The Cosmos hard spoon has been described as a "test net" by community members, but in a blog post you mention "healthy competition". Can you clarify this token's short term and long term purpose? (i.e. where will volume come from, who will be managing/promoting it, and is it something that will be supported long term or dropped in favor of Plasma?)
OmiseGO’s roadmap, from the whitepaper onwards, has been committed to bringing the Plasma decentralized exchange to life, and in doing so, serving as the showcase for Plasma itself. However, we have long recognized the very significant potential that Cosmos and Tendermint bring to the public network space, and we have supported Cosmos’ “Internet of Blockchains” concept since 2016.
Tendermint has confirmed they will give full support to the OMG hard spoon project, and they are confident their Cosmos OMG DEX design and implementation on Cosmos will be superior to the Plasma OMG design that the OmiseGO team is working on.
This is part of the “healthy competition” we were referring to: the competition between two separate technically competent and highly motivated teams with mad respect for each other’s abilities.
And to build on this question, if it’s healthy competition then does that mean OMG could conceivably be lesser value than the “CosmOMG” token? Is the market supposed to work it out? Is in the “CosmOMG” token supposed to take the place of that OMG token?
Depends on which token-staked network has more demand: OMG Plasma (Tesuji and beyond), or Cosmos OMG? OmiseGO will continue a DEX using Plasma OMG for staking, though it’s important to remember that both Plasma OMG and Cosmos OMG are subject to the will of the market. That means you, and everyone else who is a stakeholder in this project in one way or another (including non-staking users), decides together. We are confident Plasma OMG will be a great product, attracting high volume and level of use, regardless of how impressive the Cosmos OMG team’s work is too.
Will the team create a staking pool that is trustworthy and reliable for smaller holders to join? If not will the team endorse or officially review and approve the smart contract of at least one such staking pool in order to help less technologically inclined stakers?
OmiseGO is building the OMG platform, and are not responsible for the actions of staking pools run by other parties. That said, OmiseGO will be open about which staking pools we trust with our own tokens.
Will big NDAs ever be lifted and approximately when if so?
Of course they will be lifted, when the work is closer to completion. We really can’t talk about them yet.
Is OMG still (or was it ever?) looking towards potentially partnering with a mobile messaging service? Such as wechat, alipay, LINE, etc. I know that these examples are most likely not possible anymore but given how the most popular way to purchase items and services in China/Asia right now is thru these apps and the mobile payment industry is only growing, does OMG have a plan to tap into this? If yes, are you able to comment on if this would be through a partnership with an already existing, established brand or would OMG be looking to develop something on it's own?
We are continuing to explore how we can collaborate with existing mobile payment providers to create the most optimal experience for the most users. 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.
What transactions will the cosmos token be validating and will these transactions be permanent or will they be moved to OMG's plasma in the future?
All transactions on blockchains are “permanent” as long as their consensus mechanisms are working. On the OMG network transaction permanence relies on the Ethereum blockchain, while Cosmos DEX transactions rely on the Cosmos Hub and Cosmos DEX blockchains. The Cosmos OMG token will be staked to validate whichever transactions take place on Cosmos OMG, while the Ethereum OMG token will be staked to validate transactions that take place on Plasma OMG.
Can you give us a rough number of the amount of entities actively working with your SDK? No need for names, just a ballpark figure.
Meanwhile, we are actively engaged with businesses looking to integrate with OMG, but we can’t talk about that here. Part of our model for supporting potential implementers is that it is up to those businesses to reveal their intentions when and if they choose.
We genuinely can’t track this; our SDK is open-source and since opening the repo we have responded to many inquiries from entities which want to use it. We don’t know how many more have not inquired and have simply gone to the source directly. More details will come when it becomes appropriate to announce.
Stellar has a decentralized exchange that allows for Fiat pairs, and in a sense, is building a 'world currency exchange' similar to OmiseGO. However... it sucks. There are no USD pairs, volume is shit, and people have to basically trust these 'Anchors' to provide fiat on the platform. How does OmiseGO enable easy onboarding of fiat? What does that process look like?
Supporting fiat on decentralized exchanges can generally only be done in one way: some centralized entity creates a fiat-backed on-chain token (ie. like Tether), and manages conversions between banking system fiat (or other mechanisms, like cash going into ATMs, cards bought at convenience stores, etc) and the on-chain token; the decentralized exchange then manages the conversion between the various on-chain tokens, and does not really care about what those tokens represent.
In practice, one of OmiseGO’s immediate targets is improving interoperability between existing wallet providers, and so the intention will be that these wallet providers would become on-chain token issuers, using the Plasma chain for accounting. Easy onboarding will be enabled by providing real usability and a fully-decentralized and massively-scalable exchange, with significant economic incentives for running it correctly; and plugged into the economic security, user adoption rate, and developer and user communities of Ethereum itself.
Are the 3 conglomerates Rakuten, Mizuho, and Huawei? Blink twice if the answer is yes.
Unfortunately, lawyers these days know all the tricks, and the standard NDA now includes a strict “Blinking is Telling” clause. As a precaution, all OmiseGO employees are required to wear mirrored sunglasses at all times.
At what point will Omise’s merchants be moved over to the OMG network?
Currently, merchants who use the Omise payment gateway to process debit/credit transactions are plugged into the Omise APIs. The Omise APIs and hence the partnered merchants will be seamlessly integrated with the OMG Network.
For merchants that are looking to build their own white-label wallets, we are building a wallet SDK that makes it easier for enterprises, start-ups and even end-users to design a wallet that is integrated with the OMG network - although building on our SDK is not required to connect.
Will we actually see a working product in 2018 with real world usage yes or no? thanks in advance.
Yes, we’re sprinting toward the initial OMG Network release in Q3 of 2018.
Will these exchange acquisitions ... be acquisitions where you control the business side, but not actually owning the exchange, like some strategic partnership? or, will Omise be straight up buying/owning these medium/small sized exchanges. Will these exchanges be linked to the new exchange that is set to be released by the end of the year, with all their liquidity / volume combined, or will they stay separate until the dex is ready.
Omise Holdings is both acquiring exchanges and building their own, in order to bring liquidity to the OMG Network and to demonstrate how centralized and decentralized exchanges can coexist, with each serving a different role in bringing increased security, resilience and functionality to users.
When can we expect the Staking option on “Cosmos”?
Tendermint is building the Cosmos OMG DEX; they’ll control the timeline for when staking will be available on Cosmos OMG.
What will be sufficient staking reward for you to move from POA phase to POS phase?
One of the reasons we’ve chosen to release an OMG operated Proof-of-Authority chain prior to a staker run Proof-of-Stake chain is to build sufficient volume to secure OMG Network when PoS does come. However, the move from PoA to PoS will not be precipitated by achieving a certain transaction volume - we will move to PoS as soon as PoS is ready.
How much commitment do you have from the largest partners aka conglomerates. Did they promise testing or did they promise testing and implementing.
We are continuing to engage various potential partners to integrate with the OMG Network, such as ShinhanCard. Various relationships are at different stages, including blockchain education and use case development. Our objective is both testing and implementation of OmiseGO solutions.
In the strategy blog post you mentioned 5 chickens: payments, commodity trading, stock trading, derivative trading and crypto trading. After doing crypto trading and acquiring crypto exchanges, will Omise hatch the other 4 chickens and bring larger volume to the OMG network?
Chicken 0x05, it turns out, might be a little bit of a cannibal. We believe that the size of the combination of what we currently think of as crypto trading combined with what will by then qualify as crypto trading will rapidly expand to become larger and more relevant than the other chickens.
Your team have been working hard to increase awareness of OmiseGO in Asia. When do you think you will ramp up marketing efforts in Europe and the US?
We’ve been working hard building relationships and technology, and awareness in Asia has grown most organically since our team is largely Asia-based. As our team grows and we move closer to the initial release of the OMG Network, we’re paying attention to global awareness as it is critical to mass adoption. We’re making connections with potential implementers all over the world and working to build educational tools and support networks to make integration as easy as possible.
Can you please provide a range for staking revenue that we can expect when staking on plasma in Q4 and beyond? Can you provide us with a mathematical formula to estimate staking rewards based on an assumed variable for total volume so we can speculate more accurately in the meantime? Thank you kindly!
The OMG Network will be a decentralized network and as such OMG validators will determine the fees they accept and through that the staking revenue they make.
Staking fees will be set by the stakers/pools themselves, not by Omise. Pretty sure this has been said in many places, but maybe I'm full of nonsense. So if you want a range, it's going to be 0% < OMG < VISA.
A better question might be, will transactors be able to select a staker/pool for their transactions, causing internal competition; or will transactions be randomly assigned to a staker/pool, ensuring the only competition is external?
Transactors using the OMG Network will have two options: (i) to either submit a transaction directly to the OMG Network where block proposers will choose whether or not include it in the chain or (ii) to pay a block proposer to include their transaction by N block, and if the transaction is not included the block proposer is punished.
Will the tokens burned during the PoA stage be an accurate indicator of the amount of fees we can expect during PoS? Would you consider publicizing this information during the PoA stage (fees received, number of transactions processed, $USD volume processed, tokens purchased and burned) at regular intervals to help the community calculate and project growth over time?
All fees collected during the POA stage will be converted to OMG and then burned publicly, with everyone having access to the metrics surrounding them.
How safe will staking be? Will the “average Joe” be able to stake without having to worry about his/hers OMGs? Will there be certain precautions that will need to be taken in order to prevent being hacked?
Tokens will be locked safely in a smart contract during staking, but stakers should take precautions to secure their private keys and verify their validator software. Those who stake through a staking pool need to take the same precautions (i.e. vetting the operator) they would if they were trusting their money to any third party.
There have been a few members/advisors from the team that have stated OMG is working together with banks, financial institutions and large partners (even though partners isnt the right word like Thomas states). Now I understand you are under NDA's and its hard to talk about it. Can you maybe give us a numbers of partners that have confirmed using the product?
Our business development team is engaged with numerous partners of interest, at varying stages (and is actively trying to grow to provide more capacity). That part is not under NDA.
What do you wish more people understood about the project?
Decentralization is an ideology that pervades technology, economic systems and mechanism design. The OMG team frequently dialogues about the meaning of decentralization in the context of enabling new and all individuals to participate and creating more fair games for these individuals. We think about this when designing UX for the SDK, Plasma, the decentralized exchange as well as the projects we contribute to through the Ethereum Community Fund.
