OmiseGO (OMG) Jumps Following South Korean MoU, Hard Spoon
It has been a busy start to the month for Omise and OmiseGo (OMG), who on Thursday signed a Memorandum of Understanding (MoU) with ShinhanCard, an affiliate of the Shinhan Financial Group, a major player in the banking and payments industry of crypto-friendly South Korea.
For Omise, the MoU makes sense strategically, as it will help them exert a presence outside their home countries in Southeast Asia and Japan. And for OmiseGO, it presents an opportunity to work towards a longstanding partnership with ShinhanCard, who could very well combine their payment technology expertise with the OmiseGO blockchain technology.
Of course, the news of the MoU came after the announcement earlier in the week that Cosmos – ‘the internet of blockchains’ – was pairing with OmiseGO to undertake a hard spoon, which Jae Kwon (Founder, CEO of Tendermint) conceptualized as:
A new chain that takes into account state from an existing chain; not to compete, but to provide broad access.”
What this means for the OMG token is that its balance will be duplicated onto a Tendermint chain (which gets connected to Cosmos). For those unaware, Tendermint created Cosmos, which has been working closely with OmiseGO in developing Plasma – a way to create a blockchain (as a set of smart contracts) within a blockchain, by simply committing the root hash of the “meta” child chain (Plasma) on the main chain (Ethereum).
OmiseGO and Cosmos are in fact two of the six blockchain-based projects behind the Ethereum Community Fund (ECF); the other four being Maker (MKR), Golem (GNT), Raiden (RDN), and Global Brain (a Japanese VC firm).
For Ethereum (ETH) – and the 500+ ERC20 tokens built on its network – news of the Plasma scaling solution’s progress is encouraging.
As for OmiseGO, the team will continue working toward their eventual goal of building “a massively-scalable, cross-chain-compatible decentralized exchange (DEx) Plasma chain.”
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