Review on OMG Network by LY HOANG KHA

Name: OMG Network
Item: OMG Network
Rating: 5

September 14, 2018

OmiseGO is an Ethereum-based payment and exchange platform that plans to…

OmiseGO is an Ethereum-based payment and exchange platform that plans to revolutionize the world of finance as we know it. It’s a real-time, peer-to-peer value exchange and payment service that allows the best currency to rise to the top. The goal is to enable financial inclusion while disrupting existing institutions.
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Pros

OmiseGO is aimed at providing financial services to Southeast Asia’s unbanked population. The OmiseGO blockchain supplements the existing Omise payment gateway and mobile wallet infrastructure. OmiseGO will eventually utilize Plasma on Ethereum for fast transaction speeds and Proof-of-Stake verification model for decentralization. Omise is backed by several prominent Asian VC firms and has backing from Thailand’s Central Bank and Ministry of Finance. Ethereum’s founders are consulting on OmiseGO.

Cons

Omise will sell OMG (OmiseGO) tokens at some point over the coming months. The tokens will allow token holders the rights to earn fees for validating transactions on a special type of Proof of Stake (PoS) network. That network will have a decentralized exchange built into the blockchain, with consensus rules allowing deep interoperability with most other blockchains including Ethereum and Bitcoin – while also offering a novel way to provide network economic security.