We also would like people to understand the historicity of this project. It’s the quest for free (libre, not gratis) and fair money. An earlier incarnation of this quest was Bitcoin. Another one before that was Paypal (the really early idea). But the OMG network is different. It’s not just a new currency or even a new payment network. It’s a worldwide financial system that can very easily integrate and be inclusive of existing financial infrastructure, and it’s a system for participants anywhere in the world to voluntarily help run and profit from their value-add participation. In short, this is the Holy Grail of the decentralization-via-blockchain movement. This is the liberation of money.
The original vision of bringing cryptocurrency to the masses was too simplistic. OmiseGO isn’t about convincing people to adopt new or better (crypto) currencies. Instead, it is about creating infrastructure which facilitates free transfer of value, no matter what form that value may take. Value is not in the money, it’s in the freedom to use it.
Will sources of transactions for staking in 2018 only come from the "to be acquired exchanges"? Or are there going to be other sources of volume and liquidity in 2018 (such as Omise's client's transactions, outside companies who utilize the network, etc.). If specifics cannot be provided, than a simple yes/no would be appreciated.
No, transactions will come from many places including but not limited to providers who build with the OMG Wallet SDK and the Omise’s own centralized exchange holdings.
What will the marketing strategy look like for both OMG and the Cosmos token once they are live?
Marketing is delivery. Both teams will race to build the best most robust and scalable decentralized exchange each team can in order to support rapidly growing demand. Low cost, high functionality, correct construction, and easy access are the best mechanisms for success; they’re more powerful than partnerships with centralized entities**
What transaction volume (in USD or whichever currency) is OmiseGO targeting for years 1, 2, & 3?
OmiseGO volume will be dictated by the volume that our Plasma implementation will support.
As mentioned in our Strategy vol. 02 blog post, one of the early drivers of volume on the OMG Network will be the transactions conducted through the exchanges that Omise is acquiring/building. We are also actively engaging SDK and Plasma collaborators, as well as enterprise partners.
How is the relationship progressing between you and Krungrsi since you received funding from them? Are there any updates to the strategic direction that the money raised will be used for? Can you also comment on the general working relationship with MUFG at this point in time?
At this time we cannot provide any further details.
I think the lock in period for the team's Tokens is nearing it's end period of one year. What do you plan to do after that?
Token holders can choose what they plan to do with tokens. One option is to use the token for what it’s made to do: staking the OMG network. OmiseGO’s own tokens will be used for staking.
People seem to assume that ALL your actual clients/merchants will eventually migrate to the new OmiseGO network. What if a merchant does not want to migrate for any reason?
Currently, merchants who use the Omise payment gateway to process debit/credit transactions are plugged into the Omise API’s. The Omise API’s and hence the partnered merchants will be seamlessly integrated with the OMG Network.
For merchants that are looking to build their own white-label wallets, we are building a wallet SDK that makes it easier for enterprises, start-ups and even end-users to design a wallet that is integrated with the OMG network - although building on our SDK is not required to connect.
Have you started giving your actual merchants information about OmiseGO network? It's a complex topic and I'm afraid most won't understand the implication of this migration.
Most merchants won’t need to know a thing; the process is designed to be invisible for Omise Payment merchants by default. Regarding merchants who wish to participate in opt-in integration with the OMG network itself: yes, we have begun engaging our existing partners about the use of the wallet SDK and OMG network. It has been critical to our learning about potential use cases and understanding of existing problems in financial services.
Are you worried that many merchants won't like the PUBLIC aspect of the OmiseGO network and prefer the old solution for more PRIVACY?
The decentralized exchange will eventually enable order blinding. We also expect that many tokens transferred via the OMG Network will have various privacy features that we will aim to preserve on the OMG Network - this will appeal to different stakeholders (e.g., end users, merchants, institutions).
In addition, connecting to a public blockchain does not require a merchant to make all of their information public. Many merchants will probably choose to use some combination of on- and off-chain operation.
My biggest concern about the public aspect is about security. It will be pretty easy to target the richest merchants/wallets and match these wallets with a physical location, exposing the merchants to all kind of threats. Not to mention that a shop will be able to see the clients balance as soon as they buy something. Someone could just stand outside, watch the shop's wallet address and wait for rich clients to come out and steal them. We already see these stories more and more. (It's enticing since there is almost no way to recover the funds and very few legal recourses.) Security is a very complex matter with cryptos and I'm afraid people will be left alone and all kind of bad things will happen, hurting the adoption of the project. Do you have a plan to address that?
See above for thoughts on privacy tokens. However, we also foresee dapps and user interfaces connecting to identity, gps location and merchant details in varying manners. This means that although you may be able to see how that a transaction is sent from one wallet address to another, you will not be able to see the more private details like the user’s name, birthday and current physical location. For those to be visible, they would have to be published on-chain. If you have thoughts on how blockchain or Plasma security and privacy can be implemented, we’d love to hear them!
You mentioned on twitter you want to help your country by working with Mizuho Bank on their cryptocurrency project. Is that to mean Omisego has no relationship with Mizuho on this project now?
We have a good relationship with Mizuho Bank. Along with other institutions and fintechs, we collaborated with Mizuho at the APEC Business Advisory Council meeting on the opportunities for decentralized technologies to improve financial services across the region. Mizuho is also publicly involved in growing Neutrino, our network of co-working spaces.
I think it will be sometime in 2019 that a full OMG Network with very high scalability, Cross chain DEX, etc. will be ready. I understand we will have intermediate releases. Others are also working on scalability solutions and features. Are you confident that we will have competitive advantage when we release? Will the big conglomerates be willing to partner with us?
The first iteration of OMG will allow centralized exchanges to transition from being full custodial (having control of users funds at all times) to limited custodial (only having control of users funds during order matching). This reduces the risk of centralized exchanges losing their users’ funds and will be significantly cheaper than if they were to perform the same transactions on Ethereum.
OmiseGO is collaborating on Plasma research to build the optimal scaling architecture. In terms of partners, we are continuing to engage with potential future partners and will update the community as we are able to do so.
The background: I read recently that you were focusing first on crypto to crypto transactions, whether that was with the DEX or not. I understand how crypto is fundamental for this project, via the technology, and the first users - us. But the project’s goal always seemed to focus on real world wider application, not just the crypto world. It was always this wider world application that excited me about OmiseGo. The question: So, how do you plan on going from a specific focus of the crypto world, to a great and useful product for the wider “not crypto” (FIAT) world that you always mention in your slogan “unbanked the banked”?
The key to enabling widespread adoption of the OMG Network and cryptocurrencies is providing cash-in/cash-out services so individuals can top-up digital wallets via cash agents, such as merchants, as well as withdraw funds in whatever currency is most useful to them.
Cash-in/cash-out will enable users who do not have access to bank accounts and those who choose not to use their accounts to top-up or withdraw via cash agents.
How soon is Soon™
Either Soon™ or two wooks, whichever comes first.
How many transactions is Omise currently processing daily. 8 to 9 figures is quite vague and was from last July.
This is the OmiseGO AMA.
How easy will it be for non-tech, normal people be able to deposit money into the OMG network?
We’re working with partners to create OMG Network access points with the goal being to make it as easy as buying socks from Amazon or a coffee from 7-11.
Could you elaborate on the nature of your partnership / MOU's with existing banks? If OMG is as successful as we all hope, political pressure on these banks to end such partnerships is likely to increase over time and it would be nice to know the risk associated with such events. How much is OMG relying on these agreements for liquidity / transaction volume? (for example Bank to Bank J coin transactions), The facilitation of cash in/out Fiat transactions? And/or to help with regulatory issues?
I don’t think anyone can predict what portion of volume will be comprised of which partners. What we do know is that we are continuing to engage potential future partners, such as the MoU by ShinhanCard. Meanwhile, there are other important efforts by both ourselves and related groups that are unrelated to existing banks.
In our research of and experience with global regulatory environments, we have seen varying developments and also conflicting guidance on how decentralized technologies and cryptocurrencies should be integrated with existing systems. We are optimistic that regulators and institutions will understand the benefits of technologies like Plasma architecture and decentralized exchange to improve incentive systems and provide customers with better financial services.
In terms of cash-in/cash-out, we are actively researching the payment behaviours across regions, such as Indonesia, to supplement our understanding of the requirements to enable user on-ramping to the OMG Network. We plan to provide the ability for merchants and individuals to provide cash-in/cash-out fiat portals for users. The exchanges that Omise is acquiring/building will also act as cash-in/cash-out portal.
Are there any news on recent vendors or partnerships or businesses?
Our business development team is engaged with numerous interested parties, at varying stages (and is actively trying to grow to provide more capacity). Part of our model for supporting potential implementers is that it is up to those businesses to reveal their intentions when and if they choose. In most cases, we will engage in meaningful exploration with potential implementers and partners to understand how OmiseGO may be able to offer a solution that is decentralised, scalable and interoperable, and then let them tell their own story.
What are the plans for dealing with bad actors in staking pools and what sort of actions would warrant negative response by the network? As in how will regular staking pool participants be affected by soft/hard slashing if the staking pool manager turns out to be a bad actor? (I hope that makes sense, my technological understanding of staking pools is limited).
We’re building OMG Network, and are not responsible for the actions of staking pools run by other parties. That said, OmiseGO will be open about which staking pools we trust with our own tokens.
Will both Cosmos and Plasma work under the same OMG wallet and payment network? So I can pay with a Cosmos based token and the counter party receives a plasma based token or vice versa.
No, the Cosmos OMG DEX and the Plasma OMG DEX will be two separate exchanges. But with time, interoperability will probably come.
Have you considered using the tx fees earned during the PoA phase to aggressively market the OMG network across SEA and perhaps other parts in the world? This will possibly help increase awareness, network usage, token price and general interest instead of burning tokens?
We did consider it, but all transaction fees from the PoA stage will be publicly burned to simultaneously demonstrate network impartiality and to directly benefit OMG holders.
What kind of transactions will be done on the Honte / cosmos dex and what will be moved to the plasma dex? What kind of volume can we expect?
The volume that comes from all the kinds of transactions that the users of a world-unifying financial network, that can perform all payments and asset exchange, would want to use the network for. This isn’t just about volume coming through the OMG or Ethereum or Cosmos communities, or even the whole crypto community. This isn’t about Omise(GO)’s business relationships and existing business either. This is about the global transaction volume that results from the full-reserve decentralized liquidity pool that accumulates around a massively-scalable, publicly-run decentralized exchange. For a wordier explanation, read the OMG whitepaper.
How does OmiseGo plan on implementing fiat gateways into its DEX? Are there any regulatory hurdles the team needs to plan for?
