1 Level
12 Review
7 Karma
Review on OMG Network by QUAN VU VAN
OmiseGO is creating an eWallet solution that’ll sit on top of the OMG…
OmiseGO is creating an eWallet solution that’ll sit on top of the OMG blockchain. From the eWallet shoppers, merchants, payment service providers, and businesses can connect to the OmiseGO Decentralized Exchange (DEX) to send, buy, sell, or trade fiat currencies, digital assets, and cryptocurrencies. This can all be done without PSPs compromising their own network effect and/or brand. Users can even issue digital currencies backed by fiat, loyalty points, gift cards, documents, data, patents, music, etc. OmiseGO is intrinsically agnostic between fiat, digital assets, and decentralized money. There is minimal online identification, no minimum monthly commitment and low transaction fees. Users can accept payments instantly, and for non-developers accepting payments via social network will be possible. Let’s break it down further....
Pros
- The OmiseGo team has already been recognized as up and coming “Fintech Rockstars” by Forbes for their contributions to date. Omise contributed $100,000 in funding to the Ethereum foundation’s DEVGRANTS which is a program to help new Ethereum focused projects, develop the code bases and implement community evangelism. This indicates their commitment to the Ethereum ecosystem as a whole. This has helped them amass a fairly stacked advisory board.
Cons
- OmiseGO completed their initial coin offering (ICO) on July 5th, 2017, with $25 million in proceeds raised. Approximately 65.1% of total tokens were distributed to participating investors. An additional 5% of supply was distributed to those holding more than 0.1 Ether via an “airdrop” on September 24th, 2017. More than 460,000 accounts received airdropped tokens in proportion to their ownership of total outstanding Ether. Source code & additional details can be found here.
