Skip to content

Latest commit

 

History

History
586 lines (369 loc) · 76.7 KB

kb.md

File metadata and controls

586 lines (369 loc) · 76.7 KB

Knowledge Base Index

OMG Knowledge Base

Contents

OmiseGO Official Guide

Deep Dive

Videos

Links

FAQ

Community Q&A

Official AMAs

Taken from the Official AMAs. Questions and answers have been updated and modified to make them more search-friendly

Will Cosmos and OmiseGO compete?

OmiseGO’s roadmap, from the whitepaper onwards, has been committed to bringing the Plasma decentralized exchange to life, and in doing so, serving as the showcase for Plasma itself. However, we have long recognized the very significant potential that Cosmos and Tendermint bring to the public network space, and we have supported Cosmos’ “Internet of Blockchains” concept since 2016.

Tendermint has confirmed they will give full support to the OMG hard spoon project, and they are confident their Cosmos OMG DEX design and implementation on Cosmos will be superior to the Plasma OMG design that the OmiseGO team is working on.

This is part of the “healthy competition” we were referring to: the competition between two separate technically competent and highly motivated teams with mad respect for each other’s abilities.

Will Cosmos ZOMG replace OMG?

Depends on which token-staked network has more demand: OMG Plasma (Tesuji and beyond), or Cosmos OMG? OmiseGO will continue a DEX using Plasma OMG for staking, though it’s important to remember that both Plasma OMG and Cosmos OMG are subject to the will of the market. That means you, and everyone else who is a stakeholder in this project in one way or another (including non-staking users), decides together. We are confident Plasma OMG will be a great product, attracting high volume and level of use, regardless of how impressive the Cosmos OMG team’s work is too.

Will OmiseGO create staking pools?

OmiseGO is building the OMG platform, and are not responsible for the actions of staking pools run by other parties. That said, OmiseGO will be open about which staking pools we trust with our own tokens.

Will NDAs be lifted?

Of course they will be lifted, when the work is closer to completion. We really can’t talk about them yet.

Is OmiseGO partnering with a mobile messaging service?

We are continuing to explore how we can collaborate with existing mobile payment providers to create the most optimal experience for the most users. This includes ground research - for example, we are currently conducting a multi-year field study in Indonesia to better understand payment values and behaviors, existing infrastructure and the impacts that decentralized payment systems are likely to have on the environment.

What transactions will Cosmos ZOMG token validate?

All transactions on blockchains are “permanent” as long as their consensus mechanisms are working. On the OMG network transaction permanence relies on the Ethereum blockchain, while Cosmos DEX transactions rely on the Cosmos Hub and Cosmos DEX blockchains. The Cosmos OMG token will be staked to validate whichever transactions take place on Cosmos OMG, while the Ethereum OMG token will be staked to validate transactions that take place on Plasma OMG.

How many companies are working with OMG SDK?

Meanwhile, we are actively engaged with businesses looking to integrate with OMG, but we can’t talk about that here. Part of our model for supporting potential implementers is that it is up to those businesses to reveal their intentions when and if they choose.

We genuinely can’t track this; our SDK is open-source and since opening the repo we have responded to many inquiries from entities which want to use it. We don’t know how many more have not inquired and have simply gone to the source directly. More details will come when it becomes appropriate to announce.

How will OMG Network enable fiat onboarding?

Supporting fiat on decentralized exchanges can generally only be done in one way: some centralized entity creates a fiat-backed on-chain token (ie. like Tether), and manages conversions between banking system fiat (or other mechanisms, like cash going into ATMs, cards bought at convenience stores, etc) and the on-chain token; the decentralized exchange then manages the conversion between the various on-chain tokens, and does not really care about what those tokens represent.

In practice, one of OmiseGO’s immediate targets is improving interoperability between existing wallet providers, and so the intention will be that these wallet providers would become on-chain token issuers, using the Plasma chain for accounting. Easy onboarding will be enabled by providing real usability and a fully-decentralized and massively-scalable exchange, with significant economic incentives for running it correctly; and plugged into the economic security, user adoption rate, and developer and user communities of Ethereum itself.

Are the conglomerates Rakuten, Mizuho, and Huawei?

Unfortunately, lawyers these days know all the tricks, and the standard NDA now includes a strict “Blinking is Telling” clause. As a precaution, all OmiseGO employees are required to wear mirrored sunglasses at all times.

