Can you detail how OmiseGO is able to keep up with funding?
We can’t really go into details about company finances, but we’ve established a comfortable runway by way of careful planning early on. We were always aware of the possibility of a bear market, and did not bet on crypto prices to keep the project afloat. As you’ve pointed out we are still able to continue development and grow our team as needed - although we are cognizant of hiring top-quality people in order to maximize those resources - and we’re confident we’ll be able to reach our goals for this project.
Will simple fast withdrawals and fast finality and other UX improvements to OMG Network be implemented for the beta release or mainnet?
We haven't forgotten these features, but they aren't yet scheduled for beta or mainnet.
How do you plan to stop big whales/OmiseGO monopolizing the staking pools by splitting their token into different pools?
The truthful answer is that in the event that Omise were to be bought out by a company that decided to wield that power to drive down fees, the only thing that would stop them from doing so is a lack of incentive to do so. So let’s break down the incentives here. Much of the appeal of staking on a public network comes from the reduced liability of any given participant in distributed consensus. Additionally, if they’re considering the 20% of tokens as an asset, charging unsustainably low fees would both drive down the price of said asset and deprive the company themselves of meaningful staking revenues.
These kinds of questions are really interesting and go right to the heart of mechanism design, where we always assume that everyone will act 100% in their own self-interest. The goal (to paraphrase Joseph Poon) is to build a landscape where everyone, acting entirely selfishly, will wind up where we want them to go in order for the network to function optimally. Please feel free to discuss this one below - the more minds, the better when it comes to thinking through these incentive structures!
Can OMG theoretically be utilized for launching a national cryptocurrency at this current time?
Entirely theoretically - sure, why not? From a technical perspective launching a cryptocurrency is easy; and OMG Network is perfectly compatible with venues imposing whatever rules and requirements they like on both their tokens and the distribution of those tokens. It’s possible to build rules into an ERC20 that place restrictions on when, where and how it’s able to be used. “Venue” could apply to a nation state just as it could apply to a crypto exchange, wallet provider or anything else - although a national cryptocurrency certainly comes with a whole host of complications and considerations, and we don’t envy the people who had to sort that all out.
Would you be technically able to launch your initial mainnet without the ODEX functionality included?
ODEX integration isn’t a requirement for mainnet launch. It adds lots of useful functionality, but it’s built on top of the base layer, not baked into the core protocol.
OmiseGO AMA 18
OmiseGO AMA 18 - March 3, 2019
Can you detail how OmiseGO is able to keep up with funding?
We can’t really go into details about company finances, but we’ve established a comfortable runway by way of careful planning early on. We were always aware of the possibility of a bear market, and did not bet on crypto prices to keep the project afloat. As you’ve pointed out we are still able to continue development and grow our team as needed - although we are cognizant of hiring top-quality people in order to maximize those resources - and we’re confident we’ll be able to reach our goals for this project.
Will simple fast withdrawals and fast finality and other UX improvements to OMG Network be implemented for the beta release or mainnet?
We haven't forgotten these features, but they aren't yet scheduled for beta or mainnet.
How do you plan to stop big whales/OmiseGO monopolizing the staking pools by splitting their token into different pools?
The truthful answer is that in the event that Omise were to be bought out by a company that decided to wield that power to drive down fees, the only thing that would stop them from doing so is a lack of incentive to do so. So let’s break down the incentives here. Much of the appeal of staking on a public network comes from the reduced liability of any given participant in distributed consensus. Additionally, if they’re considering the 20% of tokens as an asset, charging unsustainably low fees would both drive down the price of said asset and deprive the company themselves of meaningful staking revenues.
These kinds of questions are really interesting and go right to the heart of mechanism design, where we always assume that everyone will act 100% in their own self-interest. The goal (to paraphrase Joseph Poon) is to build a landscape where everyone, acting entirely selfishly, will wind up where we want them to go in order for the network to function optimally. Please feel free to discuss this one below - the more minds, the better when it comes to thinking through these incentive structures!
Can OMG theoretically be utilized for launching a national cryptocurrency at this current time?
Entirely theoretically - sure, why not? From a technical perspective launching a cryptocurrency is easy; and OMG Network is perfectly compatible with venues imposing whatever rules and requirements they like on both their tokens and the distribution of those tokens. It’s possible to build rules into an ERC20 that place restrictions on when, where and how it’s able to be used. “Venue” could apply to a nation state just as it could apply to a crypto exchange, wallet provider or anything else - although a national cryptocurrency certainly comes with a whole host of complications and considerations, and we don’t envy the people who had to sort that all out.
Would you be technically able to launch your initial mainnet without the ODEX functionality included?
ODEX integration isn’t a requirement for mainnet launch. It adds lots of useful functionality, but it’s built on top of the base layer, not baked into the core protocol.