OmiseGO (OMG) was just as affected by the dip we are currently experiencing as any other coin so right now it is hard to know in which coin one should be bullish right now. February is expected to be a great month for crypto since the market bouncing is clearly eminent if you observe the pattern behavior in previous years.
The track for the trillion-dollar mark was already set and, because of the correction we saw in January, the crypto market is now involved in a lot of FUD which causes the dip to last longer. Yet, a crypto investor who is in it for the long run should be able to identify the most appropriate timing to buy-in.
OmiseGO (OMG) is a project that should be on your wanted list, regardless of the market conditions, below I give you reasons why.
#1 – Plasma Network pending release
OmiseGO (OMG), with the announcement of their plasma network, has caught a lot of attention for investors as this coin promises to be one of the top performers in 2018. Plasma promises almost an unlimited number of transfers per second and it is expected that the boundaries for this network are only defined by hardware and not by the architecture. Currently it is estimated that they will be able to handle 1 million transfers per second which would completely change the landscape for transferring value.
This number completely smashes top non-crypto performers such as PayPal and Visa, where Visa, #1 performer can only handle 24,000 transactions per second. If OmiseGO (OMG) is actually able to deliver these promises then it will be outstanding to see its value increase.
Plasma is a similar attempt of scalability such as the Lightning Network but its focus is to scale Ethereum’s network, so once this plasma network is released you should see an increase in both OmiseGO (OMG) and Ethereum (ETH).
Even though many people thought that the release of Plasma would be pending on Ethereum’s network, the moderator for OmiseGO subreddit stated that it would be the other way around. He said:
“(…) OMG Network will scale the Ethereum mainnet for everyone to use.”
Source: https://www.reddit.com/r/omise_go/comments/7tkh8i/isnt_omg_dependent_on_eth_to_release_plasma_well/
#2 – Stripe ends Bitcoin Support and mentions OmiseGO
For those of you that don’t know Stripe I will tell you only this, Forbes Cloud 100 lists Stripe as the #1 company for cloud computing in 2017. You can see the 10-billion-dollar company mentioned in their article below:
“Hundreds of thousands of businesses use Stripe’s software to handle sales and other transactions on their sites, including Facebook, Lyft, Target and Unicef.”
Source: https://www.forbes.com/sites/alexkonrad/2017/07/11/cloud-100-hottest-companies-of-2017/#477253773028
Now that you know who I’m talking about I’ll show what they said regarding cryptocurrencies in the future. Stripe just stopped supporting Bitcoin, and this company was one of the first to implement Bitcoin support in 2014. They are currently making arrangements that will stop completely the Bitcoin form of payment on April 23, 2018.
Yet they say that the impact of cryptocurrencies is still one that they should look at, and two of the crypto projects that they would be looking closely would be OmiseGO (OMG) and Stellar Lumens (XLM). Tom Karlo, Stripe’s product manager, said as quote:
“OmiseGO is an ambitious and clever proposal; more broadly, Ethereum continues to spawn many high-potential projects. We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow.”
Source: https://stripe.com/blog/ending-bitcoin-support
Also, Starbucks CEO said that they would start accepting cryptocurrencies as soon as any major payment processing company would allow them to, and guess who is the company that will do that? Stripe, since they already provide support for Starbucks which will be very exciting in the future.
#3 – PoS Staking Transition Benefits
The third reason to go Bullish in 2018 with OmiseGO (OMG) is that they plan on transitioning from PoW (Proof-of-Work) to PoS (Proof-of-Stake) which means that in the future a OMG holder will be able to stake his tokens to get a passive return from network confirmations.
A lot of estimates have been around and most people place the return possibly at $4 USD per OMG token. This is without a doubt one of the most exciting features for investors and it will cause a dramatic increase in value of OMG tokens.