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Review on OMG Network by gregori cordova

a technology in constant growth and with high levels of decentralization

With the rise of cryptocurrencies, many companies that did not know much about them, but wanted to join and take advantage of the advantages they offered, found in Omisego, a potential solution to this problem. Omisego's main objective is to help companies and businesses to facilitate the acceptance of P2P payments through cryptocurrencies, through a fully decentralized platform that operates under the ethereum blockchain technology. This project from its inception was directed specifically for the Asian region, one of the fastest growing financial markets in the world and for a large number of users in that continent who did not have accounts in traditional banks, offering them very fast and quite profitable. The project was announced in an Ico in 2017 in which, unlike other Icos, they set a limit of 25 million dollars, which was all they needed to launch it on the market, immediately capturing the attention of the audience who saw in Omisego a promising project with a lot of credibility.

In fact, currently Vitalik buterin himself, founder of ethereum, is part of the advisory team of this project, who saw great potential in it and that in recent years has had a great acceptance and is already among the projects with the highest capitalization of market. Omisego is a decentralized p2p payment platform, which works through its omg token, which is a kind of gas, which gives life to the entire ecosystem. As it uses a p2p network, omisego requires a network of computers, or nodes, in which clients operate simultaneously, creating a direct exchange without intermediaries.

Omisego does not offer any type of mining, since all its coins are in circulation and the company has control over them. However, users who wish to acquire Omg, can store them in their wallet, and receive a certain amount of those coins, depending on the amount they have stored, in a clear Proof of Stake (PoS) system. The platform also offers its users the possibility of downloading an open source SDK wallet to store their coins, which can be bought in most of the most famous exchanges on the market, such as binance, huobi, kucoin etc.

Pros & cons

  • It offers a fully decentralized p2p payment platform and a useful technology accessible to everyone, where both fiat currencies and cryptocurrencies are accepted
  • Transactions are very fast and there is high scalability
  • It offers an alternative to electronic wallets such as paypal or payeer, giving access to a huge number of users who do not have a bank account
  • They are backed by the support of ethereum founder vitalik buterin
  • They offer fixed conversion rates, between fiat money and cryptocurrencies, always charging the same amount, through their OMG currency
  • Omisego offers a totally free, open source sdk wallet to store OMG coins and enjoy certain benefits, and assets are not stored on any external server
  • They offer certain rewards to users for storing a certain amount of cryptocurrency in their wallets
  • nothing negative about this project