OMG Network, Hashcast, Varna DEX, L2 Quasar Fast Exits

Cryptocurrency News and Public Mining Pools

OMG Network, Hashcast, Varna DEX, L2 Quasar Fast Exits

https://omg.network/omg-labs-engineering-update-02-ft-varna/

It's been a few months since OMG Network's (rebrand from OmiseGo) acquisition by GBV & also a bit since it's been mentioned here on r/ethereum so I thought i'd share their latest update as well as my personal experience with the acquisition so far.

Edit: For those of new to OMG Network, it's a Layer-2 Plasma scaling solution for transferring value on Ethereum. Here's a good read on what Layer 2 scaling is https://gourmetcrypto.substack.com/p/layer-2-for-beginners

Recent Tech Updates:

Development wise it seems the OMG team (core developers stayed after acquisition) is speeding up and expanding to creating it's own apps such as Hashcast (https://www.youtube.com/watch?v=74p-MzXPsok) and Varna DEX (https://mobile.twitter.com/omgnetworkhq/status/1374344403569975296).

Hashcast seeks to coordinate Atomic Swap and is available for Developers to test from what i've read.

Varna seeks to be the first decentralized exchange to prevent front-running by utilizing Hashcast.

Quasar fast exits are also finished and in audit with a form of staking integrated in it's future release and hopefully will be utilized to decongest eth by the community as a whole with faster/cheaper transfers. Currently its a 2 week exit period which seems to be a huge deterrent towards network use.

My Personal Experience w/ Acquisition:

Overall since the acquisition, imo, GBV has proven to be beneficial to OMG as a whole.

The new (management) team definitely seems to be more focused on creating apps and value that can be used sooner rather than later which I think is a great change of pace. They are also working on new tech and innovations that have yet to be done within crypto AFAIK. I'm happy they are pushing towards innovation & products instead of attempting 1 big catch as the previous team attempted (and failed to do).

The OMG Labs engineering updates are an attempt to communicate more with the community with solid progress based updates rather than promises and the head honchos frequently (less frequently lately) pop into the OMG telegram chat and give their thoughts. More communication is always good IMO so no complaints here but even more is always nicer.

HOWEVER, the successfulness will really come down to the utilization of the OMG Network. GBV has made it clear that this is their #1 focus and it seems Hashcat, Varna, and Quasar all hope to add towards the network use.

tldr; GBV is trying to make OMG network utilized more with new Apps & fast exits, short term success will depend on if it works.

For anyone that wants to stay up to date, the Official Telegram is where most news pops first. Following the twitter is also a solution. Telegram link is posted under any daily discussion post on OMG Networks reddit.

submitted by /u/hateshinakusora
[link] [comments]

Facebook Comments