With Etherem’s Casper (The Future Friendly Gadget) being launched in view of remodeling its mechanism from the Proof of Work (PoW) to Proof of Stake (PoS), the hodlers and essentially the miners went from a feeling of being the king to reluctantly positioned as slaves again.
Why again? For the ones who have been grossly involved into the crypto market since its very outset, undoubtedly, Nakamoto’s vision- instilling the Proof of Work mechanism (though undervalued) stands proudly as the ultimate king. However, this wave of transition from Pow to PoS- as undertaken by other blockchain enterprises- has only left the mining community be the bagholders. Take the example of Ripple here. The ought-to-be decentralized network based on PoS for fast living payments has once again handed over the power to banking system (partially) and made Larsen one of the world’s richest men (solely).
Besides, PoS attracts potential investors due to its lower energy requirements and cheaper costs involved in comparison to PoW. But this is exactly what makes Pow prone to the malicious attacks.
Perhaps, there is a reason that the following PoS coins in market are significantly observing a low market capitalization:
PoS Coins Market Cap
Populous (PPT ) $7.81 (0.21%)
Verge (XVG) $0.029191 (-2.45%)
BeanCash (bitb) $0.005300 (-1.29%)
Stellar (XLM) $0.228684 (-2.24%)
Lined up with other coins as well.
Although, some of these crypto coins may showcase a mooning graph initially, everything boils down to who the real superman is; sadly in such cases, reigns are always held by the creators of the coin who are not only authorized to grant you their "special" tokens, but may also forfeit the entire currency overnight. May land up causing insomnia to its investors indeed!
So, what's the solution?
In 2013, Vitalik Buterin and Gavin Wood co-founded and became the chief advisors of this company named Omise. Omise is a blockchain based open payment platform where you can transfer any type of currency or value to any kind of wallet hooked up to the OmiseGo blockchain. OmiseGo is a subsidiary of Omise yet separately owned extensive platform, owned by its users and token holders.
To cut the long story short, at Omise you not only enter a blockchain network to make your payments smoother and cheaper, but also own it entirely. Just in line with the vision of Nakamoto. OmiseGo network lets you to iterate and improve the network base.
And what became the weakest point for PoS working, has become the greatest strength of the OmiseGo network, where the hodlers can simply rule out the fraudulent blocks or byzantine behavioral disputes by submitting a legit proof of fraud. The underlying technology is called Plasma which is simply a nested blockchain to optimize the scalability of a particular blockchain network. Its enforceability element over the parent blockchain is so beefed up that it lets you cherry pick the unproved data on the chain and penalize it accordingly.
In the words of Thomas Greco of OmiseGo, "OmiseGo solves the Security Vs Performance dilemma as it performs all order book and execution functions on a specialized chain; where the security is provided by Ethereum Mainnet."
Imagine a network which is shielded by another network ensuing rules on how to agree on the current state!
If OmiseGo continues to build such a robust network for its users, it sure is going places for an unforeseeable future!
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