When will Omise merchants move to OMG Network?

Currently, merchants who use the Omise payment gateway to process debit/credit transactions are plugged into the Omise APIs. The Omise APIs and hence the partnered merchants will be seamlessly integrated with the OMG Network.

For merchants that are looking to build their own white-label wallets, we are building a wallet SDK that makes it easier for enterprises, start-ups and even end-users to design a wallet that is integrated with the OMG network - although building on our SDK is not required to connect.

Will there be a working product in 2018?

Yes, we’re sprinting toward the initial OMG Network release in Q3 of 2018.

Is OmiseGO acquiring exchanges?

Omise Holdings is both acquiring exchanges and building their own, in order to bring liquidity to the OMG Network and to demonstrate how centralized and decentralized exchanges can coexist, with each serving a different role in bringing increased security, resilience and functionality to users.

When can we stake ZOMG tokens on Cosmos DEX?

Tendermint is building the Cosmos OMG DEX; they’ll control the timeline for when staking will be available on Cosmos OMG.

When will OMG Network move from POA to POS phase?

One of the reasons we’ve chosen to release an OMG operated Proof-of-Authority chain prior to a staker run Proof-of-Stake chain is to build sufficient volume to secure OMG Network when PoS does come. However, the move from PoA to PoS will not be precipitated by achieving a certain transaction volume - we will move to PoS as soon as PoS is ready.

What will partners use OMG Network for?

We are continuing to engage various potential partners to integrate with the OMG Network, such as ShinhanCard. Various relationships are at different stages, including blockchain education and use case development. Our objective is both testing and implementation of OmiseGO solutions.

When will OmiseGO hatch the 5 chickens?

Chicken 0x05, it turns out, might be a little bit of a cannibal. We believe that the size of the combination of what we currently think of as crypto trading combined with what will by then qualify as crypto trading will rapidly expand to become larger and more relevant than the other chickens.

When will OmiseGO increase marketing in Europe and the US?

We’ve been working hard building relationships and technology, and awareness in Asia has grown most organically since our team is largely Asia-based. As our team grows and we move closer to the initial release of the OMG Network, we’re paying attention to global awareness as it is critical to mass adoption. We’re making connections with potential implementers all over the world and working to build educational tools and support networks to make integration as easy as possible.

What are estimated OMG staking revenues?

The OMG Network will be a decentralized network and as such OMG validators will determine the fees they accept and through that the staking revenue they make.

Will transactors be able to select a staking pool for transactions?

Transactors using the OMG Network will have two options: (i) to either submit a transaction directly to the OMG Network where block proposers will choose whether or not include it in the chain or (ii) to pay a block proposer to include their transaction by N block, and if the transaction is not included the block proposer is punished.

How will OMG be burned during PoA phase?

All fees collected during the POA stage will be converted to OMG and then burned publicly, with everyone having access to the metrics surrounding them.

How safe will OMG staking be?

Tokens will be locked safely in a smart contract during staking, but stakers should take precautions to secure their private keys and verify their validator software. Those who stake through a staking pool need to take the same precautions (i.e. vetting the operator) they would if they were trusting their money to any third party.

How many partners will use OMG Network?

Our business development team is engaged with numerous partners of interest, at varying stages (and is actively trying to grow to provide more capacity). That part is not under NDA.

What should I know about OMG?

Decentralization is an ideology that pervades technology, economic systems and mechanism design. The OMG team frequently dialogues about the meaning of decentralization in the context of enabling new and all individuals to participate and creating more fair games for these individuals. We think about this when designing UX for the SDK, Plasma, the decentralized exchange as well as the projects we contribute to through the Ethereum Community Fund.

We also would like people to understand the historicity of this project. It’s the quest for free (libre, not gratis) and fair money. An earlier incarnation of this quest was Bitcoin. Another one before that was Paypal (the really early idea). But the OMG network is different. It’s not just a new currency or even a new payment network. It’s a worldwide financial system that can very easily integrate and be inclusive of existing financial infrastructure, and it’s a system for participants anywhere in the world to voluntarily help run and profit from their value-add participation. In short, this is the Holy Grail of the decentralization-via-blockchain movement. This is the liberation of money.

