OmiseGo (OMG): The market has been slow to gain the most anticipated upswing with only minor gains. However the market cap is headed north and stands at $239.99billion with Bitcoin dominating with 52.9%. Several coins and tokens have shown notable price traction and OmiseGo is part of the top beneficiaries out of the most valuable top 50 coins by market cap.
This is good news for OmiseGo after shedding over 50% in July and struggling throughout August. However, the token has been working behind the scenes to improve on its products offering. The team is said to be working with several Asian banks and a breakout is in the offing. However, the Asian inroads appears to be overshadowed by the platforms eWallet, a hot cake that is about to be unveiled soon.
OmiseGo (OMG) Dream in the Offing
OmiseGo community has been eagerly waiting for the plasma to bring the scaling issue to rest. The Plasma proposal in included in the OmiseGo whitepaper and once implemented, it will change the lives of many crypto enthusiasts, investors and merchants:
“Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide. The smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain (e.g. Ethereum) to enforce transactional state transitions.”
OmiseGo (OMG) Taking Scalability to the Next Level
The team has revealed that they are on target by offering a state-of-the-art solution to scalability as per the plans. OmiseGo, a provider of payment solutions that rides on Ethereum has announced the release of Plasm alpha, a clear indications that they are about to tackle scalability issues with finality. This will speed up transactions and instill renewed confidence to the OmiseGo investors.
AS per a post on the Medium blog, the project is set to change how users interact with OmiseGo when making payments their daily lives:
“Plasma is a blockchain layer 2 scaling solution to scale blockchain systems to millions or potentially billions of transactions per second (in contrast to, for instance, the current limits of 20–30 transactions per second for Ethereum), while preserving security and decentralization.”
“OmiseGO is building a non-custodial decentralized exchange on top of Plasma. They‘re creating the back-end infrastructure that allows currency-agnostic asset exchange in order to trade any digital asset into any other digital asset.”
The OmiseGo Plasma is not stopping at that; it will also double up as global exchange trough system interoperability. This will cut out the many wallets you have as the system will link up all merchants to a single wallet. You do not have to own a wallet for every merchant you buy from; all you have to do is deposit your finds one wallet and choose your merchant from there.
OmiseGo (OMG) Market Performance
The development record on the ecosystem has been steady and this has kept the OMG token steady. The markets have responded positively and the coin has been able to hold in comparison to other tokens in the crypto-sphere. However, the current price is not the true reflection of the potential after it hit Aprils’ high of $21.
OmiseGo (OMG) is however enjoying trading in the green in the past 24 hours and this could go up as more projects continue to be rolled out. At the time of reporting, the OMG token was trading at $4.88 after gaining 11.51% to the dollar.