Review on OMG Network by Inioluwa Okedeji

Name: OMG Network
Item: OMG Network
Rating: 4

December 07, 2020

OMG Network: A Project Developed For Better Utilization Of The Ethereum Blockchain Network.

OMG Network is a cryptocurrency project, built on the ethereum blockchain network. OMG Network was founded by a Thailand based firm that was formerly known as Omise Holdings. The aim and purpose of this project is to provide solutions to issues encountered with the use of financial systems and aid those who have little or no access to financial institutions with its own financial network.
As we all know that the gas fees on the ethereum blockchain network is extremely costly, the OMG Network aims to overcome this cost barrier with its plasma based side chain solution which will help reduce electricity usage on the ethereum network ,then subsequently allow developers build more projects and applications on the network.
OMG Network also uses the POA ( Proof-of-authority) algorithm which is a simplified version of the POS algorithm, compared to the host network (ethereum) which uses POW, the transactions and operations performance are extremely fast and reliable. This feature proves that indeed, this project wants to make the usage of the ethereum blockchain network better. Although the project still has plans of fully transitioning to the POS algorithm.
Also, the above feature (POA algorithm), allows users to stake OMG tokens, which have high liquidity and earn rewards while also help in making the network a lot more secure.
The successful accomplishment of OMG Network's aims and visions will see that the ethereum blockchain network comes to be utilized better.
﻿

Pros

OMG Network is a project with incredible game changing visions for the ethereum blockchain network
It features staking opportunities that helps strengthen the network and allow users earn rewards.
Being an ethereum based project, it is compatible with any ERC20 token and can also be stored securely on any wallet that supports ERC20 tokens.
It is an open sourced network that allows developers build their own decentralized applications.

Cons