Review on OMG Network by phuc nguyen

Name: OMG Network
Item: OMG Network
Rating: 4

September 12, 2018

As we have seen above, OmiseGO is one of the most promising blockchain…

As we have seen above, OmiseGO is one of the most promising blockchain companies in Asia. 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.
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Pros

OMG will be a standard Ethereum ERC20 token, until the OmiseGO chain (“OMGchain”) is launches. When OMGchain is launched, ERC20-OMG is used as a Proof-of-Stake token on this network. This is achieved by allocating control of one’s the ERC20 to an ETH contract reflecting the OMG chain. Further improvements are possible from reallocation of ERC20 tokens and may be taken if it proves to be a better design, but the current approach is to have the ERC20 token locked into activity on a contract on the ETH chain. It is the responsibility of the community to elect to allocate the ERC20 token towards the OMG chain, as the community has control over the network

Cons

There is potential, but it has to be realized. While I am confident that it will be realized, it is prudent to be careful especially when investing. The plasma project is a game-changer for not only OmiseGO but also for the Ethereum ecosystem in general. 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. While the final product could deliver the prospects of a decentralized fiat gateway and valuables conversion ecosystem, there are a lot of dependencies.