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Even though Ethereum offers revolutionary and groundbreaking blockchain technology, it’s just not cut out to handle the next billion users, at least not in 2021. When compared to the likes of Visa, which processes thousands of transactions per second (TPS), Ethereum lags and can currently process less than 20 TPS.
OMG (OmiseGo) is like Redbull for the Ethereum blockchain. It amplifies Ethereum (X100) giving it the wings it needs to soar above traditional centralized solutions like Visa.
The OMG Foundation, previously known as the OMG Network, functions as a decentralized exchange facilitating blockchain transactions without the need for a gateway network.
Here’s what that means:
OMG tokens are not fundamentally designed to serve as a currency, but they are utilized to authenticate transactions on the Ethereum blockchain. Proof-of-authority (PoA), a variant of the Ethereum proof-of-stake is used by the chain.
By leveraging Ethereum, OMG creates a value transfer layer that packs in bundles and validates transactions before sending them back to the blockchain for confirmation. This is not only faster but relatively cheaper as it takes advantage of the economies of scale. But that is only the beginning.
Enya, a prominent provider of decentralized infrastructure solutions tailored for the next billion users, has entered into a partnership with the OMG Foundation to build next-generation tools for developers.
During the last quarter of 2021, Enya announced the beta launch of Boba Network. Boba is an Ethereum Layer 2 Optimistic Rollup scaling technology, which lowers gas costs, improves transaction speed, and expands smart contract functionality.
Its design is intended to reduce the network transaction processing latency to <1 minute. As a result, Boba enables near real-time transaction settlements across blockchain interfaces. Boba does this while keeping all data stored off-chain for efficiency and security reasons.
Vansa Chatikavanij, the company's founder, establishedOMGon July 15, 2017. The project launched after a crowdfunding campaign led by Jun Hasegawa and Donnie Harinsut, the founders of Thailand-based payment firm Omise. The initial OMG token sale raised over $25 million.
In total, the firm released 140.23 million OMG tokens, and distributed them as follows: 65% were given to private investors in the presale while 5% were distributed through an airdrop to Ethereum investors. To guarantee that OMG payments are valid, 20% of the funds were paid out. The remaining 10% is held by the team.
The OMG project has the support of several big names in the crypto world, notably Vitalik Buterin and Gavin Wood- Ethereum exchange protocol's co-founders. They are also sponsored by Joseph Poon, creator of the Lightning Network, and Roger Ver- a well-known Bitcoin investor.
The OMG Foundation is a cryptocurrency network that offers decentralized blockchain-based services. Although it was founded by a private company, OMG Foundation is an open-source project.
The OMG Foundation’s primary goal is to offer financial services to people currently locked outside the traditional banking system. Often considered insolvent, these people are trampled upon by the complexities of today's financial system.
OMG wants to give these people access to basic banking services such as money transfers and receipts.
The secondary objective of the OMG Foundation is to guarantee coordination between diverse payment methods and banks. It aims to provide its customers with access to any network's financial services. This kind of service also enables traders to exchange fiat money for virtual currency.
The OMG Foundation blockchain has built a decentralized exchange (DEX) platform to achieve its objectives. The platform scales Ether, Ethereum’s token, through a smart contract on the OMG Foundation chain to guarantee network adaptability with various transaction types. The sender and receiver will be able to change the transferred assets according to their preferences using this mechanism.
This company has already demonstrated its potential in the cryptocurrency world with a large customer base in South East Asia. OMG has a solid foundation, as it was orchestrated by its parent company, Omise, and all transactions made on the platform are guaranteed and secure.
Some decentralized platforms can act as gateways between cryptocurrencies and fiat currencies. However, these networks are not immune to the possibility of being hacked. OMG Foundation offers the same options only the data will be stored on the blockchain, reducing the risk of theft. Not to say it doesn’t have its downside; all projects do.
OMG’s development has witnessed major drawbacks for investors. The previously published roadmap has since undergone significant modifications. To start, the platform was set to launch between late 2017 and early 2018, however, the date was postponed as the team was unable to meet their deadlines.
Additionally, the OMG roadmap contains gray areas and unclear projects that need further explanation from the team. Furthermore, the platform does not offer a custom wallet, unlike most cryptocurrencies in circulation.
Stripe, a 95 billion dollar payment processor, declared that it will no longer accept Bitcoin payments. This does not imply that they have changed their stand about cryptocurrencies being valuable. In fact, Stripe revealed that they are examining two digital currency projects for future inclusion in their portfolio: OMG and HUO. It doesn’t end there.
Starbucks has stated that it will start accepting cryptocurrencies as payment as soon as a major payment processor enables it to do so. It's just a matter of time until the values of cryptocurrencies and OMG coins rise as a result of the coffee chain and a well-known payment service provider's support.
It is safe to say the future does hold a truckload of promises for the OMG project. However, promises are as good as they get. It will take a greater level of transparency from the OMG team to get more companies and institutions (especially global brands) on board to power the next billion Millenials and Gen Z'ers.
Links for further reading
https://omg.network/https://totalcrypto.io/omg-coin/
https://support.blockchain.com/hc/en-us/articles/360027491872-What-is-an-ERC20-token-
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