The original vision of bringing cryptocurrency to the masses was too simplistic. OmiseGO isn’t about convincing people to adopt new or better (crypto) currencies. Instead, it is about creating infrastructure which facilitates free transfer of value, no matter what form that value may take. Value is not in the money, it’s in the freedom to use it.

When (wen) conglomerates?

Either Soon™ or two wooks, whichever comes first.

Will initial OMG Network transactions only come from exchanges?

No, transactions will come from many places including but not limited to providers who build with the OMG Wallet SDK and the Omise’s own centralized exchange holdings.

What is marketing plan for OMG and Cosmos ZOMG?

Marketing is delivery. Both teams will race to build the best most robust and scalable decentralized exchange each team can in order to support rapidly growing demand. Low cost, high functionality, correct construction, and easy access are the best mechanisms for success; they’re more powerful than partnerships with centralized entities.

What is transaction volume target?

OmiseGO volume will be dictated by the volume that our Plasma implementation will support.

As mentioned in our Strategy vol. 02 blog post, one of the early drivers of volume on the OMG Network will be the transactions conducted through the exchanges that Omise is acquiring/building. We are also actively engaging SDK and Plasma collaborators, as well as enterprise partners.

What is OmiseGO working relationship with Krunsgri and MUFG?

At this time we cannot provide any further details.

What will OmiseGO team do with unlocked tokens?

Token holders can choose what they plan to do with tokens. One option is to use the token for what it’s made to do: staking the OMG network. OmiseGO’s own tokens will be used for staking.

Will all Omise merchants use OMG network?

Currently, merchants who use the Omise payment gateway to process debit/credit transactions are plugged into the Omise API’s. The Omise API’s and hence the partnered merchants will be seamlessly integrated with the OMG Network.

For merchants that are looking to build their own white-label wallets, we are building a wallet SDK that makes it easier for enterprises, start-ups and even end-users to design a wallet that is integrated with the OMG network - although building on our SDK is not required to connect.

Are Omise merchants introduced to OMG Network?

Most merchants won’t need to know a thing; the process is designed to be invisible for Omise Payment merchants by default. Regarding merchants who wish to participate in opt-in integration with the OMG network itself: yes, we have begun engaging our existing partners about the use of the wallet SDK and OMG network. It has been critical to our learning about potential use cases and understanding of existing problems in financial services.

What is privacy of OMG Network?

The decentralized exchange will eventually enable order blinding. We also expect that many tokens transferred via the OMG Network will have various privacy features that we will aim to preserve on the OMG Network - this will appeal to different stakeholders (e.g., end users, merchants, institutions).

In addition, connecting to a public blockchain does not require a merchant to make all of their information public. Many merchants will probably choose to use some combination of on- and off-chain operation.

What is security of OMG Network?

See above for thoughts on privacy tokens. However, we also foresee dapps and user interfaces connecting to identity, gps location and merchant details in varying manners. This means that although you may be able to see how that a transaction is sent from one wallet address to another, you will not be able to see the more private details like the user’s name, birthday and current physical location. For those to be visible, they would have to be published on-chain. If you have thoughts on how blockchain or Plasma security and privacy can be implemented, we’d love to hear them!

What is OmiseGO relationship with Mizuho?

We have a good relationship with Mizuho Bank. Along with other institutions and fintechs, we collaborated with Mizuho at the APEC Business Advisory Council meeting on the opportunities for decentralized technologies to improve financial services across the region. Mizuho is also publicly involved in growing Neutrino, our network of co-working spaces.

How will OMG Network compete?

The first iteration of OMG will allow centralized exchanges to transition from being full custodial (having control of users funds at all times) to limited custodial (only having control of users funds during order matching). This reduces the risk of centralized exchanges losing their users’ funds and will be significantly cheaper than if they were to perform the same transactions on Ethereum.

OmiseGO is collaborating on Plasma research to build the optimal scaling architecture. In terms of partners, we are continuing to engage with potential future partners and will update the community as we are able to do so.

How will OmiseGO unbank the banked?

The key to enabling widespread adoption of the OMG Network and cryptocurrencies is providing cash-in/cash-out services so individuals can top-up digital wallets via cash agents, such as merchants, as well as withdraw funds in whatever currency is most useful to them. Cash-in/cash-out will enable users who do not have access to bank accounts and those who choose not to use their accounts to top-up or withdraw via cash agents.