Supporting fiat on decentralized exchanges can generally only be done in one way: some centralized entity creates a fiat-backed on-chain token (ie. like Tether), and manages conversions between banking system fiat (or other mechanisms, like cash going into ATMs, cards bought at convenience stores, etc) and the on-chain token; the decentralized exchange then manages the conversion between the various on-chain tokens, and does not really care about what those tokens represent.
In practice, one of OmiseGO’s immediate targets is improving interoperability between existing wallet providers that have already crossed those regulatory hurdles, and so the intention will be that these wallet providers would become on-chain token issuers, using the Plasma chain for accounting.
What will merchants use to deposit fiat into the DEX (Cash, Credit Card, Etc)? What suggests credit card companies will allow fiat deposits into the OmiseGo DEX?
See above. Credit card companies will have to assess their own risk/reward profile, which is normally a big part of their business to do.
What's to prevent using tokenized fiat that does not exist? In other words, merchants changing their ledger?
There’s nothing to prevent anyone from placing an order for any kind of value on the DEX. However, if the token has no value, that order conceivably has no counterparty.
What is your gameplan to beat the competition.
The only competition is who can provide the best and most fair and desirable financial access systems. We will be excited if we build an iteration of more optimal systems but also happy if others can join us in this mission.
I understand that OMG and Tendermint have been working together - but how does having two DEX's help in any way? Will the wallet SDK connect to the Tendermint DEX as well? Won't the Tendermint DEX suck liquidity from the OMG one, and vice versa? My question is, what is the advantage (to anyone) of duplicating a DEX on tendermint, or is it just for the hell of it?
More DEXes means more optionality for users, and competition spurs innovation - even more so in an open source environment where both progress and failures are stored in the memory of the commons. We are actively exploring support for both exchanges in the wallet SDK. All exchanges want to eat up as much liquidity as possible; ours will be no different.
The two DEX’s will not be duplicates: 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.
Smart 0x based relayers (DEXes) will share liquidity through either open order books or other means (Aequeduct, ...) Are there any plans for Omise to tap into this liquidity somehow?
OmiseGO is working on bringing liquidity to the OMG Network by: (i) acquiring existing exchanges, (ii) building our own exchange, (iii) collaborating with centralized exchanges, and (iiii) offering non-custodial exchange support. Whether or not non-custodial exchanges built on the OMG Network choose to share liquidity will be up to them. It’s critical to remember that when we’re talking about liquidity within the context of the OMG Network we’re dealing with two different types of liquidity: liquidity between the OMG Network and Ethereum, and OMG DEX liquidity. Liquidity between Ethereum and the OMG Network will be offered by liquidity providers who are willing to exchange value on Ethereum for value on the OMG Network for a fee. OMG DEX liquidity will be used to facilitate transfers of value between users.
Can you give us more details surrounding your business development strategy for OMG and how you plan on marketing this to consumers?
Our business development strategy is very open. As our wallet SDK is open-source, and we welcome contribution to our Plasma implementation; we hope that collaborators will also use the OMG network freely. The OMG network is a revolutionary design, and there will be very big advantages for all parties to use it. We also continue to engage with existing Omise partners and potential future partners to grow the OMG ecosystem.
As for marketing, we subscribe to the “if you buidl it, they will come” school of thought. It would be counterproductive to shoehorn an OMG solution into a use case that would be better served by another platform. 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.
Will Tendermint DEX and Cosmos DEX be linked in any way to the COSMOMG DEX?
Tendermint has taken on the Cosmos OMG DEX. They have confirmed they will give full support to the hard spoon, and further, they are confident their Cosmos OMG DEX design and implementation on Cosmos will be superior to the Plasma OMG design that the OmiseGO team is working on.
Will Tesuji Plasma use Plasma Cash? Will Plasma Cash be finished in Q2? What's the difference between Plasma Cash in Q2 and Tesuji Plasma?
The Tesuji design is based on Plasma MVP. We’re researching Plasma Cash to further our understanding of its advantages and disadvantages with regards to time constraints and storage requirements. As of now, we’re more concerned with incorporating design principles learned from Plasma Cash research than switching over to it completely.
Will we be the first to deliver Plasma compared to the other implementers and have the first to market advantage?
While we aren’t in direct contact with every project using Plasma, we believe we are one of the leading, if not the lead production implementation, and there are other Plasma efforts building on our work.
That said, first to market isn’t much comfort if you’re also first to fail, so we are more concerned about being correct than we are about being first. We will deliver our production implementation of the OMG network using Plasma as soon we are confident in its security and utility.
Will staking returns be competitive to other staking coins. Will you guys make it worthwhile?
Staking returns will be relative to the market rate that stakers demand for validating transactions. As a result, the worthiness of being a staker will be dictated by the market and not OmiseGO.
On the latest blog about staking this was stated "When there is, we will be the first to know, and we will share it freely." Do we still not know any minimum staking numbers or even a range? Ideas or theories being floated?
We’re working to get minimum amount needed to stake as low as possible. We’re battling against technological limitations as lowering the minimum stake means more validators which will cause more messages to have to be sent before finality can be reached hurting the overall speed of the OMG Network. For now, all we can say is that we’ll let you know as soon as we know.
What role does Omisego have at the Neutrino workspace, and are there any plans to open one in the USA?
OmiseGO is collaborating with different projects in the blockchain space to build a network of co-working spaces called Neutrino. Neutrino’s objective is to create ecosystems in various locales to support the development of blockchain education and innovation. We are definitely interested in opening Neutrino locations in many cities that have sizable local interest. If you are interested in working with us on building a Neutrino in a location near you, please let us know! neutrino@omisego.co
What you Plan to Do with your OMG tokens? In one month the lockup period is expired...
Once the OMG Network is live, OmiseGO will stake OMG to uphold the network’s proof-of-stake consensus.
Hey champs, I really dig your beautiful team. I love that you're integrating everyone, guys and gals, and giving opportunities to those that deserve them. Question regarding Omise technically, post integration. Do you have plans to disrupt the rabbit card and BTS in BKK? At least 1.3million trips per day, entering and then exiting(1.3m x2?). Identity data would be great here too. Remember that rabbit card is used like a debit card around Sukhumvit as well! I would love to see this. Thanks!
Thanks, we love our beautiful team too. In response to your question, we are researching how OmiseGO can support various use cases… such as transportation! We will continue to engage with potential future partners to process transactions on the OMG Network.
You've mentioned acquiring a Network of Exchanges for liquidity. What does Network of Exchanges mean? What are it's benefits?
Omise Holdings is building and acquiring exchanges that can provide benefits to the OmiseGO project. Once the OMG network is scaled, we will migrate the volume from these exchanges to OMG Plasma chains and decentralized exchange. We will also leverage some of the components of these exchanges to build out the decentralized exchange.
Once plasma comes online on the ethereum main net and OMG is one of many plasma chains how will OMG retain its competitive advantages without financial institutions simply choosing another plasma chain?
Plasma chains are open-source so there is no limitation to how users and projects can contribute or fork our code. The value of using OMG’s Plasma chain is that we are creating a wide and decentralized ecosystem of stakers that are incentivized to uphold the consensus of this network. We encourage others to also implement Plasma!
Are slashing conditions in OMG PoS likely to be substantially equivalent to Ethereum slashing conditions?
In his presentation at EDCON, Vitalik discussed a few parameters about anticipated Casper slashing conditions. Two important items mentioned were: the idea that "faulty behavior" includes being offline and the fact that if a larger staking pool happens to go offline or Byzantine all at the same time, this would result in harsher slashing conditions for pool participants, both as a penalty for having a large chunk of the network being faulty, and as a disincentive to centralize around individual pools.
Does OMG think these slashing standards should be adopted and how does that play into the anticipated OMG staking pool?
The OMG Network’s slashing conditions will be based off research which will include Ethereum’s extensive Proof-of-Stake research such as punishing validators based on the damage they’re causing the network as opposed to just a fixed set of conditions. That being said, the requirements of the OMG Network will differ from those of Ethereum and as such we’ll have to add different slashing conditions. For example we’re currently researching leveraging child chain consensus stake to provide faster economic finality on the child chain itself.
Is the plan to use both Plasma MVP and Plasma Cash simultaneously for their different strengths/weaknesses or is the plan to eventually have the entire OmiseGo network implemented on a Plasma Cash design?
We’re currently building on top of Plasma MVP. Plasma Cash is significantly more scalable than MVP, but it currently has some limitations (merging/splitting is hard). We’ll be working on Plasma MVP and Plasma Cash simultaneously because we see a lot of value in both. Luckily, Plasma designs are pretty loosely defined and a lot of the thinking/research is portable, so we’re moving towards a robust and scalable DEX design either way.
Will BTC be compatible with Cosmos and Plasma?
We won’t speak for Cosmos as to what they will be supporting. For the OMG network, BTC could be supported with atomic swaps through a clearinghouse.
Do you remember how no cared to buy into the Internet until everyone figured out how to get free porn from it? (Okay, fine, "email" for you puritans!) Plasma MVP, Plasma Cash, Cosmos Spoon, DEX, eWallet SDK, oh my! My head is spinning. The Internet has porn and email. Without all the techno blockchain mumbo jumbo, what is OmiseGo's 'killer app?'
The internet had porn…blockchain has Spankchain.
But truthfully, the concept of “killer app” is interesting and our current theories on the blockchain “killer dApp” will likely mimic history. However, what’s exciting about decentralized technologies is that new cryptoeconomic incentive systems are being introduced that can lead to the creation of new services and offerings we’ve never thought about. Perhaps the “killer app” hasn’t been invented yet!
Or perhaps it’s a highly-performant, secure and massively-scalable decentralized exchange that resistants rent extraction, can work across blockchains, and can unite fiat and crypto economies.
When will we be able to buy official OMG merch? :)
We will be launching our first OMG pop-up shop in the next few weeks and will announce on Twitter once it is live.
The OMG DEX will be currency agnostic and will make transactions between two parties flawless no matter the currencies used by the maker and the taker, right? But how OMG will decide the quote and/or the rate of each currency? Based on some reputable forex exchange or on Omise rates and quotes? Will Omise/OMG dex do some forex arbitrage on forex?
Yes, the OMG DEX will eventually support non-custodial settlement with off-chain and on-chain order matching. We’re currently building the OMG Network - the base protocol and the eWallet SDK for interacting with it - though we’re definitely open to creating a DEX SDK down the road. We’re in the process of releasing our design doc for the first release, which will help developers know what to expect and allow them to start planning out integrations with the OMG Network. A free market and not OmiseGO (or any other specific party or group of specific parties) will be responsible for determining the exchange rates of each currency.
