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Review on OMG Network by Nguyễn Thanh Bình
OmiseGO (OMG) is a network built on the Ethereum platform with a proof of…
OmiseGO (OMG) is a network built on the Ethereum platform with a proof of stake algorithm that provides the infrastructure to facilitate the processing of distributed payments from e-wallet operators. like Alipay and Venmo.OmiseGO aims to eliminate electronic payments by providing an infrastructure that allows consumers to exchange electronic cash directly with sellers, electronic wallet providers, and other users. without having to rely on a bank or a centralized payment processor.
A decentralized exchange transaction built into Blockchain, the consensus rules that allow deep interaction with most other Blockchains, including Bitcoin and Ethereum, and enhances economic network security.
OmiseGO emphasizes the following three core features on both the wallet and its blockchain system:
Access: Bank accounts that do not need access to a trading platform that OmiseGO encoders will have full nationally licensed reserves.
Scalability: Instant and low cost payments are the core features of the OmiseGO platform.
Security: OmiseGO provides guardianship for decentralized and pre-emptive decentralized currency.
However, this model has not developed properly with the real needs of the majority of Southeast Asian populations. According to the World Bank's Global Financial Collapse survey, only about 30% of adults living in ASEAN countries have access to credit or debit cards. Most of the labor in this area is paid in cash.
Pros
- Use the proof of stake algorithm to provide the infrastructure to facilitate the processing of distributed payments from e-wallet operators such as Alipay and Venmo.OmiseGO aims to eliminate electronic payments by providing an infrastructure that allows consumers to exchange electronic cash directly with sellers, electronic wallet providers, and other users. without having to rely on a bank or a centralized payment processor. A decentralized exchange transaction built into Blockchain, the consensus rules that allow deep interaction with most other Blockchains, including Bitcoin and Ethereum, and enhances economic network security. OmiseGO emphasizes the following three core features on both the wallet and its blockchain system: Access: Bank accounts that do not need access to a trading platform that OmiseGO encoders will have full nationally licensed reserves. Scalability: Instant and low cost payments are the core features of the OmiseGO platform. Security: OmiseGO provides guardianship for decentralized and pre-emptive decentralized currency.
Cons
- However, they have yet to publish a white paper detailing their proprietary technology. The available documentation is a high-level summary of OmiseGO technology without detailed technical explanations of how the technology will work in practice. However, this model has not developed properly with the real needs of the majority of Southeast Asian populations. According to the World Bank's Global Financial Collapse survey, only about 30% of adults living in ASEAN countries have access to credit or debit cards. Most of the labor in this area is paid in cash. Thus, electronic cash advance providers, such as Alipay and Venmo, have become major payment channels in Asia today. But these payment services still have to rely on old and mediated infrastructure to process payments and exchange values between currencies. Thus, the emergence of OmiseGO pre-coding is aimed at eliminating electronic payments by providing an infrastructure that allows consumers to exchange electronic cash directly with the seller, the service provider. electronic wallet and other users without having to rely on a bank or a centralized payment processor.
