Unlike most cryptocurrency ratings published online, the Wise Crypto ratings have nothing to do with the current or future price of the currency. Whether or not a crypto is over or undervalued or priced today is completely irrelevant. Our research focuses on the sustainability of each project, the security, the use case, decentralisation, environmental impact, the technology, the scalability and the developers and teams behind the projects.
OmiseGo (OMG) Rating = 372/1000
Technology (0 to 300) = 142
- Speed (0 to 50) = 35
OMG claims it has an immersive transaction speed capability. OMG leverages the Plasma network which it says can handle larger data sets than mainnet Ethereum and ideal for enterprise scalability. The network can theoretically handle 1 million transactions per second (or more), however currently confirmation times are around 6 minutes and longer during periods of heavy network congestion.
- Cost (0 to 30) = 2
The cost of the transaction on the OMG platform is quite cost-prohibitive. Users are charged 15 cents purchasing items worth one dollar. Trading large amounts of digital assets on the OMG DEX is also quite costly.
- Scalability (0 to 50) = 35
OMG is quite scalable thanks to the Plasma architecture. Scalability on the platform is achieved on the platform using numerous “child chains” which run on top of the main blockchain. The Plasma architecture allows for transactions to occur in real-time, while state proofs are committed to and enforced by the root chain. In turn, the OMG network can scale infinitely while still being secured by the Ethereum root chain.
If OMG can realise their claimed millions of transactions per second that would be hugely impressive. However the transaction speeds need to drastically increase from the current 6+ minutes.
- Reliability (0 to 50) = 30
On the platform, users are able to experience the freedom to transfer money in and out of whatever currencies they wish, including other decentralized currencies such as ETH and BTC. A developer can leverage OMG SDK design to easily plug into the network and easily develop customer-facing wallet apps that utilize the OMG network without necessarily requiring a deep understanding of the underlying technology.
Reliability of the OMG network is up for question however due to the numerous potential vulnerabilities of both the OMG and ETH networks.
- Environmental Impact (0 to 50) = 30
OMG uses the Proof of Stake (PoS) Consensus. PoS in OmiseGo utilizes a validator network who stake the native OMG token and are rewarded in transaction fees. It, therefore, cannot be mined like Ethereum and Bitcoin hence has a minimal environmental impact. The fact it also runs on the Ethereum network however drags the score down. They should consider moving to a faster and cleaner network.
- Decentralization (0 to 50) = 10
OMG governance structure is semi-centralized. The OMG token is controlled by one or two whales who bought massive amounts of the token during the ICO sale. This is a big concern across the OmiseGo community as the network performs better when more participants are staking. Nonetheless, the platform still provides network infrastructure which facilitates decentralized payment processing from e-wallet operators, including Alipay and Venmo.
Security (-250 to 0) = -75
- Reorg, 51%, Brute Force Attack & Low Cost Attacks (-100 to 0) = -25
The low cost of the OMG tokens makes the network susceptible to attacks. Hacker may hold large amounts of the OMG token, giving them a substantial authority over the network. The developers must, therefore, enforce the network to avert such security threats. OMG is also built on the Ethereum network which is susceptible to Brute Force Attack and 51% Attacks.
- Potential for being banned (-100 to 0) = -10
OmiseGo (OMG) platform aims to enable financial inclusion and interoperability through the public, decentralized OMG network. This vision is in line with the rules governing the cryptocurrency sector. The platform faces little chance of being banned but never say never – particularly while running on a POW network like Ethereum.
- Network Vulnerabilities (-50 to 0) = -40
The White hat hackers team working to find network vulnerabilities on the OMG network established at least six software glitches on the code. Among the glitches found is that EPPs were responsible for holding balances of other EPPs they wish to support for fast transactions. This could lead to EPP systems with multiple points of failure (instead of a central point of failure) incase the EPP system is not secure enough. Additionally, the OMG chain validation is dependent on the bandwidth of the Ethereum chain, which suffers from immense vulnerabilities that affect several layers of the network.
Use Case (0 to 500) = 170
- Initial Main Use Case (0 to 100) = 80
OmiseGo was developed by Omise to offer peer-to-peer transactions with smartphone devices. The platform promises to ‘unbank the banked’ and enables transactions between states, countries, banks, and blockchains, with FIAT and cryptocurrency. OMG is essentially a decentralized plug-and-play exchange.
OMG has other related potential real-world use cases. It can be used as a transfer of value through payments and exchanges. It can also be used in mobile banking, facilitating remittances, tracking assets, loyalty points on various platforms, tokenized fiat and as digital gift cards.
- Mainnet Live (0 to 200) = 50
OmiseGo Mainnet’s is not live yet. Its community project that the developers are likely to issue a beta version before the mainnet is fully launched. But this will depend on a lot of factors. The OMG public token sale occurred on June 25, 2017, where $25M was raised. Currently, the date of completion of the DEX launch and the Scalable Blockchain has not yet been revealed.
- Additional Use Cases (0 to 100) = 0
Crypto casinos are a valid, legitimate and active use case: there are currently no OmiseGo casinos or OMG casinos.
- Additional working products (0 to 100) = 40
In 2019, OmiseGo launched an integral e-wallet solution-OmiseGo eWallet suite. The platform is a white-label, open-source, fully customizable eWallet to digitize and store all types of assets. The wallet is ideal for the OmiseGo ecosystem. Omise Holdings, the company behind OmiseGo also owns other startups, including Omise Payments and GO. Exchange.
Core Team, Partnerships & Developers (0 to 200) = 135
- Core Team & Developers (0 to 100) = 65
OmiseGo is owned by Omise Holding, a Thailand based technology company. Jun Hasegawa is the founder and CEO of Omisego. Hasegawa also co-founded life management app LIFEmee and Thailand based payment gateway Omise. Donnie Harinsut is co-founder and chief operations officer of Omise. Harinsut worked for 12 years at Japanese advertising company Alpha-do Inc, as an international trading manager. Vitalik Buterin, the founder of Ethereum and one of the most highly respected developers in the cryptosphere, is an advisor to the OmesiGO project.
- Notable partnerships (0 to 100) = 70
OmiseGo has partnered with various companies to increase their use cases. OmiseGo partnered with Ethereum becoming the biggest and earliest venture capital projects funded and supported by the Ethereum foundation. OmiseGo also partnered with Shinhan Company-South Korea’s largest credit card company to facilitate Shinhan Card payments in the whole of Asia. Other partners include Mass Vehicle Ledger (MLV), AlgoZ, Hydro Labs and Japanese finance giant Nomura among others.