Don't mind me, just shilling for the last time this year.
To begin, you probably have to understand a few things about Plasma and the way it works to understand why you need to use another token. First, plasma is a “Child Chain” that is connected to a “Root Chain”. The way that plasma is designed is that the plasma blockchain is its own separate chain and can process transactions/blocks as fast as it needs to without having to wait for the root chain to update its state, instead the root chain has a set of “Fraud Proofs” that it uses to make sure that the “Child Chain” doesn’t act maliciously with the network. Generally these are checks that the root chain does at certain points to make sure you are not attempting to fraud the system (e.g a fraud proof will probably occur if you try to withdraw funds from the plasma chains onto the native chain, the root chain might say let me check with all the other validators to make sure this transaction is legit before it approves your fund withdrawl) and if you are (attempting to fraud the system)then the root chain will “slash” your tokens. The idea behind this is that the validators would want to act in the networks best interest vs maliciously because
1.It would be costly to attempt to maliciously attack the network as it wouldn’t work unless you had atleast 51% of the tokens (which is probably impossible) 2.If the network did show to be faulty and fraudulent then the price of the tokens would plummet (e.g BITCONNEECTTTT) and then the loss in token value would be higher than the gains made from frauding the network.
So why do you need a separate token like OMG, why can’t you use ETH?
Pretty much it all boils down to the economic incentive and does ETH have enough economic incentive to continuously run a plasma chain and the answer is no. If you are only looking to keep the integrity of the chain and the consensus mechanism then ETH works but the issues arise with the incentive to keep the chain running and also have it running fast (1 million + transaction per second). Since the value of ETH is not tied directly to the Plasma chain you can’t guarantee that the economic incentive to stake to generate fees is there and then you end up getting chain halts, you would have to be sure that staking on the plasma chain always had enough incentive from fees to be appealing to stake with or you won’t have validators. Then if there is enough economic incentive to make people stake on the Plasma chain with ETH you get the issues with ETH and liquidity, assuming the incentive to stake is there people would not use ETH for smart contracts and dapps rather to stake and then you get issues with the root chain. No matter how you look at it, it just is not possible to ensure the success of the network only using ETH.
(2/3)
Gabriel Rogers
In
Landon Barnes
My life is revolved around OMG. It has the potential to make me so rich fuuuuuck
Henry Sullivan
With the way Plasma is designed you need to have a token (e.g OMG) that has its value tied directly to the plasma chain, this way the economic incentive is there not only to act in the networks best interest but also ensure that the Plasma chain is continuously running and also running at a fast speed. How do you think they claim theatrically Plasma can process 1 million + transactions per second? It all has to do with the economic incentive, if the network got to a point it needed to process 1 million transactions or more per second then the value of the token must have enough economic incentive to support the network or it would decline in value so validators would upgrade/decrease computing power in relation to the networks value. If the value was not solely tied to the network then you couldn’t be sure the validators will continuously run the plasma chain and also provide enough computing power for the plasma chain since there could be other factors that could affect the tokens value and in turn the economic incentives to run the plasma chain.
To be clear, I’m not saying that ETH doesn’t have enough economic incentive to be used as a fidelity bond in a Proof of Stake model because it does, I am saying ETH doesn’t have enough economic incentive to be used in a Proof of Stake model with Plasma. ETH can still be used to stake and Vitalik will probably implement staking and sharding on Ethereum but those will be for the Ethereum blockchain rather than a Plasma chain.
(3/3)
Connor Howard
One more thing.
With all the hype surrounding Plasma and Ethereum, I want to make it clear again that plasma was designed for OMG. Some people think that Joseph Poon and Vitalik wrote the white paper for Plasma and then Omise was like oh that’s a good idea, we are going to implement that. Instead the project was researched and developed at Omise blockchain labs for 2 years before they renamed it and launched OmiseGO. This is huge because it will guarantee OmiseGO is first to market for its solution as a payment platform and as seen with Bitcoin (first to market Crypto Currency) and Ethereum (first to market Smart Contracts Platform), first to market solutions generally have a big advantage over competition.
Easton Miller
Plasma will nnever be released. Omg literally has no product and no real research. Jun is just pumping on his Twitter in hopes he can cash out before this house skateboards falls
Jack King
How much do you have? Will I make it with 500? Or at least be able to quit job
Leo Richardson
Found the manlet nigger
Brandon Myers
Great info OP, thanks man appeciate it
Elijah Hernandez
3100 of these bad boys. Imma be a 22-23 year old millionaire.
Connor Wood
>do research of the executives >Look at actual proof of clientbase of OmiseGO.