What type of consensus between plasma validators needs to achieved? (Simple % of staking nodes?)
We haven’t completely decided how our PoS mechanism will work, so this question isn’t easy to answer (currently). We’ll answer this in detail once we’ve fully designed or determined the consensus mechanism!
Hello. When Plasma is done , will omisego release this for everyone for use freely? If so, what competetive benefit do omisego get from developing Plasma? As i understand electrify asia will run on omisego plasma, and possibly with other tokens/companies on their chain again, is it any other tokens that are planned to run on omg plasma?
We are committed to doing all our development in the open. We have already opened up our research implementations of plasma-mvp, plasma-cash, as well as our research discussions. We also plan to open our production implementation repo soon. All of this is before Plasma is “done.” We welcome everyone to fork, modify, and contribute to our efforts! We have announced all the token partnerships that we are able to at this time and will keep the community updated about any new ones.
Who says they should only support only one coin. I like the idea of Dai coin but look their volume. Mufg would be a great patner. Also, do u think that common people in Asia would rather use dai or crypto version on yen? Yen is world known and trusted and dai is uknown. Anyway as far as I understood they will support multiple currencies.
Like yourself, we are excited to see how adoption of tokenized assets plays out across geographies. The OMG network will be currency-agnostic, encouraging users and projects to transfer and secure assets with whichever currency they would like. To your point, it will be interesting to see if more stablecoins pegged to other fiat currencies become pervasive.
We know OmiseGo network is ethereum-based system. So I am worried about if ethereum has some trouble ( such as Hard fork ), how does the OMG network face and recover? And About Plasma cash, I heard when withdraw funds from child chain to root chain, people will wait two weeks to exit. If it is true, it would reduce much liquidity to the DEX market. Can you tell us more things about the exit and challenge on Plasma?
Problems on Ethereum (like 51% attacks) can potentially create problems on Plasma chains. We’ve thought a lot about how to mitigate these issues, and there are ways to disincentivize “bad things” from happening when forks happen. However, we’re ultimately reliant on Ethereum for security, so if Ethereum isn’t functional, then the Plasma chain isn’t functional either. This is a very deliberate design decision, as the cost to attack Ethereum will usually be higher than the cost to attack something only secured by OMG stake.
For OMG to act as a currency agnostic DEX, to enable you to trade eg BTC into USD, (non erc20) tokens will need to be created that are backed by and can be exchanged for 'the real thing'. For crypto backed tokens like BTC, this should be easy because we can easily see how many BTComg exist, and how many BTCreal sit on the backer's contract. However, how will this work for many fiat currencies? Also, how to co-ordinate and audit many parties backing the same currency? (Fiat and crypto).
Everyone who wants to use the OMG Network to exchange off-chain assets will be responsible for putting the real world value on-chain first. The OMG Network will provide a means to exchange fiat-backed cryptocurrency but OmiseGO will not issue a fiat backed token. How any given fiat backed currency works will depend on how the issuer chooses to design it.
How do the fees work on a Plasma Cash chain? If it is difficult to split coins into small amounts (and merge them again) how do you plan to handle the tiny transactions fees on each transaction?
Merging and splitting is generally difficult, but there are a few proposals to take fees without a merging/splitting construction. Vitalik’s original proposal here was that each coin would specify a “total fee” that must increase from transaction to transaction, although this ruins nicely denominated coins. This is a problem we expect to be convincingly solved as we figure out the most efficient merging/splitting design.
First, thank you for doing this AMA. There is a great community behind your project, & this will help reassure everyone their money is invested in the right place. How big of a priority is the ease of token holders being able to stake? There has been discussion of OMG purchasing an exchange. Will stakeholders be able to stake directly through this exchange?
Safety and ease of use with regards to staking are of the utmost importance to us. We’re working to create as many avenues for staking as possible to make staking as easy as possible.
Generally speaking, we expect many parties ranging from exchanges to wallets to take part in and benefit from staking.
How will OmiseGo handle multiple wallets working together? If I have a wallet by company x, and my friend has a wallet by company y, what addressing system should I use to send him the money? (email? or some sort of unique id like a phone number?).
To conduct a transaction via the Ethereum blockchain, users require an Ethereum address. Wallets are the vital access point for users to properly interface with the Ethereum network to transfer or secure value. As a result, wallets do not need to be compatible with different wallets and the OMG Network will act as the connecting mechanism between wallets to transfer value. OmiseGO remains currency-agnostic and wallet-agnostic to ensure that financial access can be provided to the most users regardless of their preferred currency or platform.
What will looks like "Cosmos DEX" & "Plasma DEX"s UX/UI? Will it like Binance & Poloniex OR Shapeshift & Kyber Network & Airswap?
The user interfaces for the OMG DEX will be determined by the use case and how the application is integrated to the DEX. For example, an interface for the DEX may not be present if an exchange is performed behind the scenes. If the user is performing a foreign exchange transaction, they would be presented with an interface familiar to placing a FX order.
Will fork support be given to users that hold their OMG tokens on a Ledger Nano S or are we required to move our tokens to a temporary address where we have access to our private keys?
If your OMG tokens are held in a Ledger wallet, you have control of your private key. No additional action is required for the moment.
MUFG is building a stable coin. Why dont u offer your network service to them? In order for person from USA or Europe to send money to his cousin in Thailand they need to have a stable coin. I dont wanna send 20$ of crypto to my cousin which if he doesnt cash out immidiately could turn into 10 or 5$ next day.
Our wallet SDK and Plasma research are open source, so we encourage collaboration from users, projects and enterprises. We look forward to having various ecosystem players adopt the OMG network to process transactions and provide the benefits to their end-users.
Will Plasma Cash implementation support EVM based smart contracts or is that for a future version?
Research into an EVM-like Plasma chain is future work. Early implementations won’t support smart contracts, and the first smart contracts will probably look more like Bitcoin Script than EVM contracts. Luckily, we don’t need complex contract behavior for the purposes of the exchange. Things get increasingly more difficult as you start to represent complicated state on Plasma, so most of the current Plasma designs will look more like app-specific Plasma chains and not general computation chains.
Why was there a need to specifically highlight DAI to be tradable on day 1? Aren't all ERC20 supported on day 1?
We will trade as many ERC20 tokens as is optimal at our first implementation of the decentralized exchange. We continue to collaborate with Maker and DAI project and look forward to listing them. Once multi-collateralization launches, we look forward to OMG being used as collateral for issuing DAI.
Omisego is trying to buy an exchange? Why dont u instead build the network where big exchanges like binance can use for free, but every customer using it will have to pay transaction fee on omg network ( ofcourse plus the fee to the binance).
OmiseGO is not buying an exchange. A new subsidiary of Omise has been created to build a network of front-end exchanges, with acquisition of existing exchanges as part of that strategy.
Meanwhile, OmiseGO is building the OMG network which anyone, big or small, can use for free; and fees will be paid for every transaction sent across the OMG network.
The exchanges run by Omise’s new subsidiary will add liquidity and transaction volume to OMG but will have no effect on the way OMG is constructed, who can use it or for what.
What’s your level of confidence in OmiseGO? 1-10?
10/10 confident that OmiseGO exists. To build the most meaningful blockchain protocol on Ethereum thus far, or to fail spectacularly (leading to the creation of an array of things that are potentially better).
How is the OMG network protected in case the Ethereum Main chain gets a 51% attack?
Problems on Ethereum (like 51% attacks) can potentially create problems on Plasma chains. We’ve thought a lot about how to mitigate these issues, and there are ways to disincentivize “bad things” from happening when forks happen. However, we’re ultimately reliant on Ethereum for security, so if Ethereum isn’t functional, then the Plasma chain isn’t functional either. This is a very deliberate design decision, as the cost to attack Ethereum will usually be higher than the cost to attack something only secured by OMG stake.
Big time believer in OMG and by proxied virtue...a big time believer in ELEC. Will ELEC tokens need to have a reliance (less than/equal to/greater than OMG tokens) on the Cosmos hard spoon token for any reason? Thank you guys for all you do!
Whilst we are collaborating with Electrify and remain friends, there isn’t a reliance on the OMG token for ELEC tokens (except to the extent that the OMG token secures whatever portion of the ELEC marketcap is traded on the OMG Network). When available, the ELEC token will be tradeable on the the OmiseGO DEX and the Cosmos/Tendermint DEX.
Will OmiseGO wallet support non fungible ERC721 type tokens?
Support for ERC20 tokens will first be added to the eWallet SDK. Support for ERC721 will be considered for a future release.
How quickly is OmiseGo's employee count growing in 2018 considering it's 1.1Bn market cap?
We have grown from 4 to around 40 people, since June 2017.
How is the omg team going, you have been recruiting some people these days. Any concrete plans for the future and expansion? How many people are in the team now? PS I am curious about how Stephen McNamara is doing for the team.
Is the OmiseGO management team invested in this project with their own (personal) funds?
The team’s personal funds are their personal business.
Who's the best fortnite player out of all the OMG team?
Kelvin has dedicated hardware.
What amount of OMG will be needed for staking? any idea on that already?
We can’t give a number yet but staking pools will make this an unnecessary consideration for most people, as they'll be able to stake any number of tokens.
"However, profits from fees during the PoA phase will be used to buy OMG tokens which will then be burned (permanently removed from circulation, resulting in a decrease in total supply)." A question regarding the above quote from the Roadmap; This seems implies that profits from fees are not OMG tokens but other type of assets. My question would be if profits are having various types if does what would be a practical example?
OMG token holders will use their tokens to stake to validate the network via proof-of-stake consensus. These validators will be rewarded for their staking and can receive fees in any currency they choose. This means that if validators would like to be paid in OMG tokens, they can; if they would like to be paid in DAI, they can; if they would like to be paid in Dogecoin, they can. We remain currency-agnostic.
Jun, what is your favorite kind of cigar? I can think of no way I’d rather celebrate reaching my goals with OmiseGO!
Jun likes his cigars like he likes his blockchains: highly-performant, secure and massively-scalable.
Would you consider putting the roadmap on a tool like Trello so that people can vote on their favorite features to help you prioritize development efforts?
We actually kind of liked this idea, but based on its own logic it should be pretty low on our priority list due to the number of downvotes.
[x] Add questions and answers with proper formatting to issue;
OmiseGO AMA #1
OmiseGO AMA #1 - May 30, 2018
The Cosmos hard spoon has been described as a "test net" by community members, but in a blog post you mention "healthy competition". Can you clarify this token's short term and long term purpose? (i.e. where will volume come from, who will be managing/promoting it, and is it something that will be supported long term or dropped in favor of Plasma?)
