For November we’ve invited MakerDAO to join OmiseGO in responding to community questions about (1) their partnership with OmiseGO, (2) their experience integrating on the OMG Network, (3) their November product launches and (4) what these mean for the ecosystem.
Here are the top questions the community asked, answered by MakerDAO’s Head of Business Development, Greg DiPrisco and by members of the OmiseGO Product team:
1) Why is MakerDAO using OmiseGO’s layer 2 solution, what added benefits do they bring to the table?
OmiseGO Team: With this question, it would be good to clarify that the relationship between OmiseGO and MakerDAO is that of mutual support. We see both entities bringing their own set of benefits. We provide OMG Network users the flexibility of paying for network transactions with Dai, while OmiseGO provides Dai holders an easy entry into the OMG Network – a production ready layer 2 plasma scaling solution.
This partnership opens up the ecosystem to a new way to transact on a fast and secure blockchain platform, creating new opportunities for innovation in the space.
2) How long did it take to integrate with the OMG Network, can you provide a high-level overview of the pieces involved and a summary of the extent of the interaction between the MakerDAO and OmiseGO?
The OmiseGo team was incredibly fast with the integration. I believe the final decision was made at Devcon in Osaka and they got right to work.
**The main piece involved in this integration is the OMG Network.
3) OmiseGO is listed as one of the projects that are partnered with MakerDAO in one way or another. Does MakerDAO have plans of Collateralizing OmiseGO, even though ‘OMG’ didn’t garner enough votes? Are the votes more formalities on the order of the projects and will an ‘OMG’ integration be included down the line?
MakerDAO: It’s important to distinguish between MakerDAO and the Maker Foundation. The Maker Foundation cannot input assets into the collateral portfolio. Only MKR holders, with their votes (who comprise MakerDAO), can perform this function. If you’re asking my opinion, I would wager that you’ll see almost every prominent ERC20 token entered into the collateral portfolio eventually – albeit with different risk parameters.
4) OmiseGO is listed as a MakerDAO partner, how does their success affect your endeavors, such as those launching this month (November), and how do these projects relate to layer 2 solutions such as OmiseGO?
MakerDAO: Dai is very much a foundational tool for other applications to utilize – without partners choosing to use Dai in their project and protocols, Dai exists in a vacuum. OmiseGO and projects like it form the backbone of Dai utility and their success *is* our success (assuming they use Dai!).
5) With your experience working on Samrong, how does MakerDAO intend to further use the OMG Network? As far as I know, the added feature of being able to pay transaction fees with Dai seems to simply be a usage of MakerDAO’s product, are there any future plans, can we look forward to more cooperation from the two projects?
OmiseGO team: By enabling payment via Dai, the OMG Network welcomes all MakerDAO partners to utilize their Dai assets to pay for transactions on the OMG Network. The OMG Network provides a faster and lower-cost way to record transactions on the blockchain while maintaining Ethereum level security. This partnership will simplify integrations for partners of MarkerDAO and bring our communities closer together.
6) What benefits do you think the cooperation between a layer 2 project like OmiseGO and a Stable Token like Dai would bring to the ecosystem?
MakerDAO: In order for payments to be practical on a blockchain, a high-throughput solution is needed to supplement the base layer (Ethereum). It’s my hope that the OMG Network fills this gap and allows the payments vertical to finally begin seeing exponential growth – it’s an industry ripe for disruption once we get the tech right.
**Sidenote from OmiseGO