Pros and Cons of OmiseGo

By Sumedha Bose

OmiseGo, the Ethereum based open distributed network where people can exchange digital assets amongst each other, is slowly gaining more popularity due to its collaborations with some big names. Recently, OmiseGo tied up with Mass Vehicle Ledger to develop blockchain applications.

It is an extremely safe network that allows for decentralized, peer to peer transactions of digital assets that are kept securely on the chain. It is based on the Ethereum blockchain and uses Ethereum smart contracts and protocol consensus.

The company recently released its first dApp which could disrupt traditional video games. For those still unsure about whether it is a reliable network or not, let’s take a look at some of the pros and cons of the system:

Pros

  1. To start off, OmiseGo is supported by plasma infrastructure, which is a highly interesting and disruptive technology. It is sure to open up new avenues for the decentralized exchange and challenge Bitcoin’s hegemony in the market. (Read more about the cons and pros of Bitcoin)
  2. OmiseGo is supported by parent company Omise, who are a credible payment processor in South-East Asia, with years of experience behind them. They already have a wide international customer base. With the development of OmiseGo platform, all the payments previously processed by parent company Omise, can instead be enacted on the OmiseGO blockchain.
  3. The Plasma Project that OmiseGo recently released is the brainchild of some of the top minds in the industry. The co-founder of Ethereum, Vitalik Buterin, has himself worked on the project and made sure that it succeeds.
  4. OmiseGo has already launched an SDK decentralised wallet, which allows you to carry on transactions without the typical problems faced by most mainstream exchanges, like phishing, hacking and third party intereference. Also, the transaction fees is minimal.

Cons

  1. One of the primary issues with OmiseGo is its volatility. It is a ‘Sleeping Giant’, which essentially means that it is a slow burner. Success of OmiseGo is heavily dependent on the success of it’s technology. The price has already reached record lows in this year alone.
  2. The team of OmiseGo is undoubtedly very good. However, caution is advisable when readers are investing in OmiseGo. Not everything that is promised, is always delivered. It’s a big project, some might even call it over ambitious, but we will have to wait and see how the market reacts to it.

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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