Accelerating Enterprise Adoption of the OMG Network with MultiBaas
1. Hi Jeff! Could we get a quick rundown on Curvegrid and MultiBaas?
Sure! Curvegrid is a Tokyo-based blockchain technology company. Our MultiBaas blockchain middleware makes it easy and cost-effective to build on the blockchain.
2. How would you pronounce MultiBaas?
It’s pronounced mull-tee-bas, and the “multi” refers to our support for multiple blockchain platforms, including the OMG Network and Ethereum. “Baas” is “blockchain as a service”, as we make it straightforward for software engineers to interact with the blockchain via a familiar REST API.
3. It has been a while since our last interview and you’re now on the OMG Network V1 Testnet! How has your experience been using it?
Our experience with the OMG Testnet has been great! Depositing to the OMG Network, transacting, and withdrawing from the child chain is smooth and works as expected. It’s convenient to be able to use both ETH and ERC20 tokens on Plasma. ERC20 is a standard representing fungible tokens, which opens up a wide range of possible use cases: loyalty points, payments, inventory tracking, commodities, and securities, to name a few.
4. With the MultiBaas integration, what advantage does the OMG Network have over layer-2’s?
Any application built on top of a layer-2 solution also has to handle interacting with layer-1, which in this case is Ethereum. MultiBaas supports both, which means a single point of integration for applications that want to get up and running quickly on OMG Network. MultiBaas also extends the reach of Plasma through support for enterprise and multisig wallets, and connections to data analysis tools and spreadsheets.
5. Which industry do you think would have the easiest time onboarding to the blockchain? Why so?
The financial services industry has been an early mover in the blockchain space. Financial products are already well digitized, so it’s a natural next step to move from centralized transactional systems, to decentralized blockchain platforms.
6. Can you give us some real use-cases where MultiBaas will/has accelerated enterprise adoption on the OMG Network?
I mentioned earlier that the OMG Network supports the ERC20 token standard, which can be used to represent fungible items. This means that any item in a group is effectively indistinguishable from the next: money, securities, a box of bolts, loyalty points, and the like. When you’re building an enterprise system that involves financial products, logistics and supply chain, or loyalty points, very rarely is one building completely from scratch. There are always existing systems and processes to connect to. MultiBaas accelerates time to market by providing an easier connection between the current systems and the OMG Network.
7. Could you give us a use case of easily-buildable smart contracts for such businesses and where the OMG Network comes in?
People often associate the ERC20 standard with utility tokens or security tokens, but it can represent any fungible asset. For example, tracking t-shirts in a retail supply chain. Additional properties can be attached to a custom ERC20 token, and then transacted and settled at higher speed on the OMG Network than is possible on Ethereum.