Oliver Phillips
I have 1130 omg and its not enough
Elijah Diaz
this problem was solved 5 years ago on the other hand even quantum computing might not solve the age-old problem: what makes nocoiners so disgusting?
Talk in Bankok from yesterday. Tomas, Vansa and David speak.
They also talk about plasma. And said they will release a more final answer about staking amount soon. Starts around 36 minutes.
Isaac Torres
Wow you read a headline on reddit. nice work little fella.
Easton Torres
Don't mention it. Like I said, it's my last shill thread because of OP pic related.
Also, when the price of OMG breaks $50 I'll be back to give away OMG, likely Q2.
Christian Gutierrez
>no economic incentive to create a technology that can trustlessly verify a million transactions per second what? Am i dense for not understanding this?
Leo Edwards
Plasma is revolutionary technology, it is essentially smart contract generalized lightning network, written by the guy who wrote fucking Lightning.
Now since OP is correct that Plasma requires 2 chains, it makes sense that Ethereum would be very interested in having an ""official"" Plasma chain created that would (a) demonstrate the viability of the technology and (b) do Plasma's job of scaling Ethereum itself.
There's a slight problem though. Vitalik is very "community" oriented and Poon recalls that disputes over LN in Bitcoin made things really politically complicated and contributed a lot of bullshit to the whole process.
So they DON'T label OMG the official Plasma implementation.
This contributes to a lot of confusion and market ignorance about how significant OMG is. But make no mistake, OMG counts Ethereum founders, developers, researchers, and foundation administrators among its advisors. It's there with Vitalik at every fucking presentation.
OMG is THE all-but-official Plasma chain that just incidentally isn't called that because Vitalik muh community project.
How much do you think that coin would be worth? A literal bonded companion chain to Ethereum integral to its scaling, which frankly will wind up generating more transactions than Ethereum itself.
People don't know this, but they will soon.
Parker Cruz
My question is, why does omg's importance as the ETH scaling solution warrant a 100x increase in price? The token value does not affect network connectivity. I don't want to hold a stablecoin
Luis Sullivan
This is a simplified answer, and just one of many, but: staking. The greater the number of transactions on the network, the greater the reward for stakers. A conservative level of adoption, along with the limited supply of tokens available to validate those transactions, means that demand for possessing an actual OMG token will only continue to grow. Owning any amount of tokens will allow you to earn passive income through staking on top of your already appreciating asset.
Jack Thompson
omg isnt plasma' omg is on plasma plasma is eth's scaling solution price will 10x because of what omg will offer
James Lee
no it won't.. how quantum computing works is it gets information correct 80% of the time.
Most people that rant about AI or quantum computing are just using dumb people for internet traffic. It's like some degree flat earthers.
Hudson Scott
When ETH goes PoS how will that affect gas prices? I would assume anyone holding ETH would rather stake than spend, so with the circulating volume very very small how will there be enough ETH to cover all of the Dapps?
I don't think you guys understand how big OMG is going to be when they get their own chain. This is a powerhouse that will take down Visa / MC / AMEX much less PayPal or Square or Venmo.
Jackson Nelson
Sold about 100 of my OMG stack to bulk up my LINK. Still 900 strong.
Anthony Mitchell
if you love to loose BTC value , just go with it, if this coin would be doing smth. new and groundbreakin, it would continue to loose its value...
All news about plasma are out, the buying pressure is gone
Brayden Gomez
I have 8. Kill me pls
Camden Peterson
Its actually reaching local highs right now and chart looks very bullish.
Mason Reed
it looks like you didnt got it.
OMG didnt develop there own blockchain, and never started with it.
just read that shit: or if you dont believe it go to there github repo and read the warning: „If your lookin for the OMG blockchain, visit omg network site, where you can read:
You think Vitalik would be associating with these guys if they weren't going to deliver? They, together, met with the Thai SEC two days ago.
Github isn't the be all and end all, not all cryptos update it or even use it.
Easton Reyes
My name is James Edwards, University of Maryland alumni and I wholeheartedly agree with OP. OMG is vaporware at best leeching off ETH.
I'd also like to take this time to talk about my racial cleansing campaign. I've held a position for 3 years as a managing director of black lives matter. I fully believe in white genocide and I am looking for like minded recruits. If you share this vision of blacks being the chosen race please find me on my trading account @Cryptomedicated on twitter.
Thomas White
What's your total portfolio value and what are you holding?
Carson Murphy
Come back to biz the day it breaks $50. I'll give you some.
Easton Cook
You cant work on a opensource project if you didnt commit your code into a repo to review it.