When is Soon?

Either Soon™ or two wooks, whichever comes first.

When (wen) staking?

Either Soon™ or two wooks, whichever comes first.

How many transactions is Omise processing daily?

This is the OmiseGO AMA.

How will people deposit money into the OMG Network?

We’re working with partners to create OMG Network access points with the goal being to make it as easy as buying socks from Amazon or a coffee from 7-11.

How will OMG maintain volume?

I don’t think anyone can predict what portion of volume will be comprised of which partners. What we do know is that we are continuing to engage potential future partners, such as the MoU by ShinhanCard. Meanwhile, there are other important efforts by both ourselves and related groups that are unrelated to existing banks.

In our research of and experience with global regulatory environments, we have seen varying developments and also conflicting guidance on how decentralized technologies and cryptocurrencies should be integrated with existing systems. We are optimistic that regulators and institutions will understand the benefits of technologies like Plasma architecture and decentralized exchange to improve incentive systems and provide customers with better financial services.

In terms of cash-in/cash-out, we are actively researching the payment behaviours across regions, such as Indonesia, to supplement our understanding of the requirements to enable user on-ramping to the OMG Network. We plan to provide the ability for merchants and individuals to provide cash-in/cash-out fiat portals for users. The exchanges that Omise is acquiring/building will also act as cash-in/cash-out portal.

What are OmiseGO partnerships?

Our business development team is engaged with numerous interested parties, at varying stages (and is actively trying to grow to provide more capacity). Part of our model for supporting potential implementers is that it is up to those businesses to reveal their intentions when and if they choose. In most cases, we will engage in meaningful exploration with potential implementers and partners to understand how OmiseGO may be able to offer a solution that is decentralised, scalable and interoperable, and then let them tell their own story.

Will OmiseGO manage staking pools?

We’re building OMG Network, and are not responsible for the actions of staking pools run by other parties. That said, OmiseGO will be open about which staking pools we trust with our own tokens.

Will OMG Network and Cosmos ZOMG DEX be interoperable?

No, the Cosmos OMG DEX and the Plasma OMG DEX will be two separate exchanges. But with time, interoperability will probably come.

Will OmiseGO use transaction fees for marketing?

We did consider it, but all transaction fees from the PoA stage will be publicly burned to simultaneously demonstrate network impartiality and to directly benefit OMG holders.

What is expected transaction volume on Cosmos ZOMG DEX?

The volume that comes from all the kinds of transactions that the users of a world-unifying financial network, that can perform all payments and asset exchange, would want to use the network for. This isn’t just about volume coming through the OMG or Ethereum or Cosmos communities, or even the whole crypto community. This isn’t about Omise(GO)’s business relationships and existing business either. This is about the global transaction volume that results from the full-reserve decentralized liquidity pool that accumulates around a massively-scalable, publicly-run decentralized exchange. For a wordier explanation, read the OMG whitepaper.

****How will OmiseGO implement fiat gateways into DEX?****

Supporting fiat on decentralized exchanges can generally only be done in one way: some centralized entity creates a fiat-backed on-chain token (ie. like Tether), and manages conversions between banking system fiat (or other mechanisms, like cash going into ATMs, cards bought at convenience stores, etc) and the on-chain token; the decentralized exchange then manages the conversion between the various on-chain tokens, and does not really care about what those tokens represent.

In practice, one of OmiseGO’s immediate targets is improving interoperability between existing wallet providers that have already crossed those regulatory hurdles, and so the intention will be that these wallet providers would become on-chain token issuers, using the Plasma chain for accounting.

****Will credit card companies allow fiat deposits into OMG DEX?****

See above. Credit card companies will have to assess their own risk/reward profile, which is normally a big part of their business to do.

****What will prevent merchant fraud on OMG Network?****

There’s nothing to prevent anyone from placing an order for any kind of value on the DEX. However, if the token has no value, that order conceivably has no counterparty.

What is OmiseGO competition strategy?

The only competition is who can provide the best and most fair and desirable financial access systems. We will be excited if we build an iteration of more optimal systems but also happy if others can join us in this mission.

What is the purpose of Cosmos ZOMG DEX?

More DEXes means more optionality for users, and competition spurs innovation - even more so in an open source environment where both progress and failures are stored in the memory of the commons. We are actively exploring support for both exchanges in the wallet SDK.All exchanges want to eat up as much liquidity as possible; ours will be no different.

