OMG: Can it Save Ethereum?

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Written by

Crypto Enthusiast

4 years ago

In community: Crypto Mindset(9c1c)

During the last two months you would have noticed that a lot of new crypto projects suddenly shot into prominence. Token which were virtually unknown overnight jumped the charts to make it to top50 by market cap and in some cases even to top20. Who can forget Polkadot which jumped right into the top5 spot just after it’s mainnet launch.

Most of these projects were either DeFI based and benefitted from the general euphoria around the yield farming craze or were projects like Polkadot which aimed at improving the shortcomings of Ethereum.

Besides these projects there was another project called OMG which was rapidly climbing the charts and it this token which I will be focusing on in this article.

What exactly is OMG?

OMG is not exactly a new project as it has been around for many years now but it started gaining popularity after it’s rebranding from OmiseGO to OMG on 1st June, 2020.

The rebranding was done to highlight the shift in focus of the project. Earlier OMG was a subsidiary of the larger Omise group which was focused on facilitating online payments and was very similar in operations to Paypal.

OMG was getting close it’s much awaited mainnet launch and fast track it’s Layer2 solution implementation.

What makes it so Special?

We are all well aware of the biggest issue facing the crypto industry thesedays which is the unimaginably high exorbitant ETH processing fees. What makes me really mad at the situation is that it is disrupting the whole foundation on which Blockchain was built upon, that is to make an equal world where everyone has equal access and rights to money.

These crazy ETH gas fees are moving crypto out of the reach of common man as he can not afford to pay $10-$20 charges for a simple transaction, whereas the whales playing around in millions won’t care even if the fees was to go to $100 range as for them it is peanuts for the killing they are making by market manipulation.

Why I am really optimistic about OMG is that it is one of the few projects which are aimed at reducing the network congestion on ETH though it’s Plasma scaling framework.

There are many new projects which are planning to establish themselves as an alternative to Ethereum and hoping to replace ETH as the de facto default blockchain but I don’t see that viable at least in the near future considering the huge volume of ERC20 projects which already have a big following and cannot migrate out of ETH in the short term.

What is this Plasma Framework?

OMG’s scaling framework is called Plasma and it was originally designed by Vitalik himself in early 2017. You might have heard of the several side chain projects which are aimed at bypassing the network congestion limitation of ETH. Plasma uses a different approach by an approach called Child Chains which are built upon ETH smart contracts so you don’t need to leave Ethereum.

Are there any Takers for OMG?

The biggest Stablecoin by volume, Tether (USDT) has already integrated with OMG as they are impacted the most when ETH fees go up. They are really hopeful on the potential of OMG to reduce the gas fee and raise the transaction speeds.

You can read the details here - https://tether.to/tether-usdt-integration-live-on-omg-network/

How successful this integration is with Tether will determine if more ERC20 projects start adopting OMG.

Cheers,

SamBTC

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