Vitalik had commented last week on the Ethereum reddit. Said test net is rolling soon, fee months. And said ppl can use an old phone or a RasberryPi to start staking as long as they maintain network connection for 2/3 time if the day.
I have a nagging concern... OMG has been setup to give Omise market leading low transaction fees (bigger profit) and to give Ethereum scalability. These two 'owners' are motivated to have lowest possible omg fees to achieve their primary objectives. Staking fees going to be very low
Found another good reason for OmiseGo to exist (watch the video in the first link):https://www.youtube.com/watch?v=TztR_7IehjUThe video talks about a simpler login system for ethereum apps. Something like this is likely required for a good user experience when using blockchain apps.Basically a market/network of relayers can be paid to provide ether for the login system (where OmiseGo comes in), so people don't need to have their own ether, previously owned private key, address etc. It uses Ens domains (like usernames) and allows users to be sent tokens instead of Ether when they perform setup actions - for later use.
More detail:Separate keys per app (can be on different devices too) for security. Users can back them up when they want to, using mnemonic words. This is easy to deal with as the smart contract can keep track of devices which have been logged into with the same username.The part about deterministic (known before created) wallet addresses was cool too.Kinda wish this bear market didn't make it so difficult to find stuff like this.https://ethereum-magicians.org/t/erc-1077-and-erc-1078-the-magic-of-executable-signed-messages-to-login-and-do-actions/351/9
More volume and business for Omise and Ethereum. OMG will effectively be not for profit. All profit to Omise as world leading payment provider Staking returns less than 1c a year per token. Omise have enough tokens to ensure there are enough token stakers
Omise receives series A&B funding and massive profits with fantastically low transaction feesEthereum receives Plasma and all the scaling benefits. All coding is open source so no value in OMG plasma long termOMG token holders initially receive very low staking rewards and very low token value.OMG and Omise do not become one.
OMG plasma is for the benefit of OmiseOther plasmas will benefit other Ethereum based dappsIn the short term OMG benefits from first movers advantage. Mid term all have equal access because open source. No cost = no value
Lol, OMG will be $100+ when people eventually stop complaining about their lost money.Ethereum isn't scaling to worldwide decentralised use, without Plasma. OmiseGo, Loom etc. are required.Current and previous prices are irrelevant.But yeah, let everything go to zero and enjoy a 2% interest rate per year.
There's no other blockchain solution targeting multi-million transactions per second right now, because it is difficult - well, just not done before. It's only theoretical right now (maybe up to 1 billion tx per second eventually). Ethereum is likely to win this race to due developer mindshare, standards and the amount of people working on research to support it.I actually think that many blockchains will be linked together to reach the necessary capacity. I have a feeling that 1 billion tx won't be enough for the array of in-game item trading, supply chain and financial services alone, let alone computer-to-computer transactions.
Plasma, which doesn’t require excess capital, still has a lot of unsolved problems: it takes a long time to settle/withdraw back to the main chain, it requires logging around relatively sizable amounts of data, it’s difficult to do with account-based models / full on smart contracts like Ethereum, etc. These problems will eventually be solved I think, but for now it’s quite early. The most promising thing I have seen here is something called Gluon Plasma.
What the heck the following means from OMG Twitter:In an effort towards greater transparency with our community, we are sharing OmiseGO's Ethereum address in WBTC as a Merchant & DAO member: 0x2761bf0061785ef7e286f68aa4c10518fdea7481
Takeaways:1) **OMG’s Significance** Vitalik is still significantly involved with OMG - it is significant for Ethereum’s future and therefore whole of crypto space2)**Development Quality** Vitalik has personally been involved in design work for OMG’s future products, including DEX3) **Transaction Per Second** For Plasma Prime testnet aiming for up to 10k TPS. L2 plus sharding 1m TPS possible. L2 alone up to 100k TPS. Very healthy.
OmiseGO OfficialScaling Ethereum with the PoS OMG blockchain: the 100% public plasma.io decentralized exchange. & building an open-source fiat/crypto wallet SDK to access it.https://t.me/omisego_official
Per Binance webpage:“Our current implementation is built on forks of Tendermint and Cosmos SDK. We make use of a revised edition of Tendermint consensus and leverage its p2p networking logic, and Cosmos SDK features such as its "bank" is used for basic token transactions. Part of changes have been contributed back to the project as well.Projects like Binance Chain and Binance DEX are often built as forks of Bitcoin or as smart contracts on platforms like Ethereum. With a foundation of clean, well-structured code from Cosmos SDK, we were able to build on a codebase that we saw as a better alternative. Many thanks to the Cosmos developers and its community for their work (and for being really helpful in our issues and pull requests!)”