OmiseGo’s (OMG) Hard Spoon
Seems like something big is about to happen: we will be witnessing a Spoon between OmiseGo (OMG) and Cosmos, to use the correct term an Hard Spoon.
What is hard spoon?
It is important to understand what this concept is, in order to acknowledge what is really going to happen.
Hard spoon was a term Jae Kwon, Founder and CEO of Tendermint, invented. From his words this is what it means:
“Hard spoon: a new chain that takes into account state from an existing chain; not to compete, but to provide broad access”
Vitalik Buterin also gave a small explanation on Hard spooning, giving a different point of view:
“A hard spoon is a meta-protocol on top of a blockchain creating a token that inherits the blockchain’s underlying token’s balances. The idea of a soft spoon would be to create two competing *branches of a protocol* within *the same blockchain*”
Basically, a hard spoon occurs when a new cryptocurrency is minted by replicating the account balances of an existing cryptocurrency.
So what this hard spoon will do is: All OMG token balances will be replicated onto a Tendermint chain that gets connected to Cosmos. The new tokens will be redeemable as fee tokens within Cosmos.
Plasma almost ready to launch
OmiseGo (OMG) and Tendermint teams have been working together in order to develop the “Honte milestone”. Firstly, Honte was going to be a Tendermint chain that thanks to its stacking and sufficient transactions number, it would support the initial implementation of the OMG DEX (OmiseGo Decentralized Exchange). Later on, when Plasma would reach an equivalent stage of development, the team could shift from Tendermint onto Plasma.
Honte was actually evolving on a very good pace and had already a large number of cores built, like its working staking contract. But, the developers work on Plasma progression is going much faster than expected. So, Honte was kind of a solution to take the place of Plasma while the latter was still being developed, something that was expected to take several months to happen. The thing is, since Plasma came in such a short time, the team understood that the best move was to direct their resources towards its development.
To further and detailed understanding on Honte, Plasma and every aspect of this project, here is OmiseGo updated roadmap.
In the initial integration of Plasma, stacking will not be supported, in order to increase security and limit complexion.
OmiseGo’s team explained that this decision was made since they have “a desire to show to the world a working and ready-to-use implementation of a Plasma-based scaling solution as quickly as possible.”
Of course the community wants Plasma staking to be implemented, but honestly this is proving to be a smart move. Like this, OmiseGo developers will take the right time to do every part of the process and will release an immaculate product. With no need of later upgrades or different forks because something went wrong. Something we all understand it is the best way to work, when talking about Blockchain technology.
Will we find hard competition between OMG and Cosmos?
What is happening is a hard spoon, so I don’t believe so. Hard and unhealthy competition would be found if we were talking about a Fork.
These are two teams who are collaborating, as we speak, to develop their platforms the best way possible and they admit to have mutual respect and affection for each other. So, if we are to see competition between Plasma and Tendermint it will be a healthy one. These two teams are more likely to be seen cooperating and helping each other than competing to see which is better.
OmiseGo (OMG) in the future
This is one of the cryptocurrencies that I believe is keeping their holders sad or if we are talking about more dramatic people, desperate.
Since the crash that its value fell to really low numbers. But, with a developing team so strong and dedicated, with such big plans for the future and explanations on how bright this future will be, I can only say that OmiseGo is going to erupt from this dark times to blossom into something amazing.
It is a cryptocurrency with its main focus on a market that doesn’t stop expanding- East Asia- and especially with the release of Plasma I am sure we will see an increase in both its Market Cap and Price value. OmiseGo is one of the projects that already fastened its seat belt and is ready to go trough the roof.