Vitalik Buterin and OmiseGo

OmiseGo is Vitalik Buterin’s favourite token model

Vitalik recently posted on his twitter account three main reasons why OmiseGo, right now, is his favourite token model. OmiseGo is not a medium-of-exchange token; it has a clear valuation model (expected discounted future transaction fees minus node operation cost); and it requires running node to get returns, not passive income (so more legally defensible). After this twitter post the prices went up by almost 100%.

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Latest news from the OmiseGo team speaks about development progress on one of the basic OmiseGo tools. OmiseGo SDK, a code framework on which developers can build their own wallet applications that will interact with the OmiseGo Blockchain. OmiseGo SDK has officially moved from alfa into closed beta and is now in the hands of one of the strategic partners, a huge multinational company that will help develop one of the first live use cases. It is not a secret that OmiseGo cooperates with the Ethereum team. What does this cooperation bring to Ethereum?

OmiseGo is Ethereum-based financial technology

OmiseGO is building its own blockchain, but not every operation will happen on it. Though basic decisional operations happen on the OmiseGo blockchain, the final delivery happens on the Ethereum blockchain. OMG is an ERC20 token.

Advisors from Ethereum

The main advisors for OmiseGo are Vitalik Buterin, founder of Ethereum, and Joseph Poon, Lightning Network co-author. This partnership promises the newest technical solutions implemented in OmiseGo systems. One of the biggest announcements, which is impatiently expected, is the implementation of plasma technology.

Plasma

Blockchain technology has many positive aspects compared to the traditional centralized database model, but the problem that needs to be solved is scalability. It means not too many transactions can happen quickly at the same time. Plasma is a solution for this problem. Plasma is the ‘child’ of Joseph Poon and Vitalik Buterin and it will make it possible to handle an extremely high amount of transactions very quickly throughout the OmiseGO network.  OmiseGO will be the first project to implement the Plasma technology.