Review on OMG Network by Rupanshu Kumar

Name: OMG Network
Item: OMG Network
Rating: 4

September 12, 2018

OmiseGO is a platform that enables real-time, peer-to-peer value exchange and…

OmiseGO is a platform that enables real-time, peer-to-peer value exchange and payment services  across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Since its launch in 2013, It has gained traction throughout Asia, with access becoming available to the rest of the world late 2017.
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OmiseGO talk a lot in their literature about supporting the ‘un-banked’; people who have a need to send cash, make payments etc, but who do not have a bank account. What’s difficult to determine, is how OmiseGO differs from other services like DASH.
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What makes OmiseGO attractive however, is the fact that it is a white labelled e-wallet. So it has utility across borders and institutions. It has a shared ledger, but provides for privacy.
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OMG makes use of the Ethereum network for its operating processes, but it is also developing a symbiotic relationship with the network by acting as a scaling solution. Scaling is Ethereum’s biggest challenge. Despite originating under a for-profit company, It will ever own or hold undue influence over the network. Decentralization is the key goal of this project and its creators.the primary goal of OmiseGO is to operate as a scaling solution for financial transactions on the Ethereum network. To that end, OMG is designed for compatibility with Ethereum’s Plasma architecture. Plasma is a framework for building DAPPs that are scalable in a way that single layer blockchains are not. Plasma not only increases the amount and complexity of transactions on the network, but it also adds network security functions by making the way for proof of stake validation on-chain. 
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Although OmiseGO is one of the more ambitious projects in the virtual currency industry, it is also one of the most promising.  It has a spectacular team with a clear set of goals listed on their road map. 
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