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Showing posts from September, 2017

What is OmiseGO (OMG)?

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OmiseGO is an Ethereum-based financial technology aimed at enabling financial inclusion through peer-to-peer asset exchange and payment services between fiat and decentralized currencies. Built on the Omise payment management platform based in southeast Asia, OmiseGO consists of a decentralized exchange, a high-volume payment network, and a digital wallet software development kit that will allow digital wallet providers to integrate payment solution technologies hosted on the OmiseGO network. Their unique approach allows for exchange between fiat-backed and decentralized digital currencies.

The decentralized exchange incorporates unique, smart contract-based systems for handling liquidity and message clearing hosted on a scalable blockchain that externalizes the security costs associated with transactions via interlinking, off-chain channels. The blockchain will use a proof-of-stake consensus algorithm to enforce market activity among participants, which avoids the disparity between mi…

Ethereum and Smart Contract Scaling

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The cryptocurrency scaling debate continues with Ethereum remaining a viable contender after the recent deployment of the Raiden testnet and the upcoming Metropolis hardfork in spite of problems earlier this year with a clogged network caused by the popularity of the ICO's hosted on the Ethereum network. As the first popular platform for smart contracts these troubles highlight the ability for networks to scale as one of the important hurdles to mainsteam adoption faced by cryptocurrencies. To better understand the scaling debate we have to understand the different functions that cryptocurrencies can serve and why scaling plays such an important role in carrying out those functions.

Why Do Cryptocurrencies Need To Scale?
Bitcoin has existed long enough for most people to assume that it serves some kind of important function, whether they understand it or not, and if Bitcoin and cryptocurrency has been important enough to have been around this long then people will eventually want to…