1 Level
20 Review
17 Karma
Review on OMG Network by Amr Mohamed
So OmiseGo (OMG) doesn't have the same brand recognition as Bitcoin or Ethereum…
So OmiseGo (OMG) doesn't have the same brand recognition as Bitcoin or Ethereum. But that could change as we progress through 2018. It currently sits in the top 50 cryptocurrencies by total market capitalisation. OMG has built teams across Japan, Indonesia, Singapore and Thailand. They're mainly targeting the South East Asian market - as we'll discuss later in this review. Plus they’ve already announced high profile partnerships with companies such as McDonald’s Thailand. Cryptocurrency still hasn't really hit the mainstream. Sure, most people have heard of Bitcoin - but they don't understand how it works or why it's useful. So imagine just how difficult it is right now for businesses to accept cryptocurrency payments - especially in South East Asia. There's not really an easy way to integrate cryptocurrency transactions with a business. Stripe previously accepted Bitcoin but they've now ended their payment support for the cryptocurrency. Therefore OmiseGo is potentially solving a huge problem.
Pros
- •Proven and experienced. Omise started in 2013, has offices in Bangkok, Tokyo, Jakarta, and Singapore, transfer money between businesses and individuals, and as of Mar/17 handle ~500 million USD / day •Plasma technology will allow the OMG blockchain to scale to 1,000,000 transactions per second. •Omise has heavily funded ethereum development directly. As a result, both founders of ethereum (Vitalik Buterin and Gavin Woods) are direct consultants for omiseGO.
Cons
- •A major challenge seems to be getting merchants to accept OmiseGO. •It seems a bit ambitious to "unbank the banked". Banks are strongly rooted institutions, and this system would circumvent their services. •The Reddit and Twitter communities seem much smaller and less engaged than, for example, either Ethereum or Neo.
