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Southeast Asia DeFi Week 2-Day 3

Event on September 02, 2020 by Malvinder Singh Gill

 

OMC GROUP

 

OMC Group Sdn Bhd (OMC Group), the blockchain arm and subsidiary of AIO Synergy Holdings Bhd (AIO Synergy), is set to offer more blockchain solutions to businesses, government and the community to help them operate in a digital environment.OMC Group founder and chief executive officer Datuk Jack Lee said the company is offering blockchain solutions to serve merchants, which includes a decentralised ledger that is secure, trustworthy and transparent. OMC Group offers solutions through the company's own patented decentralised ledger technology (DLT) known as Authorised Proof of Capacity (APoC), which is the consensus mechanism used to run the OMChain.The APoC consensus mechanism is used for trust and verification purposes on the OMChain. OMC Group has integrated blockchain technology into a number of products and services, launching the second version of the hybrid POS device together with hot wallet in Malaysia in the second quarter of 2020 after launching sales of the POS devices and hot wallet in China in the third quarter of 2019. The devices and hot wallet are now available in 11 countries in East Asia and Southeast Asia. In the pipeline is the launch of the Asia Blockchain Centre in the third quarter, which will be a hub supporting blockchain startups through education, providing solutions for businesses, government and the community as well as offering solutions on the applications of blockchain technology. OMC Group will also be launching a debit card in the fourth quarter of the year. OMC Group Sdn Bhd (OMCG) has introduced OMChain2.0, the latest version of the consortium blockchain it is building to assist businesses in working more efficiently while securing their data and ensuring transparent transactions. We believe OMChain2.0 has what it takes for businesses to run their operations efficiently, safely and transparently. We see our blockchain technology making headway with business, government and community as we roll out other products and services in the coming months and into 2021," he said in a statement today. Smart contracts allow enterprises to streamline and execute their complex business processes without the need for intermediaries. OMChain2.0 also offers private smart contracts and transactions due to the peer-to-peer and network permission management processes of a consortium blockchain. OMC Group is developing a number of projects for different uses and will soon be launching a decentralised application, or DApp known as Omni Pets, to showcase how businesses can define digital assets and how these assets' ownership can be assigned or transferred through the blockchain.  Malaysia to enable it to operate financial services in 2021 such as cross-border payment services as well as expanding its footprint globally through offering its own patented DLT technology, APoC.

 

 

 

Ren

 

Ren has seen some remarkable developments such as it is time to take another close look at this exciting DeFi project. Formerly known as the Republic Protocol, Ren has evolved to become an ecosystem which seeks to bring unparalleled privacy and interoperable liquidity between blockchains. Ren makes it possible for you to transfer cryptocurrencies and other supported assets (like tokens) between blockchains in a manner that is decentralized, trustless, and fast. The history of Ren starts with its two founders: Taiyang Zhang and Loong Wang (pronounced “Lewng”). They were classmates at the Australian National University and worked together at the same start up after they graduated. While working at Virgil Capital, Zhang noticed that there was a lack of support for over the counter (OTC) cryptocurrency trading. More importantly, there was absolutely no way for investors to purchase a large amount of cryptocurrency without disrupting markets.This is because all transactions are publicly available on the blockchain, including OTC purchases. Automated applications such as Whale Alert draw attention to these large transactions, resulting in price volatility from speculative traders. OTC trading is almost exclusively for wealthy investors looking to buy an asset without making a scene. Digital cryptocurrency wallets which support REN include My Ether Wallet (MEW – desktop), Atomic Wallet (mobile), Trust Wallet (mobile), and the Exodus wallet (mobile and desktop). Hardware cryptocurrency wallets which support REN include Ledger, Trezor, and KeepKey. Although REN has limited exchange support, you can find it on notable exchanges such as Binance and Huobi with good liquidity. The Achilles heel of cryptocurrency is the first impression its various platforms and technologies give to the average person. For most, regular cryptocurrency trading interphases are overwhelming enough.Even transferring currencies to and from wallets can likewise be a burden to newbies. To see the value in Ren’s technology requires a level of understanding about crypto trading which a very small percentage of people have, even within the cryptocurrency space.  The price of any asset within the cryptocurrency space will ultimately be determined by what that cryptocurrency actually does.

 

Do check out the full video of Day 3 part 1 here: https://www.facebook.com/Asiablockchaincentre/videos/344726213199056/ 

 

 

KEEP

 

 For the next section, we invited Carolyn Reckhow, the Head of Business Strategy of KEEP to share her thoughts on DeFi. KEEP is one of the three projects contributing to tBTC and allows Bitcoin holders to use Ethereum decentralized finance applications for the first time. The team at KEEP has thought hard about how to provide true randomness, and therefore trustlessness. The random beacon is designed as an engine that can power many apps addressing many different use cases. In tBTC, it provides the key component that ensures users’ BTC is safe when deposited — that they can trust the system without having to trust middlemen, because there are no middlemen.

 Do check out the full video of Day 3 part 2 here: https://www.facebook.com/Asiablockchaincentre/videos/2623637551218371/ 

 

 

 

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About the Author:

Malvinder Singh Gill is a Digital Marketer for Blocklime, a writer by day and a reader by night. He is loathe to discuss himself in the third person but can be persuaded to do so from time to time.

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