OmiseGO (OMG) will have PoS "very soon" - Staking rewards for validating transactions 💱 - Updated roadmap coming next week 👏

in #cryptocurrency7 years ago (edited)

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Jun, the founder of OmiseGO, has just posted on Medium the first of a series of blogposts that they will be posting to give more insight into the project.

In the first blogpost Jun explains the three-layered approach that OmiseGO is taking, starting with the Wallet SDK layer, then the Decentralized Exchange layer and finally the Scalability network mechanism layer. For the first two layers they are partnering with their longterm partner Cosmos Network to set up a testing environment for the OmiseGO project.

The big news is that this means that when that goes live, OMG tokenholders will be able to start staking their coins through a Proof-of-Stake mechanism to start validating transactions (and presumably getting rewards for it).

When this should actually happen is not clear, but Jun says: "very soon".

Furthermore, the post is in an optimistic tone, mentioning that Jun believes OmiseGO will be market-ready much sooner than the market believes and that they have a solid plan to onboard large partners.

Next week in the next blogpost, OmiseGO will present their updated Roadmap. This should be telling of the upcoming period, and very interesting to investors and would-be investors!

Read the blogpost by OMG founder Jun here

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Nice find thanks for sharing. Long OMG.

Omg 😮 omg to the moon 🌙LOL, who got in super cheap I’m wondering ?

I remember when Dash was just $7...

Really!? Did you buy any!?

No! What a schmuck I am lol.
But I did get in sub-$100 ;-p

Definitely! I just bought a few more, and have been buying during the past dips. Very bullish on OMG!

I've been adding a little recently too.

I just wish Bitcoin would slow down for a minute finally! Everytime we drop lower, I am forced to buy more ;)

Lol ! Alts will shine again no worries ;-p

Thanks for sharing this info. I'm a hodler of OMG.

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I definitely support the OMG project. One thing I do not fully understand about PoS is the staking process.

Can anyone with the token stake them and claim rewards?

I keep hearing that in order to "stake," one needs to create a masternode of like 10,000 tokens. For the average investor, 10,000 tokens is basically an unobtainable pipe dream as it typically equates to tens (if not hundreds) of thousands of dollars.

Not sure if you can answer that question or not but if you can I'd appreciate your insight :)

Thanks for the share I was looking for this!

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