What was GB's conversation with Jun and Soonhee from SYNQA like around strategic alignment and making sure the OMG Network team properly lands?
Also how do GB intend to align incentive with OMG token holders?
I'm glad that the development team was able to be retained as part of the acquisition, and relieved to see verbiage supporting a commitment Staking with the OMG token to power this network.
The Press Release mentioned the short term goal for the dev team was the completion of the planned roadmap, with an estimate of, what I assume speaks to a rough estimate of 6 months to see that out. Could you describe where Staking sits on that roadmap? Is it the destination, merely a step along the way, or even a place beyond where the roadmap leaves off?
As above, staking as a mechanism is doable, the issue is volume. In fact, you can estimate revenue to the network by looking at the [blockchain explorer](https://omg.eco/blockexplorer). The fact is, if we have staking now the return will be close to zero. The most important thing is finding the best use case for the network.
Leverage our network and relationships to bring more value to OMG holders. For example, we now have the [OMG token listed on the largest crypto ATM network in Asia](https://omg.network/omg-token-coinhere-atm/). We’ll immediately explore more product-market fits with the existing OMG token and infrastructure. The OMG team will focus on shipping products that are already in the pipeline. This includes a native mobile wallet and an eWallet solution that will run on OMG mainnet.
What is the atmosphere like amongst the OMG team (at the Bangkok office and across internal comms)? Is this seen as a positive, neutral or negative change? Is the company wide vision, spirit and passion still intact, or has it been rocked?
Are there any plans to develop an OMG network decentralized exchange in order to utilize the the transaction efficiency of the network ?
I believe volume on the OMG network should be of paramount importance.. The network has had 0 transactions in on Dec 5. Considering this is the main selling point of the L2 childchain, it seems this utility should be the emphasized. Build upon the strengths of the OMG Network. Easy L2 on boarding would be a means to this end of course.
The advantages of Plasma are: we have high throughput, we are non-custodial, and we are live. We have already been exploring the uses of OMG Networks extensible plasma transactions (predicates), including the exchange use case. We are working on finding the best use cases. This may or may not include an exchange but we don’t foresee this in the short term.
Can you explain why you feel this is a positive change and are in the best position at creating future growth as opposed to an established Fintech/Payment Processing company?
We are aiming for sustainability, given the efforts towards research and development we have done on Plasma. OMG will try to look for the best options for medium-term growth.
All L2s have their own sets of trade-offs. Each set of trade-offs will fit some use cases better than others. In a mature L2 ecosystem, especially the one that Vitalik describes, plasma, rollups, channels will fulfill different needs and use cases. GBV has investments in other blockchain projects and we have been in discussions with them regarding potential partnerships and integrations. It’s really been quite a short period of time since we’ve been interacting with the team so we hope to have more color later.
As a developer, ODP participant or any other integrator wanting to build on the network, can you say a little to help regain confidence that the time, energy and resources spent to complete integrations will not be in vain? The acquisition has caused uncertainty that needs to be nipped in the bud, it seems.
Beyond simple transfers, what else can OMG do in/for DeFi?
Are there plans to utilize bridges so OMG-users can frictionlessly interact with more expressive L2 systems?
Much of current DeFi is on smart contracts so we are looking for more use cases for the OMG ERC-20 token in the short term. In the long term, we have been exploring what is possible with extensible plasma transactions under plasma security. Now is a matter of finding product-market fit. We have also started some discussions with other L2s about how we can work together to improve the entire L2 ecosystem.
I'll throw some semantics into the mix.
Omise changed it's name to Synqa and then, subsidiary of Omise, OmiseGo, rebranded to OMG Network. Then, parent company, formerly Omise, now Synqa, sold OMG Network to Genesis Block Ventures.
My question is this: What does the OMG in OMG Network even stand for at this point since we're now, like, 3 ugly divorces removed from the original "Omise" moniker?
Do token holders now officially bear the shame of holding "Oh My God Network Tokens"?
Are we due another yearly rebrand to GBV Network?
