Cryptocurrency
OmiseGO (OMG) – OmiseGO’s Plasma Speed will “Change the Landscape”
Jun Hasegawa, OmiseGO (OMG) founder said in a twitter post that Plasma will “change the landscape” in terms of transfers per second. These promises leave everyone excited (especially OMG holders) and the post has already been shared tremendously.
We’ve all known how much interest Vitalik Buterin has shown towards OmiseGO and we can currently see on Jun Hasegawa’s twitter page that Vitalik himself is on the cover picture next to him. You can see through the image below the post where Jun commented on Plasma.
Image 1 – Jun Hasegawa, OmiseGO (OMG) founder on Twitter
Rumors of 1 million TPS (transfers-per-second) have been thrown around OmiseGO’s official subreddit (just to start!). If these numbers are in fact correct then this number completely bashes companies such as VISA and PayPal.
Currently VISA is able to process 24,000 transfers-per-second which is indeed impressive but when you compare it to the promises of OmiseGO (OMG) they suddenly fall short. The possibility of making payment transactions through blockchain in order to reduce costs and delays has always been an objective, many have tried but none have quite achieved these revolutionary numbers like OmiseGO (OMG) did.
As it can be observed through the image below, we see that VISA is currently the company which offers the fastest rate of transactions currently. Ripple (XRP) already surpassed PayPal’s rate but still none compares to the new OmiseGO (OMG) Plasma’s Speed.
Image 2 – Transaction rates of major companies – Source: https://howmuch.net/
OmiseGO’s History of Success
It isn’t the first time where OmiseGO separates itself from all the other crypto in terms of real-world application. I hope everyone remembers the partnership they have with McDonalds where in Thailand they are currently processing their payment transactions and they expect to reduce 60% in terms of cost of transactions and data processing.
When this was announced we saw major gains in OmiseGO where it went from 1 USD to 10 USD in just a little over a month. Now that the Plasma Framework is going to be implemented, a framework that is characterizable through a high scalability and has almost unlimited state updates per second, we will see a lot more interest in companies which will in turn translate to bigger investments on OMG network.
They do not only promise these crazy fast TPS, they also intend to make the network a POS (Proof-Of-Stake), which I have covered before in previous articles. This means that a OmiseGO (OMG) holder will be able to stake his tokens in validating the network which will in turn give back compensations. Just this alone should make you want to invest in OMG.
Market Analysis
The market, just as I predicted in previous articles, is currently dipping after all the people aboard the hype train got in with their first investment in crypto with their newly found money due to the Holidays. OmiseGO (OMG) was one of the least affected by this slide. Keeping its price afloat between the sea of red, OmiseGO (OMG), is gaining momentum for the next jump up.
Image 3 – OmiseGO’s Charts – Source: https://coinmarketcap.com
We’ve all been expecting the trillion-dollar mark to be met soon and a lot of people thought that it would be faster because of the growth observed throughout December. Currently OmiseGO (OMG) can be purchased or traded through most of the big exchanges which means that, once an effective press release is made concerning new partnerships or updates, everyone will be able to cash-in on this token which will translate into a big growth.
I’ve been an investor for a while now and I’ve been holding OMG for a few months now, and I will only consider selling it at $100 USD (depending on the PoS transition). I expect this evaluation to be met before the 3rd quarter of 2018.