1 Level
17 Review
19 Karma
Review on OMG Network by Celil Ozturk
MG is based on ERC-20 which defines recognized smart contract code functions…
MG is based on ERC-20 which defines recognized smart contract code functions across the Ethereum eco-system
This could include transferring a token or accessing general token data (symbol, supply, balance). This accelerates growth by allowing developers to leverage pre-existing components and code bases. There is a dedicated team in the hundreds with potentially thousands of auxiliary developers helping update and expand the Ethereum platform (which ERC-20 is based on).
This creates a predictable user experience and uniformity of operations without developers having to recreate, retest and relaunch blockchains. Wallets like MyEtherWallet, for example, support holding balances of any ERC-20 based token.
The problem with legacy financial network and what problems does OMG solve
Traditional payment networks like FedWire, CHIPS, SWIFT and ACH are currently in place to process local, national and even international payments. These services can extend to things such as asset exchanges and derivatives.
These centralized networks allow an entity to have unilateral control of above-mentioned legacy rails and financial services. This not only creates data security risks, but also higher costs for end users and a monopoly like market environment.
Enter the blockchain and OmiseGo
Although new rails like Paypal and Venmo create pressure for a more competitive network, the same centralized counterparty risks apply. Also, most legacy networks are typically unwilling to allow interchangeability across providers instead protecting their network with a “winner take all” mindset.
OMG wants decentralized wallet development and ability to send funds across networks
The goal is to build a fully decentralized peer-to-peer system to enable “asset agnostic” value exchange in real time on an Ethereum-based blockchain. (This means any decentralized or fiat currency pairs or ERC-20 tokens)
A Software Developers Kit (SDK) is a collection of pre-defined programming functions allowing developers to code faster and more efficiently
In the same way we “click” an app to open it, there are hundreds and thousands of lines of code behind that function. (Similar to any user interface on an operating system)
This a free open-source, white label “eWallet” model allows developers to create their own styles, designs and even custom app integrations. This could handle cross-wallet transactions, payments, transfers and even rewards points.
Omise will open up its current established base of financial services to OMG users and developers
Pros
- OMG is a decentralized bank, exchange, and asset-backed blockchain gateway. OMG’s ultimate goal is to be a “preeminent high-value exchange and settlement platform”. Think of a decentralized Ripple + universal remittance bridge to interconnect fragmented payment processors, legacy rails, and decentralized blockchains.
Cons
- This means helping the unbanked get banking services (through their open-wallet infrastructure) and facilitating unprecedented interchangeability between the many siloed legacy rails (ACH, VISA, Paypal) and decentralized blockchains (like Ethereum). This could even potentially include more obscure assets like airline miles or loyalty points
