Bitcoin, Crypto currency, Blockchain

OmiseGo, Cosmos & Ethereum: Hard Spoon & Plasma already in 2018

9b88c8f681c6d38cfa20a8580bb3d707 - OmiseGo, Cosmos & Ethereum: Hard Spoon & Plasma already in 2018

OmiseGo and Cosmos the day before yesterday announced that they will perform a Hard Spoon, similar to a Hard Fork. From an investor’s point of view, the Hard Spoon to differ in comparison to a Hard Fork, characterized in that the Token holder has two Free tokens. For the crypto-currency OmiseGo, as well as for Ethereum a lot more is hidden technically, but behind the Spoon. The development of the scaling solution Plasma is progressed so far that this step was necessary.

But after the series. As Cosmos’ Jae Kwon communicates in the Medium of the Post, can look forward to investors of Ethereum and OmiseGo (OMG) twice:

OMG and the Cosmos have decided to start forking spooning…hard. That’s right, you get a token, you get a token, everybody gets two tokens!

Without going into the technical Details, the operation can be explained as follows: The Hard Spoon takes the balances of the two given tokens in the existing block chains and duplicated both of these account balances to a new Blockchain.

In the case of OmiseGo the OMG-Token balances will be duplicated on the tender to mint the Blockchain. The Cosmos network Ethereum spoonen is by duplicating the account balances of Ethereum holders on the new Blockchain. Thus, Ethereum holders will benefit from the Hard Spoon.

The background and technical Details

Receipt of the Blog Posts on Medium describes Vitalik Buterin the process of Hard Spoons, in a few words, as follows:

A hard spoon is a meta-protocol on top of a blockchain, creating a token that inherits the blockchain’s underlying token’s balances. The idea of a soft spoon would be to create two competing *branches of a protocol* within *the same blockchain.

The Hard Spoon is necessary, because the development of the Ethereum scaling solution Plasma, which should be able to process millions of transactions per second, is already rode much further in the development than previously planned.

Originally should be integrated in accordance with the Roadmap of OmiseGo with the second of five milestones, Honte, tender mint Blockchain. This is currently being developed by the Tendermit Team, and should provide the fundamental mechanisms for the Proof-of-Stake and a sufficient Transaction throughput for a first implementation of the OmiseGo Decentralized Exchange (DEX).

As soon as the Plasma with an equivalent stage of development would be achieved, should be replaced tender mint by Plasma. Tender mint was planned as an interim solution, since the OMG Team has anticipated a longer development time for the Plasma. Since the development of Plasma should be already very advanced, it is, according to OmiseGo not useful, the resources of the team on the development of the Tendermit solution.

As a result of this development of the Hard Spoon must be held because of the tender, the mint Team will continue its development, and a new Blockchain developed. The Plasma and tender mint team want to help continue to each other and to “look forward to a healthy competition”. When it will come to the Hard Spoon is still unclear. But it should be done in a timely announcement, at least two weeks before.

What’s next for OmiseGo?

Simply put, and just to make it clear, OMG remains OMG. The Ethereum block Chain, to be this year, on Plasma upgraded, will continue to be the future basis for the OMG-Token.

Tesuji of the next, the fourth milestone will be according to the Roadmap, the Team now will begin to work. If the Tesuji-a milestone is reached, OmiseGo and DEX Plasma-transactions support, both for withdrawal of ETH and ERC20-Tokens, and Swaps between these tokens.

The publication date should be “in the next two quarters”. An Update of the Roadmap and Details on Tesuji should already be in the coming weeks, published.

From our point of view, in particular, of the vast progress in the development of the scaling solution Plasma for Ethereum is a great message that is very pleasing.

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