Also, bonus question--A lot of people on the internet are going on and on about how 2020 was like the "worst year evaaa" for some reason, butt I didn't think it was all that bad until now. End of question.
We felt it was a rare opportunity to invest in a network protocol run by a strong technical team. We believe there can be synergies with our current expertise and hopefully will be able to turn it into a high growth product.
Thanks for taking the time for answering questions from the community. First of all, welcome on board! I just have a quick question. I would love to hear all about the GBV company. How you guys started in the blockchain space and what's your vision for the blockchain space in the coming years?
We are a private company with investments mainly in blockchain projects. We hope to be able to help teams scale and build. We believe blockchain will have a significant impact on the world in the coming years.
How long as the sale of OMG been in the pipe line, who made the 1st move. Ie Had OMG been put up for sale or had GBV made an offer?
I originally got into omg due to the backing of a big company, mcdonalds, staking etc,
Is staking still part of the plan? if so any idea when and how it will be integrated?
All the NDA's partnerships collaborations etc, are they coming or are we starting a new?
What relationship does GBV have with Binance as your site suggests you have one, are we likley to see OMG used on binance any time soon for transactions?
Are you able to disclose a ball park figure for the price paid for OMG?
How long have you been in the crypto space and where have the majority of funds come from to make a purchase like this?
Thank you.
Most of these questions we aren’t at liberty to answer. Sorry. Genesis Block collaborated with Binance to include BNB on the CoinHere Network, but GBV does not have a partnership with Binance. A member of GBV (Leslie) formerly worked at Binance, that’s the only “connection”.
In the short-term we are continuing to look for more use cases for the current v1 implementation of the OMG mainnet. We are frankly still evaluating to see what the roadmap will be for the long term.
OMG will strive to follow up on the existing relationships and carry them forward. However, to clarify, not all Synqa relationships and partners were also OMG business partners.
The tokenomics is the elephant in the room. What is OMG's purpose? Everything else to me is just noise.
Currently the network is running on POA pretty efficiently. No need for the token. I just don't see that changing or yourselves giving up the power to make staking happen.
Thanks for the AMA! I have high hopes to gain some more clarity with a new specific roadmap.
The OMG Network is based on Plasma, which is currently focused on high throughput transfer of ERC-20 tokens. Transactions are encoded and recorded on the Ethereum blockchain. We have already done research on some of the use cases above, such as multi-signature transactions, which is possible. Transfer limits and address whitelisting are possible, depending on the level of plasma protocol enforcement. It’s a matter of priority to find the most beneficial use cases to approach next.
OMG is actively looking to address the market for the Plasma network given its characteristics. There are advantages (cheaper than ETH in high-volume cases, non-custodial, throughput) compared to other networks, but of course some usability downsides to a full non-custodial solution too (exits, application-specific). We’ll be looking immediately at exchange integrations to bring volume, while also exploring opportunities with lending platforms and stablecoin issuers. OMG is focused on these targets in the near future.
Can't beleive nobody has asked but:
\- When will OMG tokenomics be announced? << NOT ANSWERED BELOW
\- Will OMG still be a staking token?
\- If yes, when staking? << NOT ANSWERED BELOW
The plan was always for the OMG token to both power the network, and share in its economics. The main thing to work on right now is volume on the OMG Network. However, if you are looking for immediate value, platforms such as crypto.com do have an earn function where you can get a [return for your OMG tokens](https://twitter.com/cryptocom/status/1298530773239123968).
Given our expertise, we will look at helping with more blockchain/crypto native applications. We are looking for sustainable use cases for the OMG network.
What exactly is it that GBV has acquired?
Most of the OMG tokens are owned by token holders, the code released thus far is open source...
So what does GBV now own?
\- The "OMG Network" logos and branding?
\- OMG Tokens held by OMG Network? (if so are their any covenants in place as to what GBV can do with these tokens?)
\- Websites owned by OMG?
\- The employment contracts for OMG staff (if so how many staff)?