OmiseGO’s roadmap, from the whitepaper onwards, has been committed to bringing the Plasma decentralized exchange to life, and in doing so, serving as the showcase for Plasma itself. However, we have long recognized the very significant potential that Cosmos and Tendermint bring to the public network space, and we have supported Cosmos’ “Internet of Blockchains” concept since 2016.
Tendermint has confirmed they will give full support to the OMG hard spoon project, and they are confident their Cosmos OMG DEX design and implementation on Cosmos will be superior to the Plasma OMG design that the OmiseGO team is working on.
This is part of the “healthy competition” we were referring to: the competition between two separate technically competent and highly motivated teams with mad respect for each other’s abilities.
And to build on this question, if it’s healthy competition then does that mean OMG could conceivably be lesser value than the “CosmOMG” token? Is the market supposed to work it out? Is in the “CosmOMG” token supposed to take the place of that OMG token?
Depends on which token-staked network has more demand: OMG Plasma (Tesuji and beyond), or Cosmos OMG? OmiseGO will continue a DEX using Plasma OMG for staking, though it’s important to remember that both Plasma OMG and Cosmos OMG are subject to the will of the market. That means you, and everyone else who is a stakeholder in this project in one way or another (including non-staking users), decides together. We are confident Plasma OMG will be a great product, attracting high volume and level of use, regardless of how impressive the Cosmos OMG team’s work is too.
Will the team create a staking pool that is trustworthy and reliable for smaller holders to join? If not will the team endorse or officially review and approve the smart contract of at least one such staking pool in order to help less technologically inclined stakers?
OmiseGO is building the OMG platform, and are not responsible for the actions of staking pools run by other parties. That said, OmiseGO will be open about which staking pools we trust with our own tokens.
Will big NDAs ever be lifted and approximately when if so?
Of course they will be lifted, when the work is closer to completion. We really can’t talk about them yet.
Is OMG still (or was it ever?) looking towards potentially partnering with a mobile messaging service? Such as wechat, alipay, LINE, etc. I know that these examples are most likely not possible anymore but given how the most popular way to purchase items and services in China/Asia right now is thru these apps and the mobile payment industry is only growing, does OMG have a plan to tap into this? If yes, are you able to comment on if this would be through a partnership with an already existing, established brand or would OMG be looking to develop something on it's own?
We are continuing to explore how we can collaborate with existing mobile payment providers to create the most optimal experience for the most users. 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.
What transactions will the cosmos token be validating and will these transactions be permanent or will they be moved to OMG's plasma in the future?
All transactions on blockchains are “permanent” as long as their consensus mechanisms are working. On the OMG network transaction permanence relies on the Ethereum blockchain, while Cosmos DEX transactions rely on the Cosmos Hub and Cosmos DEX blockchains. The Cosmos OMG token will be staked to validate whichever transactions take place on Cosmos OMG, while the Ethereum OMG token will be staked to validate transactions that take place on Plasma OMG.
Can you give us a rough number of the amount of entities actively working with your SDK? No need for names, just a ballpark figure.
Meanwhile, we are actively engaged with businesses looking to integrate with OMG, but we can’t talk about that here. Part of our model for supporting potential implementers is that it is up to those businesses to reveal their intentions when and if they choose.
We genuinely can’t track this; our SDK is open-source and since opening the repo we have responded to many inquiries from entities which want to use it. We don’t know how many more have not inquired and have simply gone to the source directly. More details will come when it becomes appropriate to announce.
Stellar has a decentralized exchange that allows for Fiat pairs, and in a sense, is building a 'world currency exchange' similar to OmiseGO. However... it sucks. There are no USD pairs, volume is shit, and people have to basically trust these 'Anchors' to provide fiat on the platform. How does OmiseGO enable easy onboarding of fiat? What does that process look like?
Supporting fiat on decentralized exchanges can generally only be done in one way: some centralized entity creates a fiat-backed on-chain token (ie. like Tether), and manages conversions between banking system fiat (or other mechanisms, like cash going into ATMs, cards bought at convenience stores, etc) and the on-chain token; the decentralized exchange then manages the conversion between the various on-chain tokens, and does not really care about what those tokens represent.
In practice, one of OmiseGO’s immediate targets is improving interoperability between existing wallet providers, and so the intention will be that these wallet providers would become on-chain token issuers, using the Plasma chain for accounting. Easy onboarding will be enabled by providing real usability and a fully-decentralized and massively-scalable exchange, with significant economic incentives for running it correctly; and plugged into the economic security, user adoption rate, and developer and user communities of Ethereum itself.
Are the 3 conglomerates Rakuten, Mizuho, and Huawei? Blink twice if the answer is yes.
Unfortunately, lawyers these days know all the tricks, and the standard NDA now includes a strict “Blinking is Telling” clause. As a precaution, all OmiseGO employees are required to wear mirrored sunglasses at all times.
At what point will Omise’s merchants be moved over to the OMG network?
Currently, merchants who use the Omise payment gateway to process debit/credit transactions are plugged into the Omise APIs. The Omise APIs and hence the partnered merchants will be seamlessly integrated with the OMG Network.
For merchants that are looking to build their own white-label wallets, we are building a wallet SDK that makes it easier for enterprises, start-ups and even end-users to design a wallet that is integrated with the OMG network - although building on our SDK is not required to connect.
Will we actually see a working product in 2018 with real world usage yes or no? thanks in advance.
Yes, we’re sprinting toward the initial OMG Network release in Q3 of 2018.
Will these exchange acquisitions ... be acquisitions where you control the business side, but not actually owning the exchange, like some strategic partnership? or, will Omise be straight up buying/owning these medium/small sized exchanges. Will these exchanges be linked to the new exchange that is set to be released by the end of the year, with all their liquidity / volume combined, or will they stay separate until the dex is ready.
Omise Holdings is both acquiring exchanges and building their own, in order to bring liquidity to the OMG Network and to demonstrate how centralized and decentralized exchanges can coexist, with each serving a different role in bringing increased security, resilience and functionality to users.
When can we expect the Staking option on “Cosmos”?
Tendermint is building the Cosmos OMG DEX; they’ll control the timeline for when staking will be available on Cosmos OMG.
What will be sufficient staking reward for you to move from POA phase to POS phase?
One of the reasons we’ve chosen to release an OMG operated Proof-of-Authority chain prior to a staker run Proof-of-Stake chain is to build sufficient volume to secure OMG Network when PoS does come. However, the move from PoA to PoS will not be precipitated by achieving a certain transaction volume - we will move to PoS as soon as PoS is ready.
How much commitment do you have from the largest partners aka conglomerates. Did they promise testing or did they promise testing and implementing.
We are continuing to engage various potential partners to integrate with the OMG Network, such as ShinhanCard. Various relationships are at different stages, including blockchain education and use case development. Our objective is both testing and implementation of OmiseGO solutions.
In the strategy blog post you mentioned 5 chickens: payments, commodity trading, stock trading, derivative trading and crypto trading. After doing crypto trading and acquiring crypto exchanges, will Omise hatch the other 4 chickens and bring larger volume to the OMG network?
Chicken 0x05, it turns out, might be a little bit of a cannibal. We believe that the size of the combination of what we currently think of as crypto trading combined with what will by then qualify as crypto trading will rapidly expand to become larger and more relevant than the other chickens.
Your team have been working hard to increase awareness of OmiseGO in Asia. When do you think you will ramp up marketing efforts in Europe and the US?
We’ve been working hard building relationships and technology, and awareness in Asia has grown most organically since our team is largely Asia-based. As our team grows and we move closer to the initial release of the OMG Network, we’re paying attention to global awareness as it is critical to mass adoption. We’re making connections with potential implementers all over the world and working to build educational tools and support networks to make integration as easy as possible.
Can you please provide a range for staking revenue that we can expect when staking on plasma in Q4 and beyond? Can you provide us with a mathematical formula to estimate staking rewards based on an assumed variable for total volume so we can speculate more accurately in the meantime? Thank you kindly!
The OMG Network will be a decentralized network and as such OMG validators will determine the fees they accept and through that the staking revenue they make.
Staking fees will be set by the stakers/pools themselves, not by Omise. Pretty sure this has been said in many places, but maybe I'm full of nonsense. So if you want a range, it's going to be 0% < OMG < VISA.
A better question might be, will transactors be able to select a staker/pool for their transactions, causing internal competition; or will transactions be randomly assigned to a staker/pool, ensuring the only competition is external?
Transactors using the OMG Network will have two options: (i) to either submit a transaction directly to the OMG Network where block proposers will choose whether or not include it in the chain or (ii) to pay a block proposer to include their transaction by N block, and if the transaction is not included the block proposer is punished.
Will the tokens burned during the PoA stage be an accurate indicator of the amount of fees we can expect during PoS? Would you consider publicizing this information during the PoA stage (fees received, number of transactions processed, $USD volume processed, tokens purchased and burned) at regular intervals to help the community calculate and project growth over time?
All fees collected during the POA stage will be converted to OMG and then burned publicly, with everyone having access to the metrics surrounding them.
How safe will staking be? Will the “average Joe” be able to stake without having to worry about his/hers OMGs? Will there be certain precautions that will need to be taken in order to prevent being hacked?
Tokens will be locked safely in a smart contract during staking, but stakers should take precautions to secure their private keys and verify their validator software. Those who stake through a staking pool need to take the same precautions (i.e. vetting the operator) they would if they were trusting their money to any third party.
There have been a few members/advisors from the team that have stated OMG is working together with banks, financial institutions and large partners (even though partners isnt the right word like Thomas states). Now I understand you are under NDA's and its hard to talk about it. Can you maybe give us a numbers of partners that have confirmed using the product?
Our business development team is engaged with numerous partners of interest, at varying stages (and is actively trying to grow to provide more capacity). That part is not under NDA.
What do you wish more people understood about the project?
Decentralization is an ideology that pervades technology, economic systems and mechanism design. The OMG team frequently dialogues about the meaning of decentralization in the context of enabling new and all individuals to participate and creating more fair games for these individuals. We think about this when designing UX for the SDK, Plasma, the decentralized exchange as well as the projects we contribute to through the Ethereum Community Fund.
