Review on OMG Network by Jerry Siegel
OMG Network (OMG)
OMG Network is the answer to almost every fundamental questions related to all existing financial institutions and blockchain-based payment systems. The platform enables a fast value transfer for Ethereum-based tokens. It achieved by second-layer transactions based on Plasma technology, which is most likely proposed by Vitalik Buterin.
In 2017 it was one of the hottest tokens on the market. OMG was the first Ethereum-based token that has reached $1 billion in market capitalisation. It had the most prominent advisors: Ethereum co-founders Vitalik Buterin and Gavin Wood.
Let’s run through their main advantages:
1) Real-world ready payment system on Ethereum blockchain.
OMG Network interconnected with the Ethereum, everyone will be able to conduct financial transactions such as cash payments, process card payments, employees payroll, B2B commercial trading, supply chain financing, loyalty programs, gift cards, asset management and other services in a completely decentralized and inexpensive way.
2) Good marketing and PR.
Not so long ago (May 19, 2020) OMG was listed on Coinbase PRO, which was followed by 136% price spike in just 4 days after the announcement. Also one of the latest success of the project was integration with most hyped and controversial stablecoin Tether (USDt). Tether integrated with Plasma Sidechain is basically reducing the load on Ethereum throughput.
My personal feeling about the project:
This project is very interesting for me personally, and, in fact, should be interesting for all people who believe in Ethereum success. It basically offers real-world use-case for Ethereum technologies and are able to adequately assess the future of the economy as a whole. OMG Network has a strong team with ready-to-go product, and in addition, the advisory team is full of stars from Ethereum and other blockchain projects.
Pros
- Wide-range of use-cases of Ethereum technologies in today's real-world economy
- Great marketing and PR
Cons
- Not enough of stress-testing of the platform, I believe there's still some undiscovered vulnerabilities that will be apparent when the network will be used at a global scale