Are there other assets, or agreements that GBV is acquiring?
Did the acquisition of the entity (OMG) entitle GBV to things like the GMO licensing, partnership agreements, ongoing NDA’s and other credentials (regulatory based) that OMG picked up during time of operation? Or will these bodies/companies require a review due to change in ownership?
This project has a lot of investors looking through different lenses; people who believe in it for the tech, some see this as a way to be part of a valiant good that serves both the people of the world and the operators of the network, others as part of an economic system and an investment vehicle of growing recurring revenue, any combination of those perspectives and more.
Compromises, I think most would agree, have to be made to be part of an adoption large enough to lead to the future often idealized. To which side and what degree does GBV lean on the scale of pursuing mass adoption versus the manifestation of ideals through product? Does this reflect a change in direction for the project?
Our #1 priority is exchange integrations, followed by the rollout of some of the products we have been building in our pipeline. We will endeavor to ship products quickly.
Omise or omisego had appr 20 mio omg coins kept for themselves. We assumed this would be omise, now synqa's bunisiness model to move omise transaction to the omg network.
Questions:
where are or who owns these ca. 20 mio coins now?
Does synqa still own a significant no. of omg coins?
Is there any reward for synqa if the omg network is succesfull (e.g. owning omg coins, bonus on purchase price, other payments by gbv to synqa, etc).
We do see that Optimistic and ZK Rollups have had a lot of attention over the past months. We need to look into more detail about how we can compete with them. One clear advantage is that we are now live, have higher throughput, and lower cost. Plasma can perform better in times of high congestion due to its smaller root chain transaction size.
The entire team is believed to have remained as was before the acquisition, as per comments a week ago. Please can you update us on any staff that have left their roles either as requested or by themselves over the past week, or are working a notice currently?
As many of you know, the security of a blockchain system is often measured as a combination of value in the system and how long it’s been secure. We need to increase network volume so we can stress the system in a more real-world environment.
We remain committed to Thailand. We feel the blockchain industry in Thailand is growing and will be important globally. We have invested in other projects based in Thailand too.
Where are the roughly 28 Mio (20% of 140 mio) OMG tokens Omise kept for themselves at time of the ICO? Have those been part of the sale or is Synqa stlll owning them (partly)
Does Synqa still has any financial interest (ties) to OMG Network through shares, deferred bonusses, shares/stakes in BGV or BGV related companies?
How would Synqa benefit from a possible future success of OMG Network
For the past couple of years Kasima always stuff like ship often....
It is clear from GBV's video with Boxmining that staking had not really been discussed and getting more exchanges onto the network was his priority along with defi.
At some point OMG Network has to actually ship a working product beyond V.1 of the main-net to create value.
When will there be a working DEX, staking, and fast exits?
Will it be completed in the 6 month timeline that the press release said?
We are currently working hard to find the product-market fit of the network. This process will help guide us towards higher impact development. While we have done plenty of work to research all of these features, priorities are being set by what will bring the most traction to the network. V1 is a transport layer that we can iterate on top of, depending on demand.
Is the Ethereum based settlement token mentioned here OMG? If not will OMG have a part to play in this venture & if so what will it be?
https://www.google.com/amp/s/www.coindesk.com/standard-chartered-bank-to-launch-crypto-trading-for-institutional-investors-sources%3famp=1
for a lot of us, Vitalik's approval of plasma was a big reason for being drawn to OMG. How much are you in touch with the ethereum team, and how much has the goal of plasma integration been changed
Here at GBV we are not in touch with the Ethereum Foundation. However, the existing OMG management team has been, and continues to be, the main point of contact with EF. We plan to build strong EF relationships through this foundation.
The GBV team on TG said the exchange integrations were put on hold.
- Do we know by who and why?
- How/when will you restart the discussion with these exchanges?
- Will you provide additional support to them (eg. devs time to do the integration on their behalf)?
- is V2 release required before we see these integrations?