The two DEX’s will not be duplicates: the Cosmos OMG DEX is being designed and developed by Tendermint as a Cosmos zone, while the Plasma OMG DEX is being designed and developed by OmiseGO to run on Ethereum and scale using Plasma.

Will OMG Network use 0x relayer?

OmiseGO is working on bringing liquidity to the OMG Network by: (i) acquiring existing exchanges, (ii) building our own exchange, (iii) collaborating with centralized exchanges, and (iiii) offering non-custodial exchange support. Whether or not non-custodial exchanges built on the OMG Network choose to share liquidity will be up to them. It’s critical to remember that when we’re talking about liquidity within the context of the OMG Network we’re dealing with two different types of liquidity: liquidity between the OMG Network and Ethereum, and OMG DEX liquidity. Liquidity between Ethereum and the OMG Network will be offered by liquidity providers who are willing to exchange value on Ethereum for value on the OMG Network for a fee. OMG DEX liquidity will be used to facilitate transfers of value between users.

What is OmiseGO business development strategy?

Our business development strategy is very open. As our wallet SDK is open-source, and we welcome contribution to our Plasma implementation; we hope that collaborators will also use the OMG network freely. The OMG network is a revolutionary design, and there will be very big advantages for all parties to use it. We also continue to engage with existing Omise partners and potential future partners to grow the OMG ecosystem.

As for marketing, we subscribe to the “if you buidl it, they will come” school of thought. It would be counterproductive to shoehorn an OMG solution into a use case that would be better served by another platform. We’re building relationships, asking questions, and learning about the use cases people are looking for in order to build a platform that is as flexible and customizable as possible. At that point there is nothing to sell; there is simply a solid foundation on which any user or provider can build whatever they dream up, which begets a self-perpetuating cycle of awareness and adoption.

Will Tendermint support Cosmos ZOMG DEX?

Tendermint has taken on the Cosmos OMG DEX. They have confirmed they will give full support to the hard spoon, and further, they are confident their Cosmos OMG DEX design and implementation on Cosmos will be superior to the Plasma OMG design that the OmiseGO team is working on.

Will Tesuji Plasma use Plasma Cash?

The Tesuji design is based on Plasma MVP. We’re researching Plasma Cash to further our understanding of its advantages and disadvantages with regards to time constraints and storage requirements. As of now, we’re more concerned with incorporating design principles learned from Plasma Cash research than switching over to it completely.

Will OmiseGO be first to deliver Plasma?

While we aren’t in direct contact with every project using Plasma, we believe we are one of the leading, if not the lead production implementation, and there are other Plasma efforts building on our work.

That said, first to market isn’t much comfort if you’re also first to fail, so we are more concerned about being correct than we are about being first. We will deliver our production implementation of the OMG network using Plasma as soon we are confident in its security and utility.

Will OMG staking be competitive?

Staking returns will be relative to the market rate that stakers demand for validating transactions. As a result, the worthiness of being a staker will be dictated by the market and not OmiseGO.

What are minimum OMG staking numbers?

We’re working to get minimum amount needed to stake as low as possible. We’re battling against technological limitations as lowering the minimum stake means more validators which will cause more messages to have to be sent before finality can be reached hurting the overall speed of the OMG Network. For now, all we can say is that we’ll let you know as soon as we know.

What is relationship between OmiseGO and Neutrino?

OmiseGO is collaborating with different projects in the blockchain space to build a network of co-working spaces called Neutrino. Neutrino’s objective is to create ecosystems in various locales to support the development of blockchain education and innovation. We are definitely interested in opening Neutrino locations in many cities that have sizable local interest. If you are interested in working with us on building a Neutrino in a location near you, please let us know! neutrino@omisego.co

What will OmiseGO do with its lock up tokens?

Once the OMG Network is live, OmiseGO will stake OMG to uphold the network’s proof-of-stake consensus.

Does OmiseGO have plans to disrupt Rabbit Card and BTS in Bangkok?

Thanks, we love our beautiful team too. In response to your question, we are researching how OmiseGO can support various use cases… such as transportation! We will continue to engage with potential future partners to process transactions on the OMG Network.

What does Network of Exchanges mean?

