OmiseGO [OMG] is a token that is ranked at the number 20 spot and is priced, at the time of writing, at $8.95 with a market capital of $913 million. OMG and Cosmos recently announced that they have decided to start a hard spoon.
They posted on a forum saying:
“That’s right, you get a token, you get a token, everybody gets two tokens!”
‘Hard Spoon’, a term coined by cosmos’ Jae Kwon, is defined as a new chain that takes into account state from an existing chain; not to compete, but to provide broad access.
This occurs when a new cryptocurrency is minted by duplicating the account balances of an existing cryptocurrency. OMG tokens will be replicated and pegged onto a Tendermint chain, which is a blockchain consensus that gets connected to Cosmos.
Cosmos is a decentralized network of independent parallel blockchains which are powered by classical BFT consensus algorithms like Tendermint. The Cosmos network has decided to hard spoon Ethereum by replicating the account balances of the existing Ethereum holders and pegging them within their Ethermint VM Zone. Ethermint is going to be their hard spoon of Ethereum. This means that ETH holders can redeem their coins as fee tokens within Ethermint.
The OmiseGO network is built to scale according to Plasma. The team has been working closely with the Tendermint team in developing the Honte milestone in their roadmap. In Honte, OmiseGO will lay the foundations in preparation for Plasma and will deliver the OmiseGO network. However, once the development of Plasma has reached an equivalent stage, they would shift from Tendermint onto Plasma.
They stated that because of the progress they made with Plasma, it makes sense for them to direct their resources towards its development. They also stated that in order to limit complexity and increase security, the initial iteration of Plasma will not support staking.
As a result, Honte will be spooned onto Cosmos and the Plasma chain will continue to use the existing OMG tokens. All OMG tokens will be replicated onto a new chain with a new token. They have not yet named the Cosmos spoon but have mentioned some names: OMINT, COSMOMG, MINTATOS, PLASMOIDS, OMGATOSM, and HONTERMUJI.
The significant progress made on Honte’s staking protocol serves as a foundation for the Cosmos spoon to build on.
A Twitteratti says:
“The amount of people not able to realise this is an obvious aprils fool, is astonishing – but unfortunately not surprising..”
Another Twitteratti says:
“They’re just updating their roadmap. Q1 is now over… They will work closer with cosmos until Plasma is more ready for staking. This will involve a new token as it will use a separate chain.”
The post OmiseGO [OMG] decides to hard spoon – Plasma soon to come? appeared first on AMBCrypto.
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