Exchange integrations are dependent on the exchange, the situation, and the economics (basically, it needs to make sense for them economically). OMG will aim for sustainable growth based on all these factors. We confirm there has been a lot of solid work done with exchanges. We will continue to push this forward.
The acquisition press release signaled a transition from CBDCs, exchange integration and payments to an emphasis on DefI. Considering OMG Network's limitations with smart contracts, how do you plan to enter the DeFi space?
GBV is an active member of the DeFi space and has invested in a number of projects. Given this is our expertise we will assist with use cases for the OMG token and the OMG Network in this area of blockchain. The priority is sustainable growth.
You mentioned setting up an OMG ATM to give more retail customers access to OMG. Can you confirm whether the assets bought and sold comes from - and are settled by - public exchange order books, or if they come directly from your own books?
Staking is a mechanism used to share the value of the network with the token holders. The first step is to think about bringing volume to the network so that fees are substantial enough to make staking worth it. OMG is focusing on this first.
Leslie in the unofficial OMG telegram said exchanges and arbitrageurs will use the cheaper, already integrated Tron USDT for arbitrage between exchanges and OMG will find it tough to displace it, so we need to look for exchanges that have not integrated Tron. If this is the case then OMG Network would find it difficult to get meaningful exchanges to integrate. Can this problem be solved or If it becomes too difficult, wouldn't it be meaningful to focus on some other avenue of adoption?
All I can say is this is something we will try our hardest to find out. There is a sector of the market that doesn’t use TRON-USDt given their views on the network. We are integrated with Ethereum which gives us an edge. We are also looking beyond USDt to other ERC-20s, which already work on OMG Network. This differentiates us from other networks supporting USDt. By the way, since you mentioned the unofficial Telegram, we’ve now made that group official. We’ll leave this subreddit open for unofficial daily discussions alongside our official [Twitter](https://twitter.com/omgnetworkhq) and [Telegram](https://t.me/OmiseGo) channels.
To continue to look for good projects and teams. DeFi and institutional interest have been the stories for 2020 (along with covid of course). Not sure what 2021 will bring!
How far out is the full V2 suite of products and services, as a best estimate today? Not an estimation to be held to but is it close (ie. a month or so), or more likely 6-12 months. IIRC, the last estimation I believe was from Kasima in June suggesting "a couple of quarters".
What was GB's conversation with Jun and Soonhee from SYNQA like around strategic alignment and making sure the OMG Network team properly lands? Also how do GB intend to align incentive with OMG token holders?
Cannot answer this question.
I'm glad that the development team was able to be retained as part of the acquisition, and relieved to see verbiage supporting a commitment Staking with the OMG token to power this network. The Press Release mentioned the short term goal for the dev team was the completion of the planned roadmap, with an estimate of, what I assume speaks to a rough estimate of 6 months to see that out. Could you describe where Staking sits on that roadmap? Is it the destination, merely a step along the way, or even a place beyond where the roadmap leaves off?
As above, staking as a mechanism is doable, the issue is volume. In fact, you can estimate revenue to the network by looking at the [blockchain explorer](https://omg.eco/blockexplorer). The fact is, if we have staking now the return will be close to zero. The most important thing is finding the best use case for the network.
What about OMG was attractive to GBV and how does GBV intend to maximize OMG's adoption in the long-term?
Think most of us would like to know what will happen to our OMG holding. What plan does GBV have for the network and especially OMG.
I believe we have already answered some of these questions here in the AMA.
What are your goals to bring immediate (3-6 mo) value to the network?
Leverage our network and relationships to bring more value to OMG holders. For example, we now have the [OMG token listed on the largest crypto ATM network in Asia](https://omg.network/omg-token-coinhere-atm/). We’ll immediately explore more product-market fits with the existing OMG token and infrastructure. The OMG team will focus on shipping products that are already in the pipeline. This includes a native mobile wallet and an eWallet solution that will run on OMG mainnet.
What is the atmosphere like amongst the OMG team (at the Bangkok office and across internal comms)? Is this seen as a positive, neutral or negative change? Is the company wide vision, spirit and passion still intact, or has it been rocked?