Your statment is the biggest bullshit I have ever read.
anyway, OMG didnt has a github project about any OMg blockchain, the only thing that can be found is the API repo
Lincoln Myers
Is it going to do anything short term? I want to increase my stack but I'm having trouble finding stuff to sell,
Henry Cruz
dumb fuck alert
Jordan Clark
Hi sir do u also believe whites should be cleansed? Pls pm me at @cryptomedicated
James
Bentley Martinez
Not while BTC corrects, but I personally believe it'll be leaving the station again once we have a confirmed reversal.
Levi Allen
depends on what btc does. it might go down in usd value if btc drops.
the btc chart is bullish though and will probably keep rising in the near future.
Landon Collins
>quantum computing meme yea whatever kid
Luis Lewis
please clear your intelligent answer for me. So I said anything that isnt true.
Provide me some facts so I can change my mind.
- show me the OMG blockchain repo then we can talk
Yes sir u very smart sir. U look factual evidence sir and I think u can be valuable in developing technology for mass extinction of whites sir.
My Twitter is @Cryptomedicated. Pls reach out sir
Bentley Cruz
I'll hold you to it, screenshotted, when it hits $50 ima make a thread.
Easton Wilson
Plasma doesn't need OMG, which is a failed project with no development. Got out in late 2017
Isaiah Gray
Sir, I noticed it and I love it Sir. Sir I am on board, and you will get a follow....
Ryder Hall
it won't and if it does I will be retired by then from my OMG and LINK stack
Luis Phillips
100x would make it bigger than bitcoin currently ... Market cap.
Kayden Lopez
You're not considering overall market growth for the next 3 years.
Dominic Carter
Let biz sleep on this please. They're too busy forcing link memes
Brandon Thompson
The only real reason OMG will float for a year or so will be important payment partnerships with platforms that actually matter like the one with Hubii Network.
If you actually look at how OMG proposes they want to do things, you quickly realize it's a convoluted shitty mess that... yes.. it will work... but it's garbage compared to the plans of Req or even Bancor, and doubtless many more to come. Tbh I doubt even Eidoo wallet will be as retarded as OMG in how they go about setting up an automatic token exchange.
Many wallets will just have 0x liquidity or kyber liquity or their own solutions via deals with big exchanges as under the hood solutions for currency swapping too.
OmiseGO is product bundling their whatever wallet with a mediocre attempt at a currency swapping exchange.
Grayson Moore
Is this the ultimate Chad millionaire portfolio?
Jayden Adams
>Some people think that Joseph Poon and Vitalik wrote the white paper for Plasma and then Omise was like oh that’s a good idea, we are going to implement that. Instead the project was researched and developed at Omise blockchain labs for 2 years before they renamed it and launched OmiseGO. This is huge because it will guarantee OmiseGO is first to market for its solution as a payment platform and as seen with Bitcoin (first to market Crypto Currency) and Ethereum (first to market Smart Contracts Platform), first to market solutions generally have a big advantage over competition.
Explain why Bankex has a functional plasma prototype before OmiseGO.
Also, source please.
Oliver Gray
>no jnt >no ren 'no'
Jonathan Lee
omg is dead bro lol
Julian Powell
can you dispute what he says though? i am an outside observer looking to invest into OMG, and if OMG is just going to be running on the Ethereum network, wouldn't that de-value it a little since it isn't it's own chain? please be patient i am a noob and im not trying to FUD or anything just seeking information
Justin Turner
The level of retardation in this thread is absolutely astonishing.
OMG used to have the only relevant threads on this board, but even now these are filled with pajeet and nigger FUDders and otherwise brainlets.
Where did all of the knowledgeable people go?
Aaron Stewart
i am trying to become knowledgeable but i think the thread died by the time i got here lol
Jaxon Sanchez
It's biz. I'm not sure where you're getting the idea that it ever had higher standards. OP pic related, /thread, etc. etc. See you all in a month.
Adrian Thomas
If you don’t hold some OMG you need to leave crypto
Juan Sanders
Vitalik is the enemy of digital currency. eth is a fiat coin. OMG is a dumpster asian scam that crashes crashes crashes so they can fuck themselves
Colton Long
i traded my omg for link because digital data will be like oil in the future
James Jenkins
here's a reply
Carter Ramirez
Brainlet didn't even attach a pic
Jordan Martinez
No you traded for link bcz you’re a poorfag eoy-$1000 brainlet. You’re destined to continually make poor decisions and stay poor.
Robert Hall
>OP >original post
Gabriel Hill
Even ToneVays is bullish on OMG if you watch today's video near the end he starts bearish but he realizes he's looking at the 30 min chart then switches to daily chart and turns bullish af
Grayson James
>brainlet -brainlet
Kayden Murphy
One of the most clear post about OMG, good job OP, i always been scared about their shady github now i am more confident about the project. Which other projects do you link?
