Review on OMG Network by Stephen Toluwani
OMG Network is a problem solver for the Ethereum Blockchain
With a theme that says Unbank the Banked, which is an ironical statement for providing a financial system for those who have little to no access to banking networks, OMG Network has come to solve issues faced by those living in places with no access a financial system. The project had a juicy history as I read on CoinBureau with it's sole purpose of providing P2P transaction at a low cost and increased speed. Being an Ethereum based project, one may say how does OMG Network intends to solve the scalability issues currently faced by the Ethereum network today. OMG Network uses the Plasma child chain of the Ethereum Blockchain to carry out it's activities. The OMG Network Mainnet Beta version is said to be able to handle 4000 transactions per second and requires no network confirmation before one can access or withdraw his/her funds. With plans underway for the launch of the OMG Network Mainnet, all this will be implemented into it's project.
Currently as an ERC-20 token, OMG Network native token OMG can be held on any Ethereum wallet that supports ERC-20 token. The token is traded on many exchanges with great pairs and liquidity offered. The project has been able to solve transaction fees charged by the Ethereum network as it only charges one-third of the average cost charged by the Ethereum Network. It's open and permissionless network allows developers to build their own Decentralized apps on OMG. As the OMG Network uses PoS Algorithm, speed of transaction is usually better as compared to it's host, Ethereum. There are plans for the mainnet launch of this project as it's mainnet is just in it's Beta stage
The project has a lot of competitors today and for it to stay true to it's game, it really needs to follow up on its roadmap as the roadmap details a lot that can be achieved and when achieved, should make it's Network a forerunner in the Crypto
Pros
- The OMG Network is a visionary project aimed at giving a payment source to those who have no access to it
- Being held currently on the Ethereum Blockchain as an ERC-20 compliant token, it can be stored on any ERC-20 supporting Ethereum wallet
- The major use case of this project is for making P2P transaction with low fees usually 1/3 of what's charged on the on the Ethereum Network
- Using a child chain of the Ethereum network called Plasma, OMG Network intends to solve the scalability issue faced by Ethereum with it's Network being able to process 4000 transactions per second. Also using this child chain, transaction confirmation aren't made necessary
Cons
- The project hasn't been following it's Roadmap to it's last details as they have missed so many deadlines
- There is a lot of competition for this project as many other projects offers what OMG Network offers