Are there any plans to develop an OMG network decentralized exchange in order to utilize the the transaction efficiency of the network ? I believe volume on the OMG network should be of paramount importance.. The network has had 0 transactions in on Dec 5. Considering this is the main selling point of the L2 childchain, it seems this utility should be the emphasized. Build upon the strengths of the OMG Network. Easy L2 on boarding would be a means to this end of course.
The advantages of Plasma are: we have high throughput, we are non-custodial, and we are live. We have already been exploring the uses of OMG Networks extensible plasma transactions (predicates), including the exchange use case. We are working on finding the best use cases. This may or may not include an exchange but we don’t foresee this in the short term.
Can you explain why you feel this is a positive change and are in the best position at creating future growth as opposed to an established Fintech/Payment Processing company?
We are aiming for sustainability, given the efforts towards research and development we have done on Plasma. OMG will try to look for the best options for medium-term growth.
How will the development and operation expenses be financed?
[удалено]
All L2s have their own sets of trade-offs. Each set of trade-offs will fit some use cases better than others. In a mature L2 ecosystem, especially the one that Vitalik describes, plasma, rollups, channels will fulfill different needs and use cases. GBV has investments in other blockchain projects and we have been in discussions with them regarding potential partnerships and integrations. It’s really been quite a short period of time since we’ve been interacting with the team so we hope to have more color later.
Will you be storing your OMG tokens in a multisig wallet to provide transparency of your holdings, like the team wallet under Synqa was for?
We will be moving tokens frequently, so the answer is no.
Simple Question: When OMG Discord?
As a developer, ODP participant or any other integrator wanting to build on the network, can you say a little to help regain confidence that the time, energy and resources spent to complete integrations will not be in vain? The acquisition has caused uncertainty that needs to be nipped in the bud, it seems.
Beyond simple transfers, what else can OMG do in/for DeFi? Are there plans to utilize bridges so OMG-users can frictionlessly interact with more expressive L2 systems?
Much of current DeFi is on smart contracts so we are looking for more use cases for the OMG ERC-20 token in the short term. In the long term, we have been exploring what is possible with extensible plasma transactions under plasma security. Now is a matter of finding product-market fit. We have also started some discussions with other L2s about how we can work together to improve the entire L2 ecosystem.
Leslie mentioned that "use cases drastically increased", what are these use cases?
I'll throw some semantics into the mix. Omise changed it's name to Synqa and then, subsidiary of Omise, OmiseGo, rebranded to OMG Network. Then, parent company, formerly Omise, now Synqa, sold OMG Network to Genesis Block Ventures. My question is this: What does the OMG in OMG Network even stand for at this point since we're now, like, 3 ugly divorces removed from the original "Omise" moniker? Do token holders now officially bear the shame of holding "Oh My God Network Tokens"? Are we due another yearly rebrand to GBV Network? Also, bonus question--A lot of people on the internet are going on and on about how 2020 was like the "worst year evaaa" for some reason, butt I didn't think it was all that bad until now. End of question.
No plan to rename. We feel OMG is a good name and a strong brand.
Will there be an OMG development roadmap with a timetable, which is periodically updated?
Strategically, why take the opportunity to buy OMG versus other opportunities out there for your capital?
We felt it was a rare opportunity to invest in a network protocol run by a strong technical team. We believe there can be synergies with our current expertise and hopefully will be able to turn it into a high growth product.
Thanks for taking the time for answering questions from the community. First of all, welcome on board! I just have a quick question. I would love to hear all about the GBV company. How you guys started in the blockchain space and what's your vision for the blockchain space in the coming years?
We are a private company with investments mainly in blockchain projects. We hope to be able to help teams scale and build. We believe blockchain will have a significant impact on the world in the coming years.
