1 Level
11 Review
7 Karma
Review on OMG Network by Jo Andy
By using its POS network, OmiseGO aims to provide a decentralized exchange…
By using its POS network, OmiseGO aims to provide a decentralized exchange that can transfer value between individuals and merchants. If this succeeds, it will allow unbanked to participate in a digital society, without having to cash anywhere internet. In addition, the impressive Stack technology developed by the research team at OmiseGO has the potential to revolutionize the remittance market in Southeast Asia by cutting costs and providing a payment solution at a glance. Finally, OmiseGO has indicated that it can have partnerships with major corporations around the world, raising hopes that the company will thrive in the future.
Pros
- OmiseGO describes itself as “the answer to a fundamental coordination problem among payment processors, gateways and financial institutions”. The goal of the platform is not so much to be a cryptocurrency such as bitcoin or Dogecoin but rather to offer users an alternative to online exchanges. The problem with current exchanges is that in order to buy a cryptocurrency like bitcoin, it’s always necessary to start from a fiat currency, for example USD. There are very few options and little variety available in exchanges, especially when it comes to converting one cryptocurrency to another.
Cons
- If it succeeds, this could have massive implications for the cryptocurrency industry. It would also propel the OmiseGO project towards success, but yet the prospects are not sure. Finally, much of the long-term success of the OmiseGO platform depends on the OmiseGO team. Not many would deny that the OmiseGO team is doing a fantastic job not only in product development but also in marketing effort. But caution is advisable for the various marketing efforts of OmiseGO not to create unwarranted expectations.