Omise Holdings is building and acquiring exchanges that can provide benefits to the OmiseGO project. Once the OMG network is scaled, we will migrate the volume from these exchanges to OMG Plasma chains and decentralized exchange. We will also leverage some of the components of these exchanges to build out the decentralized exchange.

How will OmiseGO maintain competitive advantage over Plasma?

Plasma chains are open-source so there is no limitation to how users and projects can contribute or fork our code. The value of using OMG’s Plasma chain is that we are creating a wide and decentralized ecosystem of stakers that are incentivized to uphold the consensus of this network. We encourage others to also implement Plasma!

Are slashing conditions in OMG PoS similar to Ethereum?

The OMG Network’s slashing conditions will be based off research which will include Ethereum’s extensive Proof-of-Stake research such as punishing validators based on the damage they’re causing the network as opposed to just a fixed set of conditions. That being said, the requirements of the OMG Network will differ from those of Ethereum and as such we’ll have to add different slashing conditions. For example we’re currently researching leveraging child chain consensus stake to provide faster economic finality on the child chain itself.

How will Plasma MVP and Plasma Cash be implemented?

We’re currently building on top of Plasma MVP. Plasma Cash is significantly more scalable than MVP, but it currently has some limitations (merging/splitting is hard). We’ll be working on Plasma MVP and Plasma Cash simultaneously because we see a lot of value in both. Luckily, Plasma designs are pretty loosely defined and a lot of the thinking/research is portable, so we’re moving towards a robust and scalable DEX design either way.

Will Bitcoin be compatible with Cosmos ZOMG DEX and OMG Network?

We won’t speak for Cosmos as to what they will be supporting. For the OMG network, BTC could be supported with atomic swaps through a clearinghouse.

What is OmiseGO killer app?

The internet had porn…blockchain has Spankchain.

But truthfully, the concept of “killer app” is interesting and our current theories on the blockchain “killer dApp” will likely mimic history. However, what’s exciting about decentralized technologies is that new cryptoeconomic incentive systems are being introduced that can lead to the creation of new services and offerings we’ve never thought about. Perhaps the “killer app” hasn’t been invented yet!

Or perhaps it’s a highly-performant, secure and massively-scalable decentralized exchange that resistants rent extraction, can work across blockchains, and can unite fiat and crypto economies.

When will OmiseGO merchandise store open?

We will be launching our first OMG pop-up shop in the next few weeks and will announce on Twitter once it is live.

How will OMG Network decide exchange rate of each currency?

Yes, the OMG DEX will eventually support non-custodial settlement with off-chain and on-chain order matching. We’re currently building the OMG Network - the base protocol and the eWallet SDK for interacting with it - though we’re definitely open to creating a DEX SDK down the road. We’re in the process of releasing our design doc for the first release, which will help developers know what to expect and allow them to start planning out integrations with the OMG Network. A free market and not OmiseGO (or any other specific party or group of specific parties) will be responsible for determining the exchange rates of each currency.

What type of consensus is needed between Plasma validators?

We haven’t completely decided how our PoS mechanism will work, so this question isn’t easy to answer (currently). We’ll answer this in detail once we’ve fully designed or determined the consensus mechanism!

Is Plasma open source?

We are committed to doing all our development in the open. We have already opened up our research implementations of plasma-mvp, plasma-cash, as well as our research discussions. We also plan to open our production implementation repo soon. All of this is before Plasma is “done.” We welcome everyone to fork, modify, and contribute to our efforts! We have announced all the token partnerships that we are able to at this time and will keep the community updated about any new ones.

Will DAI or tokenized fiat be used more on OMG Network?

Like yourself, we are excited to see how adoption of tokenized assets plays out across geographies. The OMG network will be currency-agnostic, encouraging users and projects to transfer and secure assets with whichever currency they would like. To your point, it will be interesting to see if more stablecoins pegged to other fiat currencies become pervasive.

How will OMG Network deal with Ethereum issues?

Problems on Ethereum (like 51% attacks) can potentially create problems on Plasma chains. We’ve thought a lot about how to mitigate these issues, and there are ways to disincentivize “bad things” from happening when forks happen. However, we’re ultimately reliant on Ethereum for security, so if Ethereum isn’t functional, then the Plasma chain isn’t functional either. This is a very deliberate design decision, as the cost to attack Ethereum will usually be higher than the cost to attack something only secured by OMG stake.