We also would like people to understand the historicity of this project. It’s the quest for free (libre, not gratis) and fair money. An earlier incarnation of this quest was Bitcoin. Another one before that was Paypal (the really early idea). But the OMG network is different. It’s not just a new currency or even a new payment network. It’s a worldwide financial system that can very easily integrate and be inclusive of existing financial infrastructure, and it’s a system for participants anywhere in the world to voluntarily help run and profit from their value-add participation. In short, this is the Holy Grail of the decentralization-via-blockchain movement. This is the liberation of money.
The original vision of bringing cryptocurrency to the masses was too simplistic. OmiseGO isn’t about convincing people to adopt new or better (crypto) currencies. Instead, it is about creating infrastructure which facilitates free transfer of value, no matter what form that value may take. Value is not in the money, it’s in the freedom to use it.
Will sources of transactions for staking in 2018 only come from the "to be acquired exchanges"? Or are there going to be other sources of volume and liquidity in 2018 (such as Omise's client's transactions, outside companies who utilize the network, etc.). If specifics cannot be provided, than a simple yes/no would be appreciated.
No, transactions will come from many places including but not limited to providers who build with the OMG Wallet SDK and the Omise’s own centralized exchange holdings.
What will the marketing strategy look like for both OMG and the Cosmos token once they are live?
Marketing is delivery. Both teams will race to build the best most robust and scalable decentralized exchange each team can in order to support rapidly growing demand. Low cost, high functionality, correct construction, and easy access are the best mechanisms for success; they’re more powerful than partnerships with centralized entities**
What transaction volume (in USD or whichever currency) is OmiseGO targeting for years 1, 2, & 3?
OmiseGO volume will be dictated by the volume that our Plasma implementation will support.
As mentioned in our Strategy vol. 02 blog post, one of the early drivers of volume on the OMG Network will be the transactions conducted through the exchanges that Omise is acquiring/building. We are also actively engaging SDK and Plasma collaborators, as well as enterprise partners.
How is the relationship progressing between you and Krungrsi since you received funding from them? Are there any updates to the strategic direction that the money raised will be used for? Can you also comment on the general working relationship with MUFG at this point in time?
At this time we cannot provide any further details.
I think the lock in period for the team's Tokens is nearing it's end period of one year. What do you plan to do after that?
Token holders can choose what they plan to do with tokens. One option is to use the token for what it’s made to do: staking the OMG network. OmiseGO’s own tokens will be used for staking.
People seem to assume that ALL your actual clients/merchants will eventually migrate to the new OmiseGO network. What if a merchant does not want to migrate for any reason?
Currently, merchants who use the Omise payment gateway to process debit/credit transactions are plugged into the Omise API’s. The Omise API’s and hence the partnered merchants will be seamlessly integrated with the OMG Network.
For merchants that are looking to build their own white-label wallets, we are building a wallet SDK that makes it easier for enterprises, start-ups and even end-users to design a wallet that is integrated with the OMG network - although building on our SDK is not required to connect.
Have you started giving your actual merchants information about OmiseGO network? It's a complex topic and I'm afraid most won't understand the implication of this migration.
Most merchants won’t need to know a thing; the process is designed to be invisible for Omise Payment merchants by default. Regarding merchants who wish to participate in opt-in integration with the OMG network itself: yes, we have begun engaging our existing partners about the use of the wallet SDK and OMG network. It has been critical to our learning about potential use cases and understanding of existing problems in financial services.
Are you worried that many merchants won't like the PUBLIC aspect of the OmiseGO network and prefer the old solution for more PRIVACY?
The decentralized exchange will eventually enable order blinding. We also expect that many tokens transferred via the OMG Network will have various privacy features that we will aim to preserve on the OMG Network - this will appeal to different stakeholders (e.g., end users, merchants, institutions).
In addition, connecting to a public blockchain does not require a merchant to make all of their information public. Many merchants will probably choose to use some combination of on- and off-chain operation.
My biggest concern about the public aspect is about security. It will be pretty easy to target the richest merchants/wallets and match these wallets with a physical location, exposing the merchants to all kind of threats. Not to mention that a shop will be able to see the clients balance as soon as they buy something. Someone could just stand outside, watch the shop's wallet address and wait for rich clients to come out and steal them. We already see these stories more and more. (It's enticing since there is almost no way to recover the funds and very few legal recourses.) Security is a very complex matter with cryptos and I'm afraid people will be left alone and all kind of bad things will happen, hurting the adoption of the project. Do you have a plan to address that?
See above for thoughts on privacy tokens. However, we also foresee dapps and user interfaces connecting to identity, gps location and merchant details in varying manners. This means that although you may be able to see how that a transaction is sent from one wallet address to another, you will not be able to see the more private details like the user’s name, birthday and current physical location. For those to be visible, they would have to be published on-chain. If you have thoughts on how blockchain or Plasma security and privacy can be implemented, we’d love to hear them!
You mentioned on twitter you want to help your country by working with Mizuho Bank on their cryptocurrency project. Is that to mean Omisego has no relationship with Mizuho on this project now?
We have a good relationship with Mizuho Bank. Along with other institutions and fintechs, we collaborated with Mizuho at the APEC Business Advisory Council meeting on the opportunities for decentralized technologies to improve financial services across the region. Mizuho is also publicly involved in growing Neutrino, our network of co-working spaces.
I think it will be sometime in 2019 that a full OMG Network with very high scalability, Cross chain DEX, etc. will be ready. I understand we will have intermediate releases. Others are also working on scalability solutions and features. Are you confident that we will have competitive advantage when we release? Will the big conglomerates be willing to partner with us?
The first iteration of OMG will allow centralized exchanges to transition from being full custodial (having control of users funds at all times) to limited custodial (only having control of users funds during order matching). This reduces the risk of centralized exchanges losing their users’ funds and will be significantly cheaper than if they were to perform the same transactions on Ethereum.
OmiseGO is collaborating on Plasma research to build the optimal scaling architecture. In terms of partners, we are continuing to engage with potential future partners and will update the community as we are able to do so.
The background: I read recently that you were focusing first on crypto to crypto transactions, whether that was with the DEX or not. I understand how crypto is fundamental for this project, via the technology, and the first users - us. But the project’s goal always seemed to focus on real world wider application, not just the crypto world. It was always this wider world application that excited me about OmiseGo. The question: So, how do you plan on going from a specific focus of the crypto world, to a great and useful product for the wider “not crypto” (FIAT) world that you always mention in your slogan “unbanked the banked”?
The key to enabling widespread adoption of the OMG Network and cryptocurrencies is providing cash-in/cash-out services so individuals can top-up digital wallets via cash agents, such as merchants, as well as withdraw funds in whatever currency is most useful to them.
Cash-in/cash-out will enable users who do not have access to bank accounts and those who choose not to use their accounts to top-up or withdraw via cash agents.
How soon is Soon™
Either Soon™ or two wooks, whichever comes first.
How many transactions is Omise currently processing daily. 8 to 9 figures is quite vague and was from last July.
This is the OmiseGO AMA.
How easy will it be for non-tech, normal people be able to deposit money into the OMG network?
We’re working with partners to create OMG Network access points with the goal being to make it as easy as buying socks from Amazon or a coffee from 7-11.
Could you elaborate on the nature of your partnership / MOU's with existing banks? If OMG is as successful as we all hope, political pressure on these banks to end such partnerships is likely to increase over time and it would be nice to know the risk associated with such events. How much is OMG relying on these agreements for liquidity / transaction volume? (for example Bank to Bank J coin transactions), The facilitation of cash in/out Fiat transactions? And/or to help with regulatory issues?
I don’t think anyone can predict what portion of volume will be comprised of which partners. What we do know is that we are continuing to engage potential future partners, such as the MoU by ShinhanCard. Meanwhile, there are other important efforts by both ourselves and related groups that are unrelated to existing banks.
In our research of and experience with global regulatory environments, we have seen varying developments and also conflicting guidance on how decentralized technologies and cryptocurrencies should be integrated with existing systems. We are optimistic that regulators and institutions will understand the benefits of technologies like Plasma architecture and decentralized exchange to improve incentive systems and provide customers with better financial services.
In terms of cash-in/cash-out, we are actively researching the payment behaviours across regions, such as Indonesia, to supplement our understanding of the requirements to enable user on-ramping to the OMG Network. We plan to provide the ability for merchants and individuals to provide cash-in/cash-out fiat portals for users. The exchanges that Omise is acquiring/building will also act as cash-in/cash-out portal.
Are there any news on recent vendors or partnerships or businesses?
Our business development team is engaged with numerous interested parties, at varying stages (and is actively trying to grow to provide more capacity). Part of our model for supporting potential implementers is that it is up to those businesses to reveal their intentions when and if they choose. In most cases, we will engage in meaningful exploration with potential implementers and partners to understand how OmiseGO may be able to offer a solution that is decentralised, scalable and interoperable, and then let them tell their own story.
What are the plans for dealing with bad actors in staking pools and what sort of actions would warrant negative response by the network? As in how will regular staking pool participants be affected by soft/hard slashing if the staking pool manager turns out to be a bad actor? (I hope that makes sense, my technological understanding of staking pools is limited).
We’re building OMG Network, and are not responsible for the actions of staking pools run by other parties. That said, OmiseGO will be open about which staking pools we trust with our own tokens.
Will both Cosmos and Plasma work under the same OMG wallet and payment network? So I can pay with a Cosmos based token and the counter party receives a plasma based token or vice versa.
No, the Cosmos OMG DEX and the Plasma OMG DEX will be two separate exchanges. But with time, interoperability will probably come.
Have you considered using the tx fees earned during the PoA phase to aggressively market the OMG network across SEA and perhaps other parts in the world? This will possibly help increase awareness, network usage, token price and general interest instead of burning tokens?
We did consider it, but all transaction fees from the PoA stage will be publicly burned to simultaneously demonstrate network impartiality and to directly benefit OMG holders.
What kind of transactions will be done on the Honte / cosmos dex and what will be moved to the plasma dex? What kind of volume can we expect?
The volume that comes from all the kinds of transactions that the users of a world-unifying financial network, that can perform all payments and asset exchange, would want to use the network for. This isn’t just about volume coming through the OMG or Ethereum or Cosmos communities, or even the whole crypto community. This isn’t about Omise(GO)’s business relationships and existing business either. This is about the global transaction volume that results from the full-reserve decentralized liquidity pool that accumulates around a massively-scalable, publicly-run decentralized exchange. For a wordier explanation, read the OMG whitepaper.
How does OmiseGo plan on implementing fiat gateways into its DEX? Are there any regulatory hurdles the team needs to plan for?