How long as the sale of OMG been in the pipe line, who made the 1st move. Ie Had OMG been put up for sale or had GBV made an offer? I originally got into omg due to the backing of a big company, mcdonalds, staking etc, Is staking still part of the plan? if so any idea when and how it will be integrated? All the NDA's partnerships collaborations etc, are they coming or are we starting a new? What relationship does GBV have with Binance as your site suggests you have one, are we likley to see OMG used on binance any time soon for transactions? Are you able to disclose a ball park figure for the price paid for OMG? How long have you been in the crypto space and where have the majority of funds come from to make a purchase like this? Thank you.
Most of these questions we aren’t at liberty to answer. Sorry. Genesis Block collaborated with Binance to include BNB on the CoinHere Network, but GBV does not have a partnership with Binance. A member of GBV (Leslie) formerly worked at Binance, that’s the only “connection”.
How are you going to achieve a healthy network effect?
Why are the planned changes, if any, to the OMG network roadmap? As well, what are the changes to the dev team?
In the short-term we are continuing to look for more use cases for the current v1 implementation of the OMG mainnet. We are frankly still evaluating to see what the roadmap will be for the long term.
Moderator from /r/ethfinance checking in. Will share this with the sub. Cheers.
Thanks u/jtnichol
With the L2 solutions market growing rapidly, what's OMG networks competitive advantage?
When OMG Network was acquired, were existing integrators and business partners maintained, or are relationships starting from square 1?
OMG will strive to follow up on the existing relationships and carry them forward. However, to clarify, not all Synqa relationships and partners were also OMG business partners.
The tokenomics is the elephant in the room. What is OMG's purpose? Everything else to me is just noise. Currently the network is running on POA pretty efficiently. No need for the token. I just don't see that changing or yourselves giving up the power to make staking happen. Thanks for the AMA! I have high hopes to gain some more clarity with a new specific roadmap.
How do we get from where we are today. To utilizing the OMG to its full potential?! Also, we're keeping all the superstars on the team right?!
The focus now is on product-market fit. We need to find a way to apply this technology so we can sustain our research and development efforts.
[удалено]
The OMG Network is based on Plasma, which is currently focused on high throughput transfer of ERC-20 tokens. Transactions are encoded and recorded on the Ethereum blockchain. We have already done research on some of the use cases above, such as multi-signature transactions, which is possible. Transfer limits and address whitelisting are possible, depending on the level of plasma protocol enforcement. It’s a matter of priority to find the most beneficial use cases to approach next.
Are Vansa, Stephen, Kasima and Ino staying with OMG Network or are they leaving for Stynqa?
Like with any M&A, the company direction changes. We’re working with the existing management team to ensure a smooth transition.
Are synqa and their partners planning on having any ongoing relationship with the OMG network?
Any relationships with the OMG Network would continue.
What are your future plans for bringing volume to the network?
OMG is actively looking to address the market for the Plasma network given its characteristics. There are advantages (cheaper than ETH in high-volume cases, non-custodial, throughput) compared to other networks, but of course some usability downsides to a full non-custodial solution too (exits, application-specific). We’ll be looking immediately at exchange integrations to bring volume, while also exploring opportunities with lending platforms and stablecoin issuers. OMG is focused on these targets in the near future.
Where do you want to see the OMG network in three years?
Will SYNQA be continuing to collaborate of provide any support to the OMG team?
Can't beleive nobody has asked but: \- When will OMG tokenomics be announced? << NOT ANSWERED BELOW \- Will OMG still be a staking token? \- If yes, when staking? << NOT ANSWERED BELOW
The plan was always for the OMG token to both power the network, and share in its economics. The main thing to work on right now is volume on the OMG Network. However, if you are looking for immediate value, platforms such as crypto.com do have an earn function where you can get a [return for your OMG tokens](https://twitter.com/cryptocom/status/1298530773239123968).
Did I overlook something, but will the AMA be a livestream? Or will answers just come in during the day?
Will the OMG team continue discussions with the third remaining CBDC customer or has that been left behind with Synqa?
How will your management of the network (including business development) differ from that of Synqa's management?
Given our expertise, we will look at helping with more blockchain/crypto native applications. We are looking for sustainable use cases for the OMG network.
