>Toyota, largest company in eastern hemisphere, full and long term partnership (Toyota confirmed themselves they would use SYNQA blockchain tech and the Toyota DCO is now a director of SYNQA
>Tether and Bitfinex want to integrate tether onto OMG Network, and tether announced today they are migrating a large amount of tether with an unknown 3rd party onto ERC20 protocol by 06/29, Bitfinex confirmed OMG Tether to start by the end of June
>Mainnet Fee structure changes this month which allows OMG to moon without raising transaction fees (tether may have avoided naming OMG to prevent increasing fees until the structure changes)
>once fees change, exchanges can pump OMG and the higher it goes, the lower the fees will cost for them
>Mainnet going live as the only enterprise grade scaling solution to ethereum, with layer 1 security as a child chain to ETH
>all tokens on Ethereum will be able to move on OMG. Ethereum is over 92% capacity and growing more congested every day. OMG scaling is NEEDED right now, and with the current likelihood of a bull run lead by ETH based DeFi makes OMG even more necessary, with perfect timing of the release
>once it goes live, Omise clients can move to blockchain, decrease fees and increase speed. Omise is the largest payments provider in SE Asia and has presence in Thailand, Japan, Singapore, Indonesia and Malaysia
>OMG also entering competition to run reddit community points, potential 450 million monthly users to transact on the network and OMG is the only project that seems to fit the long list of demands for the competition
>SYNQA (parent company) is creating a new company soon to focus on aggressive expansion of the payments network, with help from the $80 million investment from Toyota and various Asian banks
Let me red pill you
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>OMG/Omise is one of the best user experience designers in the industry and now has the ability to aggressively expand both traditional payments network and Ethereum-OMG blockchain hand in hand, with even the possibility of CBDC integration as Omise has received multiple awards from both Thai and Japanese governments and has held talks with the Thai central bank and Japanese finance minister
>staking being worked on as we speak with announcements coming over the next few months according to the CEO (again perfect for the bull run)
>CEO stated in interviews they are in talks with multiple exchanges to integrate Erc20 tokens onto OMG Network
>OMG is 1/20th ATH and has a market cap of only 200 million at rank 40
Buy a stack or sit on the sidelines in tears
the crypto market, actually just the general population, is so fucking retarded
Also a reminder for ETH 2.0 fags: OMG developed a fully secure layer 2 scaling child chain and it took them 3 years. They had a team of +100, worked in a fully professional financial services environment in a capitalist country and had help from all the main ETH devs and lightning network devs at one point or another, and it still took them 3 years.
ETH 2.0 has a fraction of the people working on it, unorganised and freelanced. It will take years to get through it. And when it does, OMG Network will still scale it at 1/3rd the cost and higher transactions. ETH needs both layer 1 and layer 2 scaling to become the world wide DeFi smart contract platform it was always meant to be.
Who ETH/OMG/LINK here? The portfolio for the discerning Chad
*distant hueys and machine gun fire*
The revolution in Asia is upon us, skateboards at the ready
Congrats on this, seriously but proof of stake and token utility for OMG is like two years away. It's going to be (((researched))) for quite a while. By then the token won't be needed, eth will just do everything itself
it's not two years away. It's not even a year away. The next few months for OMG are going to be very exciting.
The flood is coming biz.
It’s really not. The proof of stake they will implement is actually proof of guarantee, which involves watchers on the network to confirm the nodes are run properly by OMG. Please note that although the nodes are run centrally, the security of the chain is still at layer 1, so if OMG were nuked, hacked or run by malicious parties, the funds on the child chain revert back to the ethereum chain unharmed. The best way to think about it is that the power running the “scaling” network is centralised (although in different locations for obvious reasons) but the security and base layer power is decentralised like ETH.
The best part is, they already have watcher documentation in place, there’s nothing else left to “build”, it’s all already done. The only reason they want to take a few months now is to make sure it all runs smoothly while new tokens migrate over. I believe they also want to make sure the staking tokenomics make sense and are fair for holders, so it’s no surprise they want to wait and see what the network gets up to in the first month or two. It certainly isn’t years away, all the hard work is already done
>The proof of stake they will implement is actually proof of guarantee, which involves watchers on the network to confirm the nodes are run properly by OMG.
Is this the same thing as optimistic rollups?
Not optimistic roll ups
It’s technically a plasma iteration which itself is a lightning network iteration, but instead of that it actually works. It condenses roughly 16,000 transactions into a single ethereum block, but the smart contract only moves the tokens once the block is completed and “guaranteed” (confirmed by PoS) by the watchers. It’s a child chain to ethereum rather than a side chain. The main hurdle to creating this (and the reason it took so long) was developing secure mass exits in the case of malicious/Byzantine faults. They worked it out and here it is. It’s certainly the best layer 2 solution for mass transactions without compromising security of funds, and this is because it’s a child chain
Yeah im familiar with plasma, but wasnt sure if this proof of guarantee system was considered optimistic ru because there was an assumption the tx were valid unless challenged. But thanks for clearing it up
Nice
I’m not entirely sure why the team wouldn’t just create a tokenomics model with decentralised incentivised nodes to stake as well, but I’m starting to think maybe it’s better to onboard businesses in the real world if you can convince them a payments company is powering the network rather than a bunch of randos.