Supporting fiat on decentralized exchanges can generally only be done in one way: some centralized entity creates a fiat-backed on-chain token (ie. like Tether), and manages conversions between banking system fiat (or other mechanisms, like cash going into ATMs, cards bought at convenience stores, etc) and the on-chain token; the decentralized exchange then manages the conversion between the various on-chain tokens, and does not really care about what those tokens represent.
In practice, one of OmiseGO’s immediate targets is improving interoperability between existing wallet providers that have already crossed those regulatory hurdles, and so the intention will be that these wallet providers would become on-chain token issuers, using the Plasma chain for accounting.
What will merchants use to deposit fiat into the DEX (Cash, Credit Card, Etc)? What suggests credit card companies will allow fiat deposits into the OmiseGo DEX?
See above. Credit card companies will have to assess their own risk/reward profile, which is normally a big part of their business to do.
What's to prevent using tokenized fiat that does not exist? In other words, merchants changing their ledger?
There’s nothing to prevent anyone from placing an order for any kind of value on the DEX. However, if the token has no value, that order conceivably has no counterparty.
What is your gameplan to beat the competition.
The only competition is who can provide the best and most fair and desirable financial access systems. We will be excited if we build an iteration of more optimal systems but also happy if others can join us in this mission.
I understand that OMG and Tendermint have been working together - but how does having two DEX's help in any way? Will the wallet SDK connect to the Tendermint DEX as well? Won't the Tendermint DEX suck liquidity from the OMG one, and vice versa? My question is, what is the advantage (to anyone) of duplicating a DEX on tendermint, or is it just for the hell of it?
More DEXes means more optionality for users, and competition spurs innovation - even more so in an open source environment where both progress and failures are stored in the memory of the commons. We are actively exploring support for both exchanges in the wallet SDK. All exchanges want to eat up as much liquidity as possible; ours will be no different.
The two DEX’s will not be duplicates: 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.
Smart 0x based relayers (DEXes) will share liquidity through either open order books or other means (Aequeduct, ...) Are there any plans for Omise to tap into this liquidity somehow?
OmiseGO is working on bringing liquidity to the OMG Network by: (i) acquiring existing exchanges, (ii) building our own exchange, (iii) collaborating with centralized exchanges, and (iiii) offering non-custodial exchange support. Whether or not non-custodial exchanges built on the OMG Network choose to share liquidity will be up to them. It’s critical to remember that when we’re talking about liquidity within the context of the OMG Network we’re dealing with two different types of liquidity: liquidity between the OMG Network and Ethereum, and OMG DEX liquidity. Liquidity between Ethereum and the OMG Network will be offered by liquidity providers who are willing to exchange value on Ethereum for value on the OMG Network for a fee. OMG DEX liquidity will be used to facilitate transfers of value between users.
Can you give us more details surrounding your business development strategy for OMG and how you plan on marketing this to consumers?
Our business development strategy is very open. As our wallet SDK is open-source, and we welcome contribution to our Plasma implementation; we hope that collaborators will also use the OMG network freely. The OMG network is a revolutionary design, and there will be very big advantages for all parties to use it. We also continue to engage with existing Omise partners and potential future partners to grow the OMG ecosystem.
As for marketing, we subscribe to the “if you buidl it, they will come” school of thought. It would be counterproductive to shoehorn an OMG solution into a use case that would be better served by another platform. 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.
Will Tendermint DEX and Cosmos DEX be linked in any way to the COSMOMG DEX?
Tendermint has taken on the Cosmos OMG DEX. They have confirmed they will give full support to the hard spoon, and further, they are confident their Cosmos OMG DEX design and implementation on Cosmos will be superior to the Plasma OMG design that the OmiseGO team is working on.
Will Tesuji Plasma use Plasma Cash? Will Plasma Cash be finished in Q2? What's the difference between Plasma Cash in Q2 and Tesuji Plasma?
The Tesuji design is based on Plasma MVP. We’re researching Plasma Cash to further our understanding of its advantages and disadvantages with regards to time constraints and storage requirements. As of now, we’re more concerned with incorporating design principles learned from Plasma Cash research than switching over to it completely.
Will we be the first to deliver Plasma compared to the other implementers and have the first to market advantage?
While we aren’t in direct contact with every project using Plasma, we believe we are one of the leading, if not the lead production implementation, and there are other Plasma efforts building on our work.
That said, first to market isn’t much comfort if you’re also first to fail, so we are more concerned about being correct than we are about being first. We will deliver our production implementation of the OMG network using Plasma as soon we are confident in its security and utility.
Will staking returns be competitive to other staking coins. Will you guys make it worthwhile?
Staking returns will be relative to the market rate that stakers demand for validating transactions. As a result, the worthiness of being a staker will be dictated by the market and not OmiseGO.
On the latest blog about staking this was stated "When there is, we will be the first to know, and we will share it freely." Do we still not know any minimum staking numbers or even a range? Ideas or theories being floated?
We’re working to get minimum amount needed to stake as low as possible. We’re battling against technological limitations as lowering the minimum stake means more validators which will cause more messages to have to be sent before finality can be reached hurting the overall speed of the OMG Network. For now, all we can say is that we’ll let you know as soon as we know.
What role does Omisego have at the Neutrino workspace, and are there any plans to open one in the USA?
OmiseGO is collaborating with different projects in the blockchain space to build a network of co-working spaces called Neutrino. Neutrino’s objective is to create ecosystems in various locales to support the development of blockchain education and innovation. We are definitely interested in opening Neutrino locations in many cities that have sizable local interest. If you are interested in working with us on building a Neutrino in a location near you, please let us know! neutrino@omisego.co
What you Plan to Do with your OMG tokens? In one month the lockup period is expired...
Once the OMG Network is live, OmiseGO will stake OMG to uphold the network’s proof-of-stake consensus.
Hey champs, I really dig your beautiful team. I love that you're integrating everyone, guys and gals, and giving opportunities to those that deserve them. Question regarding Omise technically, post integration. Do you have plans to disrupt the rabbit card and BTS in BKK? At least 1.3million trips per day, entering and then exiting(1.3m x2?). Identity data would be great here too. Remember that rabbit card is used like a debit card around Sukhumvit as well! I would love to see this. Thanks!
Thanks, we love our beautiful team too. In response to your question, we are researching how OmiseGO can support various use cases… such as transportation! We will continue to engage with potential future partners to process transactions on the OMG Network.
You've mentioned acquiring a Network of Exchanges for liquidity. What does Network of Exchanges mean? What are it's benefits?
Omise Holdings is building and acquiring exchanges that can provide benefits to the OmiseGO project. Once the OMG network is scaled, we will migrate the volume from these exchanges to OMG Plasma chains and decentralized exchange. We will also leverage some of the components of these exchanges to build out the decentralized exchange.
Once plasma comes online on the ethereum main net and OMG is one of many plasma chains how will OMG retain its competitive advantages without financial institutions simply choosing another plasma chain?
Plasma chains are open-source so there is no limitation to how users and projects can contribute or fork our code. The value of using OMG’s Plasma chain is that we are creating a wide and decentralized ecosystem of stakers that are incentivized to uphold the consensus of this network. We encourage others to also implement Plasma!
Are slashing conditions in OMG PoS likely to be substantially equivalent to Ethereum slashing conditions?
In his presentation at EDCON, Vitalik discussed a few parameters about anticipated Casper slashing conditions. Two important items mentioned were: the idea that "faulty behavior" includes being offline and the fact that if a larger staking pool happens to go offline or Byzantine all at the same time, this would result in harsher slashing conditions for pool participants, both as a penalty for having a large chunk of the network being faulty, and as a disincentive to centralize around individual pools.
Does OMG think these slashing standards should be adopted and how does that play into the anticipated OMG staking pool?
The OMG Network’s slashing conditions will be based off research which will include Ethereum’s extensive Proof-of-Stake research such as punishing validators based on the damage they’re causing the network as opposed to just a fixed set of conditions. That being said, the requirements of the OMG Network will differ from those of Ethereum and as such we’ll have to add different slashing conditions. For example we’re currently researching leveraging child chain consensus stake to provide faster economic finality on the child chain itself.
Is the plan to use both Plasma MVP and Plasma Cash simultaneously for their different strengths/weaknesses or is the plan to eventually have the entire OmiseGo network implemented on a Plasma Cash design?
We’re currently building on top of Plasma MVP. Plasma Cash is significantly more scalable than MVP, but it currently has some limitations (merging/splitting is hard). We’ll be working on Plasma MVP and Plasma Cash simultaneously because we see a lot of value in both. Luckily, Plasma designs are pretty loosely defined and a lot of the thinking/research is portable, so we’re moving towards a robust and scalable DEX design either way.
Will BTC be compatible with Cosmos and Plasma?
We won’t speak for Cosmos as to what they will be supporting. For the OMG network, BTC could be supported with atomic swaps through a clearinghouse.
Do you remember how no cared to buy into the Internet until everyone figured out how to get free porn from it? (Okay, fine, "email" for you puritans!) Plasma MVP, Plasma Cash, Cosmos Spoon, DEX, eWallet SDK, oh my! My head is spinning. The Internet has porn and email. Without all the techno blockchain mumbo jumbo, what is OmiseGo's 'killer app?'
The internet had porn…blockchain has Spankchain.
But truthfully, the concept of “killer app” is interesting and our current theories on the blockchain “killer dApp” will likely mimic history. However, what’s exciting about decentralized technologies is that new cryptoeconomic incentive systems are being introduced that can lead to the creation of new services and offerings we’ve never thought about. Perhaps the “killer app” hasn’t been invented yet!
Or perhaps it’s a highly-performant, secure and massively-scalable decentralized exchange that resistants rent extraction, can work across blockchains, and can unite fiat and crypto economies.
When will we be able to buy official OMG merch? :)
We will be launching our first OMG pop-up shop in the next few weeks and will announce on Twitter once it is live.
The OMG DEX will be currency agnostic and will make transactions between two parties flawless no matter the currencies used by the maker and the taker, right? But how OMG will decide the quote and/or the rate of each currency? Based on some reputable forex exchange or on Omise rates and quotes? Will Omise/OMG dex do some forex arbitrage on forex?
Yes, the OMG DEX will eventually support non-custodial settlement with off-chain and on-chain order matching. We’re currently building the OMG Network - the base protocol and the eWallet SDK for interacting with it - though we’re definitely open to creating a DEX SDK down the road. We’re in the process of releasing our design doc for the first release, which will help developers know what to expect and allow them to start planning out integrations with the OMG Network. A free market and not OmiseGO (or any other specific party or group of specific parties) will be responsible for determining the exchange rates of each currency.