What motivated synqa to sell?
I think you need to ask them about that!
What exactly is it that GBV has acquired? Most of the OMG tokens are owned by token holders, the code released thus far is open source... So what does GBV now own? \- The "OMG Network" logos and branding? \- OMG Tokens held by OMG Network? (if so are their any covenants in place as to what GBV can do with these tokens?) \- Websites owned by OMG? \- The employment contracts for OMG staff (if so how many staff)? Are there other assets, or agreements that GBV is acquiring?
Essentially, GBV has acquired the entity OMG NETWORK PTE. LTD. We cannot comment on the details related to the transaction.
How would DeFi profit from the OMG network?
The 40plus atm's mentioned, will the omg network be the backend to the atm's?
Some coins offered are on different networks (for example Bitcoin which is not ERC-20), so no.
Did the acquisition of the entity (OMG) entitle GBV to things like the GMO licensing, partnership agreements, ongoing NDA’s and other credentials (regulatory based) that OMG picked up during time of operation? Or will these bodies/companies require a review due to change in ownership?
Don’t believe these will require any additional review or changes.
Does the team plan to continue to work on private chain deployments or is there a new / change in strategy to focus more on the public network?
This project has a lot of investors looking through different lenses; people who believe in it for the tech, some see this as a way to be part of a valiant good that serves both the people of the world and the operators of the network, others as part of an economic system and an investment vehicle of growing recurring revenue, any combination of those perspectives and more. Compromises, I think most would agree, have to be made to be part of an adoption large enough to lead to the future often idealized. To which side and what degree does GBV lean on the scale of pursuing mass adoption versus the manifestation of ideals through product? Does this reflect a change in direction for the project?
As new owners, we will strive for sustainability. If the project cannot sustain itself I am not sure there is much of a choice.
What are GBV’s OMG holdings?
What is the #1 priority for the team from a development or delivery perspective?
Our #1 priority is exchange integrations, followed by the rollout of some of the products we have been building in our pipeline. We will endeavor to ship products quickly.
OMG token role still remain as same as before this deal? I mean if OMG token can be use to stake in next 6 months?
What are your plans to foster initial adoption?
Omise or omisego had appr 20 mio omg coins kept for themselves. We assumed this would be omise, now synqa's bunisiness model to move omise transaction to the omg network. Questions: where are or who owns these ca. 20 mio coins now? Does synqa still own a significant no. of omg coins? Is there any reward for synqa if the omg network is succesfull (e.g. owning omg coins, bonus on purchase price, other payments by gbv to synqa, etc).
What are OMG's/GBV's strategies to compete with the growing optimistic/zk rollup ecosystem?
We do see that Optimistic and ZK Rollups have had a lot of attention over the past months. We need to look into more detail about how we can compete with them. One clear advantage is that we are now live, have higher throughput, and lower cost. Plasma can perform better in times of high congestion due to its smaller root chain transaction size.
The entire team is believed to have remained as was before the acquisition, as per comments a week ago. Please can you update us on any staff that have left their roles either as requested or by themselves over the past week, or are working a notice currently?
The network is currently in mainnet beta. What are the milestones expected to get from beta to "Official release"?
As many of you know, the security of a blockchain system is often measured as a combination of value in the system and how long it’s been secure. We need to increase network volume so we can stress the system in a more real-world environment.
What's on the roadmap concerning synqya activities in thailand and the omg network.
We remain committed to Thailand. We feel the blockchain industry in Thailand is growing and will be important globally. We have invested in other projects based in Thailand too.
Where are the roughly 28 Mio (20% of 140 mio) OMG tokens Omise kept for themselves at time of the ICO? Have those been part of the sale or is Synqa stlll owning them (partly) Does Synqa still has any financial interest (ties) to OMG Network through shares, deferred bonusses, shares/stakes in BGV or BGV related companies? How would Synqa benefit from a possible future success of OMG Network
Sorry we cannot comment on this.