How will OMG Network work with fiat?

Everyone who wants to use the OMG Network to exchange off-chain assets will be responsible for putting the real world value on-chain first. The OMG Network will provide a means to exchange fiat-backed cryptocurrency but OmiseGO will not issue a fiat backed token. How any given fiat backed currency works will depend on how the issuer chooses to design it.

How do fees work on a Plasma Cash chain?

Merging and splitting is generally difficult, but there are a few proposals to take fees without a merging/splitting construction. Vitalik’s original proposal here was that each coin would specify a “total fee” that must increase from transaction to transaction, although this ruins nicely denominated coins. This is a problem we expect to be convincingly solved as we figure out the most efficient merging/splitting design.

What is priority of user experience for staking?

Safety and ease of use with regards to staking are of the utmost importance to us. We’re working to create as many avenues for staking as possible to make staking as easy as possible.

Generally speaking, we expect many parties ranging from exchanges to wallets to take part in and benefit from staking.

How will OmiseGO handle multiple wallets working together?

To conduct a transaction via the Ethereum blockchain, users require an Ethereum address. Wallets are the vital access point for users to properly interface with the Ethereum network to transfer or secure value. As a result, wallets do not need to be compatible with different wallets and the OMG Network will act as the connecting mechanism between wallets to transfer value. OmiseGO remains currency-agnostic and wallet-agnostic to ensure that financial access can be provided to the most users regardless of their preferred currency or platform.

What is current progress?

See our roadmaps.

What will UX/UI be for OMG Network and Cosmos ZOMG DEX?

The user interfaces for the OMG DEX will be determined by the use case and how the application is integrated to the DEX. For example, an interface for the DEX may not be present if an exchange is performed behind the scenes. If the user is performing a foreign exchange transaction, they would be presented with an interface familiar to placing a FX order.

Will Cosmos ZOMG hard spoon be supported on Ledger Nano S?

If your OMG tokens are held in a Ledger wallet, you have control of your private key. No additional action is required for the moment.

Has OmiseGO offered services to MUFG?

Our wallet SDK and Plasma research are open source, so we encourage collaboration from users, projects and enterprises. We look forward to having various ecosystem players adopt the OMG network to process transactions and provide the benefits to their end-users.

But also on stablecoins: https://medium.com/makerdao/makerdao-and-omisego-announcing-dai-and-omg-collaborations-23600a080046

Will Plasma Cash support EVM-based smart contracts?

Research into an EVM-like Plasma chain is future work. Early implementations won’t support smart contracts, and the first smart contracts will probably look more like Bitcoin Script than EVM contracts. Luckily, we don’t need complex contract behavior for the purposes of the exchange. Things get increasingly more difficult as you start to represent complicated state on Plasma, so most of the current Plasma designs will look more like app-specific Plasma chains and not general computation chains.

Will initial OMG Network support all ERC20s?

We will trade as many ERC20 tokens as is optimal at our first implementation of the decentralized exchange. We continue to collaborate with Maker and DAI project and look forward to listing them. Once multi-collateralization launches, we look forward to OMG being used as collateral for issuing DAI.

Why is OmiseGO acquiring an exchange?

OmiseGO is not buying an exchange. A new subsidiary of Omise has been created to build a network of front-end exchanges, with acquisition of existing exchanges as part of that strategy.

Meanwhile, OmiseGO is building the OMG network which anyone, big or small, can use for free; and fees will be paid for every transaction sent across the OMG network.

The exchanges run by Omise’s new subsidiary will add liquidity and transaction volume to OMG but will have no effect on the way OMG is constructed, who can use it or for what.

What is your level of confidence in OmiseGO?

10/10 confident that OmiseGO exists. To build the most meaningful blockchain protocol on Ethereum thus far, or to fail spectacularly (leading to the creation of an array of things that are potentially better).

How is OMG Network protected against 51% attacks on Ethereum?

Problems on Ethereum (like 51% attacks) can potentially create problems on Plasma chains. We’ve thought a lot about how to mitigate these issues, and there are ways to disincentivize “bad things” from happening when forks happen. However, we’re ultimately reliant on Ethereum for security, so if Ethereum isn’t functional, then the Plasma chain isn’t functional either. This is a very deliberate design decision, as the cost to attack Ethereum will usually be higher than the cost to attack something only secured by OMG stake.

