Status and OmiseGo Team Up to Advance the Web3 Ecosystem
Ethereum-based mobile operating system Status has announced that it is partnering up with OmiseGO, a network providing financial inclusion and interoperability, and Plasma scalability research, to advance the web3 ecosystem.
According to an announcement, the partnership will see Status and OmiseGO working to ensure seamless integration of the OMG Network decentralised exchange (DEX), where Status will enable interoperability and transactions across multiple blockchains. They will also be working on scalability research.
The two have had a close relationship, which was further cemented in June when Status revealed that it had joined the Ethereum Community Fund (ECF) as a founding member. The ECF has been conducting research with the aim of mapping out complimentary, platform-specific grant programs, including Status Projects, which are dedicated to the advancement of a larger Web3 decentralised ecosystem.
Additionally, the two share a vision that the world should be more open and fair through the Ethereum blockchain. In a blog post in March, Jun Hasegawa, founder and CEO of OmiseGO, said that the cryptocurrency ecosystem had grown a great deal in the past year. As a result, it had brought wealth to many people and organisations. Hasegawa also believes that this presents an opportunity to share that wealth. At the time, OmiseGO and Ethereum founder Vitalik Buterin had just donated $1 million to charity.
This latest partnership will see OmiseGO focusing on building open infrastructure and open financial tools, while Status will pay attention to putting those tools into the hands and pockets of people around the world. Status are also of the opinion that decentralised exchanges will see a shift away from current social systems and towards the use of cryptocurrencies in a global economy.
“The mission of OMG is to put the capabilities of crypto to work for the needs of the real world; Status brings great value to the OMG Network with a multifaceted user-facing platform leveraging OMG’s back-end infrastructure,” said Hasegawa. “This partnership is a step forward for our respective projects, the community, and the blockchain industry.”
The OMG Network is approaching the initial release of their decentralised exchange, which is noted at being a scalable and secure Proof-of-Stake network on which any form of digital asset can be traded.
Additionally, the DEX will permit interoperability for fully on-chain and cross-chain transactions such as Bitcoin, or Bitcoin-like blockchains, and other DLT platforms through clearinghouses in state channels or smart contracts. According to the announcement, it will also enable transactions with digital fiat platforms and economies through collateralised fiat tokens.