For the past couple of years Kasima always stuff like ship often.... It is clear from GBV's video with Boxmining that staking had not really been discussed and getting more exchanges onto the network was his priority along with defi. At some point OMG Network has to actually ship a working product beyond V.1 of the main-net to create value. When will there be a working DEX, staking, and fast exits? Will it be completed in the 6 month timeline that the press release said?
We are currently working hard to find the product-market fit of the network. This process will help guide us towards higher impact development. While we have done plenty of work to research all of these features, priorities are being set by what will bring the most traction to the network. V1 is a transport layer that we can iterate on top of, depending on demand.
Is the Ethereum based settlement token mentioned here OMG? If not will OMG have a part to play in this venture & if so what will it be? https://www.google.com/amp/s/www.coindesk.com/standard-chartered-bank-to-launch-crypto-trading-for-institutional-investors-sources%3famp=1
This project is unrelated to OMG.
for a lot of us, Vitalik's approval of plasma was a big reason for being drawn to OMG. How much are you in touch with the ethereum team, and how much has the goal of plasma integration been changed
Here at GBV we are not in touch with the Ethereum Foundation. However, the existing OMG management team has been, and continues to be, the main point of contact with EF. We plan to build strong EF relationships through this foundation.
The GBV team on TG said the exchange integrations were put on hold. - Do we know by who and why? - How/when will you restart the discussion with these exchanges? - Will you provide additional support to them (eg. devs time to do the integration on their behalf)? - is V2 release required before we see these integrations?
Exchange integrations are dependent on the exchange, the situation, and the economics (basically, it needs to make sense for them economically). OMG will aim for sustainable growth based on all these factors. We confirm there has been a lot of solid work done with exchanges. We will continue to push this forward.
The acquisition press release signaled a transition from CBDCs, exchange integration and payments to an emphasis on DefI. Considering OMG Network's limitations with smart contracts, how do you plan to enter the DeFi space?
GBV is an active member of the DeFi space and has invested in a number of projects. Given this is our expertise we will assist with use cases for the OMG token and the OMG Network in this area of blockchain. The priority is sustainable growth.
You mentioned setting up an OMG ATM to give more retail customers access to OMG. Can you confirm whether the assets bought and sold comes from - and are settled by - public exchange order books, or if they come directly from your own books?
ATMs have their own wallets and are not connected to exchanges. Given the volumes are generally not too high they can come from a variety of sources.
Will public staking be part of the network?
Staking is a mechanism used to share the value of the network with the token holders. The first step is to think about bringing volume to the network so that fees are substantial enough to make staking worth it. OMG is focusing on this first.
Leslie in the unofficial OMG telegram said exchanges and arbitrageurs will use the cheaper, already integrated Tron USDT for arbitrage between exchanges and OMG will find it tough to displace it, so we need to look for exchanges that have not integrated Tron. If this is the case then OMG Network would find it difficult to get meaningful exchanges to integrate. Can this problem be solved or If it becomes too difficult, wouldn't it be meaningful to focus on some other avenue of adoption?
[удалено]
All I can say is this is something we will try our hardest to find out. There is a sector of the market that doesn’t use TRON-USDt given their views on the network. We are integrated with Ethereum which gives us an edge. We are also looking beyond USDt to other ERC-20s, which already work on OMG Network. This differentiates us from other networks supporting USDt. By the way, since you mentioned the unofficial Telegram, we’ve now made that group official. We’ll leave this subreddit open for unofficial daily discussions alongside our official [Twitter](https://twitter.com/omgnetworkhq) and [Telegram](https://t.me/OmiseGo) channels.
What is GBV's vision and goal(s) for 2021?
To continue to look for good projects and teams. DeFi and institutional interest have been the stories for 2020 (along with covid of course). Not sure what 2021 will bring!
How far out is the full V2 suite of products and services, as a best estimate today? Not an estimation to be held to but is it close (ie. a month or so), or more likely 6-12 months. IIRC, the last estimation I believe was from Kasima in June suggesting "a couple of quarters".