Review on OMG Network by Robiul Islam
As we have learnt above that OmiseGO aims to “Unbank the Banked”. This is a…
As we have learnt above that OmiseGO aims to “Unbank the Banked”. This is a leading public Ethereum-based financial technology, to be used in mainstream digital wallets, and taking full advantage of this revolutionary technology OmiseGO allows for real-time, peer-to-peer value exchange and payment services agnostically through jurisdictions and organizational silos, as well as through both decentralized currencies and fiat money.
Updated 5 years ago
Rating has not been changed
They released the public alpha of Samrong, the OmiseGO Networks latest iteration, and worked on the Ethereum integration for the eWallet which included working on the groundwork for our Plasma node to utilize potterhat for higher Ethereum connectivity.
They also developed a few features. They are currently working on a design to support a persistently high throughput API for transactions and have done more refractors for better resiliency on the watcher. They’ve also broken ground on implementation of our version of the predicate contract architecture, which is designed to support upcoming settlement transactions without a hard network upgrade.
Updated 4 years ago
Rating has not been changed
Competition comes from online payment platforms. These include PayPal, Stripe, Apple Pay, Samsung Pay and others, as well as credit card providers such as Visa, MasterCard and American Express, and even banks after backing up credit cards themselves. The competition now includes hundreds of existing payment processors - any of them can partner with Omeisgo and use their technology to take the future, but they can also try to implement their own solution. PayPal has already filed blockchain patents, such as MasterCard.
Pros
- OmiseGo is one of the more interesting cryptocurrency projects that is trying to become a decentralized bank, exchange, and asset-backed blockchain gateway.
Cons
- Billions around the world lack access to traditional banking, in Southeast Asia that number is approximately 483M, or 73% of its population. While bank accounts are few and far between, nearly everyone has a phone. Services exist, typically at convenience stores, where mobile users can load money onto an eWallet for spending. The downfall to this is that in order for users to spend with their eWallet, a merchant must support said wallet. Not ideal for consumers or businesses.
