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Towards an interoperable future – Connext –

Towards an interoperable future – Connext –

Connext and Counterfactual will natively interoperate

Version 2.0 of the Connext Network will be based on top of Counterfactual’s generalized state channel framework including its protocols, Node implementation and libraries. Connext will collaborate with the Counterfactual team to develop shared infrastructure for storing and sending state updates.

What this means: The Connext Network, and apps that use it, will by default be compatible with applications built on Counterfactual — and vice versa!

Why work together?

Connext is building an open source payment network using state channels. Counterfactual is an open source framework for generalized state channels that implements the core protocols into simple APIs for app and wallet developers.

While developing the specification for v2.0 of Connext’s protocols, the Connext team discovered that there were huge similarities between our work and the work being done by the Counterfactual team. To deduplicate efforts and benefit from shared network effects, we decided to collaborate to finish building base layer tooling and infrastructure.

Creating standards for contracts, validators, and P2P messaging lets us all ship better code more often.

Scaling Ethereum isn’t a zero-sum game, and it’s critical that teams work together to grow the Layer 2 ecosystem. Therefore, we believe standardization & shared infrastructure is key to ensure that wallets & Web3 browsers will support state channels in the near future.

In our view, it’s a win-win-win:

  • Development of Connext and Counterfactual can happen faster
  • Connext will benefit from the development of Counterfactual’s framework and Counterfactual will benefit from the growth of Connext’s network
  • A single wallet integration will support both Counterfactual & Connext applications

What should we expect to see in the next few months?

  • Connext will work with the Counterfactual team to ship a production-ready version of their Node.
  • Connext’s v2 of the Connext Hub and Client will use CF’s libraries.
  • The Counterfactual team will continue their work on core state channel protocols and wallet integrations.
  • The Connext team will continue their work on making payment hubs/nodes easy to run and routing payments between them.

Loose ends

If you have any questions for us or would like to discuss integrating instant payments into your dApp, please reach out in our Discord.

Published at Mon, 29 Apr 2019 19:07:38 +0000

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Omise Goes High on Ethereum Boost

Nearly all of the altcoins have been enjoying a bumper run up to the holiday season in crypto land. Many record price highs have been broken in the last week or two as it seems like everyone is stocking up on crypto.

Ethereum has seen record price action in the past few days, surging past its previous high of $753 on December 14th to reach a new one of $831 just a couple of hours ago. ETH is up almost 140% from the same time last month, and market capacity is almost at $80 billion.

Omise on the Go

Since many altcoins are based on the Ethereum platform, their success largely depends on it doing well. Once such digital asset that has rode on the back of Ethereum’s rise, and the words of its creator, is OmiseGO. In a post last week, Ethereum co-founder Vitalik Buterin endorsed OmiseGO by tweeting:

Right now my favorite token model is OMG-style staking tokens.

OMG works on a delegated proof-of-stake, which involves validating the network through running nodes that can be voted for. According to reports, rewards are distributed in a democratized way through the ability to vote for which node to validate the transaction. Rewarding good performers and down-voting poor ones should achieve some form of balance on the network and incentivize everyone to perform well.

OmiseGO views blockchain as a data revolution and not so much a storage ledger as in the bitcoin model. Its cryptographic processes are designed to process data which will bring new opportunities for IT infrastructures and companies other than just financially-based organizations. OMG is big in Asia, especially Thailand, where payment trials are currently in operation with companies such as McDonalds. The ethos is to provide those without a bank account a safe and secure wallet for digital transactions.

Up and Running

OMG is already processing payments, and the system is not new to the crypto scene; it was founded in 2013. Transactions are currently taking place, and more organizations are set to test the technology in the coming months when wallet SDKs and the plasma architecture are to be rolled out. Overall, OMG has a solid roadmap for next year.

OmiseGO has gained an extraordinary 4000% since mid-year. Trading as a sub-dollar coin back in July, it has now topped an all-time high of $20.56 just a few minutes ago. Market capacity is just over $2 billion, and the total supply is just 140 million, with over 100 million already out there. Omise still has a long way to GO in 2018.

How far will Omise GO next year? Let us know your thoughts in the comments below.

Images courtesy of Bitcoinist archives, Twitter/@VitalikButerin, and Moody AFB.

The post Omise Goes High on Ethereum Boost appeared first on Bitcoinist.com.

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