all the answers yet on how this will play out. How many tokens will be required for staking OMG tokens to validate the network? Ethereum played around with this number for a while, before settling what appears to be the 1,000 mark - similar to Dash's 1,000 requirement to run a masternode. I suspect OMG will lower the threshhold to keep this as decentralized as possible, and they seem to genuinely care about the little guys - the small investors that for far too long have been locked out of the most promising investments due to regulations and restrictions - ostensibly to 'protect' investors.. I am also curious to know more about the blockchain implementation OMG has in mind. confirmation times per block, size per block, etc. I certainly hope that the Omise team is studying very carefully all the various technologies and solutions that are emerging, including tangle technology - and that they are incorporating the very best elements of each of them to come up with something awesome - something that furthers decentralization and is resilient against cyber attacks, bad actors and so forth.. Well, this is getting too long. Happy hodling and as always, never invest more than you can afford to lose. Keep your own private keys whenever you possibly can. And remember the folks that made the most hodled the longest, so avoid the temptation to jump in and out for short term gains. Go long..grasshopper. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full
/r/EthTrader

What ICO's are you most excited about?

Curious what ICO's people are looking into. I personally am interested in Salt, Ethland, Boulè and mobius and looking for some other promising ones. Mostly excited for Salt to make my life easier and ... Read More

[SCAM ACCUSATION] HitBTC.com Scam - Stolen Tokens worth 150 ETH ($50,000 USD)

I would like to make the Reddit Crypto community aware that HitBTC.com has in effect stolen 150 ETH from myself and at the time of this post that is $50,000 USD.. I understand this is partially my fau ... Read More



When do you decide to cash out?

With the overall crypto market cap growing and growing i'm sure some of you made some significant gains.. Where's the point when you decide to convert your crypto back to fiat? Is it when you reach a ... Read More