What type of consensus between plasma validators needs to achieved? (Simple % of staking nodes?)
We haven’t completely decided how our PoS mechanism will work, so this question isn’t easy to answer (currently). We’ll answer this in detail once we’ve fully designed or determined the consensus mechanism!
Hello. When Plasma is done , will omisego release this for everyone for use freely? If so, what competetive benefit do omisego get from developing Plasma? As i understand electrify asia will run on omisego plasma, and possibly with other tokens/companies on their chain again, is it any other tokens that are planned to run on omg plasma?
We are committed to doing all our development in the open. We have already opened up our research implementations of plasma-mvp, plasma-cash, as well as our research discussions. We also plan to open our production implementation repo soon. All of this is before Plasma is “done.” We welcome everyone to fork, modify, and contribute to our efforts! We have announced all the token partnerships that we are able to at this time and will keep the community updated about any new ones.
Who says they should only support only one coin. I like the idea of Dai coin but look their volume. Mufg would be a great patner. Also, do u think that common people in Asia would rather use dai or crypto version on yen? Yen is world known and trusted and dai is uknown. Anyway as far as I understood they will support multiple currencies.
Like yourself, we are excited to see how adoption of tokenized assets plays out across geographies. The OMG network will be currency-agnostic, encouraging users and projects to transfer and secure assets with whichever currency they would like. To your point, it will be interesting to see if more stablecoins pegged to other fiat currencies become pervasive.
We know OmiseGo network is ethereum-based system. So I am worried about if ethereum has some trouble ( such as Hard fork ), how does the OMG network face and recover? And About Plasma cash, I heard when withdraw funds from child chain to root chain, people will wait two weeks to exit. If it is true, it would reduce much liquidity to the DEX market. Can you tell us more things about the exit and challenge on Plasma?
Problems on Ethereum (like 51% attacks) can potentially create problems on Plasma chains. We’ve thought a lot about how to mitigate these issues, and there are ways to disincentivize “bad things” from happening when forks happen. However, we’re ultimately reliant on Ethereum for security, so if Ethereum isn’t functional, then the Plasma chain isn’t functional either. This is a very deliberate design decision, as the cost to attack Ethereum will usually be higher than the cost to attack something only secured by OMG stake.
For OMG to act as a currency agnostic DEX, to enable you to trade eg BTC into USD, (non erc20) tokens will need to be created that are backed by and can be exchanged for 'the real thing'. For crypto backed tokens like BTC, this should be easy because we can easily see how many BTComg exist, and how many BTCreal sit on the backer's contract. However, how will this work for many fiat currencies? Also, how to co-ordinate and audit many parties backing the same currency? (Fiat and crypto).
Everyone who wants to use the OMG Network to exchange off-chain assets will be responsible for putting the real world value on-chain first. The OMG Network will provide a means to exchange fiat-backed cryptocurrency but OmiseGO will not issue a fiat backed token. How any given fiat backed currency works will depend on how the issuer chooses to design it.
How do the fees work on a Plasma Cash chain? If it is difficult to split coins into small amounts (and merge them again) how do you plan to handle the tiny transactions fees on each transaction?
Merging and splitting is generally difficult, but there are a few proposals to take fees without a merging/splitting construction. Vitalik’s original proposal here was that each coin would specify a “total fee” that must increase from transaction to transaction, although this ruins nicely denominated coins. This is a problem we expect to be convincingly solved as we figure out the most efficient merging/splitting design.
First, thank you for doing this AMA. There is a great community behind your project, & this will help reassure everyone their money is invested in the right place. How big of a priority is the ease of token holders being able to stake? There has been discussion of OMG purchasing an exchange. Will stakeholders be able to stake directly through this exchange?
Safety and ease of use with regards to staking are of the utmost importance to us. We’re working to create as many avenues for staking as possible to make staking as easy as possible.
Generally speaking, we expect many parties ranging from exchanges to wallets to take part in and benefit from staking.
How will OmiseGo handle multiple wallets working together? If I have a wallet by company x, and my friend has a wallet by company y, what addressing system should I use to send him the money? (email? or some sort of unique id like a phone number?).
To conduct a transaction via the Ethereum blockchain, users require an Ethereum address. Wallets are the vital access point for users to properly interface with the Ethereum network to transfer or secure value. As a result, wallets do not need to be compatible with different wallets and the OMG Network will act as the connecting mechanism between wallets to transfer value. OmiseGO remains currency-agnostic and wallet-agnostic to ensure that financial access can be provided to the most users regardless of their preferred currency or platform.
Can you give a current progress update?
See roadmap: https://blog.omisego.network/omisego-roadmap-update-94819e20ada2
What will looks like "Cosmos DEX" & "Plasma DEX"s UX/UI? Will it like Binance & Poloniex OR Shapeshift & Kyber Network & Airswap?
The user interfaces for the OMG DEX will be determined by the use case and how the application is integrated to the DEX. For example, an interface for the DEX may not be present if an exchange is performed behind the scenes. If the user is performing a foreign exchange transaction, they would be presented with an interface familiar to placing a FX order.
Will fork support be given to users that hold their OMG tokens on a Ledger Nano S or are we required to move our tokens to a temporary address where we have access to our private keys?
If your OMG tokens are held in a Ledger wallet, you have control of your private key. No additional action is required for the moment.
MUFG is building a stable coin. Why dont u offer your network service to them? In order for person from USA or Europe to send money to his cousin in Thailand they need to have a stable coin. I dont wanna send 20$ of crypto to my cousin which if he doesnt cash out immidiately could turn into 10 or 5$ next day.
Our wallet SDK and Plasma research are open source, so we encourage collaboration from users, projects and enterprises. We look forward to having various ecosystem players adopt the OMG network to process transactions and provide the benefits to their end-users.
But also on stablecoins: https://medium.com/makerdao/makerdao-and-omisego-announcing-dai-and-omg-collaborations-23600a080046
Will Plasma Cash implementation support EVM based smart contracts or is that for a future version?
Research into an EVM-like Plasma chain is future work. Early implementations won’t support smart contracts, and the first smart contracts will probably look more like Bitcoin Script than EVM contracts. Luckily, we don’t need complex contract behavior for the purposes of the exchange. Things get increasingly more difficult as you start to represent complicated state on Plasma, so most of the current Plasma designs will look more like app-specific Plasma chains and not general computation chains.
Why was there a need to specifically highlight DAI to be tradable on day 1? Aren't all ERC20 supported on day 1?
We will trade as many ERC20 tokens as is optimal at our first implementation of the decentralized exchange. We continue to collaborate with Maker and DAI project and look forward to listing them. Once multi-collateralization launches, we look forward to OMG being used as collateral for issuing DAI.
Omisego is trying to buy an exchange? Why dont u instead build the network where big exchanges like binance can use for free, but every customer using it will have to pay transaction fee on omg network ( ofcourse plus the fee to the binance).
OmiseGO is not buying an exchange. A new subsidiary of Omise has been created to build a network of front-end exchanges, with acquisition of existing exchanges as part of that strategy.
Meanwhile, OmiseGO is building the OMG network which anyone, big or small, can use for free; and fees will be paid for every transaction sent across the OMG network.
The exchanges run by Omise’s new subsidiary will add liquidity and transaction volume to OMG but will have no effect on the way OMG is constructed, who can use it or for what.
What’s your level of confidence in OmiseGO? 1-10?
10/10 confident that OmiseGO exists. To build the most meaningful blockchain protocol on Ethereum thus far, or to fail spectacularly (leading to the creation of an array of things that are potentially better).
How is the OMG network protected in case the Ethereum Main chain gets a 51% attack?
Problems on Ethereum (like 51% attacks) can potentially create problems on Plasma chains. We’ve thought a lot about how to mitigate these issues, and there are ways to disincentivize “bad things” from happening when forks happen. However, we’re ultimately reliant on Ethereum for security, so if Ethereum isn’t functional, then the Plasma chain isn’t functional either. This is a very deliberate design decision, as the cost to attack Ethereum will usually be higher than the cost to attack something only secured by OMG stake.
Big time believer in OMG and by proxied virtue...a big time believer in ELEC. Will ELEC tokens need to have a reliance (less than/equal to/greater than OMG tokens) on the Cosmos hard spoon token for any reason? Thank you guys for all you do!
Whilst we are collaborating with Electrify and remain friends, there isn’t a reliance on the OMG token for ELEC tokens (except to the extent that the OMG token secures whatever portion of the ELEC marketcap is traded on the OMG Network). When available, the ELEC token will be tradeable on the the OmiseGO DEX and the Cosmos/Tendermint DEX.
Will OmiseGO wallet support non fungible ERC721 type tokens?
Support for ERC20 tokens will first be added to the eWallet SDK. Support for ERC721 will be considered for a future release.
How quickly is OmiseGo's employee count growing in 2018 considering it's 1.1Bn market cap?
We have grown from 4 to around 40 people, since June 2017.
How is the omg team going, you have been recruiting some people these days. Any concrete plans for the future and expansion? How many people are in the team now? PS I am curious about how Stephen McNamara is doing for the team.
See roadmap: https://blog.omisego.network/omisego-roadmap-update-94819e20ada2
Is the OmiseGO management team invested in this project with their own (personal) funds?
The team’s personal funds are their personal business.
Who's the best fortnite player out of all the OMG team?
Kelvin has dedicated hardware.
What amount of OMG will be needed for staking? any idea on that already?
We can’t give a number yet but staking pools will make this an unnecessary consideration for most people, as they'll be able to stake any number of tokens.
"However, profits from fees during the PoA phase will be used to buy OMG tokens which will then be burned (permanently removed from circulation, resulting in a decrease in total supply)." A question regarding the above quote from the Roadmap; This seems implies that profits from fees are not OMG tokens but other type of assets. My question would be if profits are having various types if does what would be a practical example?
OMG token holders will use their tokens to stake to validate the network via proof-of-stake consensus. These validators will be rewarded for their staking and can receive fees in any currency they choose. This means that if validators would like to be paid in OMG tokens, they can; if they would like to be paid in DAI, they can; if they would like to be paid in Dogecoin, they can. We remain currency-agnostic.
Jun, what is your favorite kind of cigar? I can think of no way I’d rather celebrate reaching my goals with OmiseGO!
Jun likes his cigars like he likes his blockchains: highly-performant, secure and massively-scalable.
Would you consider putting the roadmap on a tool like Trello so that people can vote on their favorite features to help you prioritize development efforts?
We actually kind of liked this idea, but based on its own logic it should be pretty low on our priority list due to the number of downvotes.