Will ELEC tokens rely on OMG?

Whilst we are collaborating with Electrify and remain friends, there isn’t a reliance on the OMG token for ELEC tokens (except to the extent that the OMG token secures whatever portion of the ELEC marketcap is traded on the OMG Network). When available, the ELEC token will be tradeable on the the OmiseGO DEX and the Cosmos/Tendermint DEX.

Will OmiseGO wallet support non fungible ERC721 tokens?

Support for ERC20 tokens will first be added to the eWallet SDK. Support for ERC721 will be considered for a future release.

How quickly is OmiseGO growing?

We have grown from 4 to around 40 people, since June 2017.

Any plans for future expansion?

See our roadmaps.

Is the OmiseGO management team invested in OMG with personal funds?

The team’s personal funds are their personal business.

Who is best fortnite player on OmiseGO team?

Kelvin has dedicated hardware.

What amount of OMG will be needed for staking?

We can’t give a number yet but staking pools will make this an unnecessary consideration for most people, as they'll be able to stake any number of tokens.

Which assets will OMG Network profits become?

OMG token holders will use their tokens to stake to validate the network via proof-of-stake consensus. These validators will be rewarded for their staking and can receive fees in any currency they choose. This means that if validators would like to be paid in OMG tokens, they can; if they would like to be paid in DAI, they can; if they would like to be paid in Dogecoin, they can. We remain currency-agnostic.

What is Jun’s favorite kind of cigar?

Jun likes his cigars like he likes his blockchains: highly-performant, secure and massively-scalable.

Will OMG roadmap be on Trello?

We have a community-led OMG roadmap tracker on Github.

When is Proof of Authority (PoA) and Proof of Stakte (PoS)?

PoA is what’s currently on internal testnet. We’re not giving a specific timeframe for testing - we just test it until we’re done testing it - but we’ll continue to share audit results (as we have already done with the mostly-done Quantstamp audits) and be open about progress.

As for moving to PoS, it’s not really a straight line from PoA to PoS in the way this question implies. The part that needs heavy testing isn’t the PoA aspect, it’s all the stuff that the A oversees. The initial Tesuji launch is fairly basic and there will be a number of rapid iterations as well as DEX implementation to follow, during which plenty of things could go wrong and we don't want to introduce additional uncertainty. We’ll introduce PoS once we feel satisfied that it’s safe for stakers and users.

Will conglomerates use PoA chain and SDK?

Yes. Work with the conglomerates mentioned is going forward as planned; big businesses tend to take their time (for good reason) when adopting new technologies.

Has Omise or OmiseGO acquired any exchanges?

We understand there’s a lot of curiosity around go.exchange so we’ll play along here, but we do need to add the usual caveat that it is a separate subsidiary of Omise Holdings, operating entirely independently and under different regulatory and business/competitive conditions, and as such we can only provide a certain level of insight into their operations. OmiseGO develops business relationships as part of their mandate in order to facilitate adoption of the OMG Network, but OmiseGO isn’t (and won’t be) acquiring exchanges.

As we’ve been informed, Omise Holdings has looked into several acquisitions, and is continuing to do so. However, the nature of business is such that any potential acquisition requires thorough due diligence. We do not have further information beyond this.

Why is there a delay in updates and information about Honte and staking?

The staking that was planned in Q2 was Honte, which was planned as a Tendermint chain with a significantly simplified version of both the DEX and PoS mechanisms. Plasma staking was never expected to go live in Q2. The roadmap said “Q4 and beyond” for Plasma staking and other milestones because, as we’ve stated before, it’s simply not practical to accurately predict launch dates for multiple parallel developments from 6-9 months out.

Similar to how the DEX design couldn’t really be finalized until the Plasma chain was in a pretty advanced state, it doesn’t make sense to finalize the PoS design until the DEX design has been built out to some extent. Although we have a general framework in mind, there hasn’t been “news” about it because that framework doesn’t really get defined in a granular way until the time comes to put it into action - at which time it gets defined very quickly.

We understand that the PoS aspect of OMG is of interest to a lot of people, and that it’s frustrating not to have more PoS-specific updates; but it might help to consider that all of these elements are part of the same construction. News about progress on Plasma or the DEX is also news of progress toward PoS.