Thought about that too and I think it is
Obviously the blocks are still powered and confirmed in a decentralised manner the same as ethereum, but the condensing is powered by OMG. I believe they will introduce a PoS model and are running PoG soon to incentivise payments business clients to onboard. OMG after all have a significant stake in the token themselves and so would probably want to make staking returns on them rather than just hold them for transaction payments. Also it would make sense to do this because they would want as many options to pay the fee as possible (network is capable of this right now actually) and are only keeping the fees payable in OMG only as a way of giving the token an artificial value (all value is artificial I guess though lol). I’m interested to see what they do, whatever it will be it’s going to be good for token holders when staking returns start rolling in
so stoked OP. my bags are packed. i'm all in OMG. moved my tokens to a cold wallet and i'm taking the summer off from trading. i know this project is going above $10 by end of summer and i don't want to goof around trading dips and swings. just gonna enjoy the ride
it's already done goy
It is interesting where they could go with it. I’m thinking once it is all completed, we’ll have a true proof of stake mechanism and don’t forget a scalable cross chain network, this mainnet is only the ethereum iteration. OMG 2.0 will be very interesting
Congratz user, I am doing the same. I think once exchanges and projects are free to migrate to the network there’s going to be daily news/rumours which will inevitably mean fluctuation all the way to the top
exchanges being able to save significant money from transaction fees is huge. there is massive incentivization for a price increase.
bitfinex will lead the way, show proof of concept and soon all exchnages will be rushing to integrate OMG for massive savings. the higher the price of the token the lower the fees (assuming they bought a bunch at these low prices)
Then why is ETH at capacity and the most congested it’s ever been? Seriously, it’s inconsequential to OMG in the long run (actually ETH 2 is necessary for OMG to fully realise it’s potential) but it’s years away still, and scaling is needed right now
Did you see tether announcement earlier about from tether moving to erc20 using unknown 3rd party? They purposefully didn’t mention the 3rd party, I’m thinking that’s because it is OMG and they didn’t want to bump the price before hand in case it increases the fees currently on the network before the structure changes
It wouldn’t be a huge surprise if it was OMG helping tether (after all they are working with bitfinex who have the same CEO) but it would be a nice little suggestion that this theory is what’s happening if tether/bitfinex didn’t want to pump the price. I bet they’re cumming their panties thinking about paying fees with gigapumped OMG at 99% discount
I'm in dire need of money right now. When do you think the mooning will happen? I'm not here for the tech. I'm here for profits
i'm feeling like we can make a run for ATH user
It’s around 10% up already today user it’s starting. Get in now or get in ASAP, but before June ends if you want to keep your sanity and not miss this
yessir, i've been buying as much as i could in the $1.50 range after i saw this news
hedgeweek.com
Bitfinex, a state-of-the-art digital asset trading platform, has integrated Tether (USDt) into the OMG Network, a platform that enables peer-to-peer transactions in real-time, in an initiative that enhances the scalability of the Ethereum network.
The integration of USDt onto the OMG Network will result in a reduction of confirmation times delivering faster payments while fees will be reduced without compromising on-chain security. USDt deposits and withdrawals on the OMG Network will be enabled via the Bitfinex platform.
Okay then, you've got me convinced.
What exchange has the best rates, currently? I was thinking coinbase since it's easy but maybe I could rely on something else.
Yes, but that was old news. The announcement tether made themselves in the last 24 hours was about moving most tether on from to erc20 with help of a 3rd party. While that news in and of itself is not spectacular (as we already know tether are integrating) it does show promising signs of the fee theory in practise I.e keeping the price surprised h til the fees change over
DYOR for exchanges. Unless you’re buying 10s of thousands, I would just go with what you’re familiar/comfortable with or whatever one you already have an account with. Careful buying stuff on coinbase though because they will rape you with fees (they will be transparent about how much they are before you buy though so that’s good). Other than that, OMG has been around for years and was previously a top 10 coin, so it’s on most if not all exchanges
>exchanges being able to save significant money from transaction fees is huge
when you depost/withdraw on exchanges the exchanges doesn't pay any fees, it's the user.
I think the point is that the fees are saved regardless of who pays them, and so the exchange can leverage this to either make more of a margin/lower running costs OR (what bitfinex want to do) lower fees and increase transaction speed to offer a better user experience than other exchanges to gain users
>increase transaction speed
if the OMG network is a L2 solution, can a transaction be faster if you use it? I'm pretty sure that it can't, because you would have to wait for the ethereum block to be mined until the transaction is finished, even if the scalability greatly increases.