OmiseGo To Enhance Cross-Border Payments Through Open Source Blockchain Networks
OmiseGo is the new blockchain project planning to enhance scalability in the financial sector in a unique way. Developers behind the Ethereum-based blockchain solution are planning to take on the likes of XRP head on, when it comes to cross-border transactions.
Backed by venture capital firm Omise ltd, OmiseGo could as well be the platform for enabling financial inclusion and interoperability through a decentralized network. In taking on more established blockchain projects, OmiseGo intends to offer a better alternative in most aspects.
OmiseGo primary goal is to enable real-time peer-to-peer transactions. In addition, the developers say the platform will allow users to trade fiat currencies. The Ethereum platform also comes equipped with customized open-source software, development toolkit. For that, reason developers will be able to come up with decentralized applications dApp.
In addition to supporting wallet-to-wallet transactions of cryptocurrencies, OmiseGo will support fiat currencies transactions. Network users will also be able to redeem loyalty points and game credits in the platform. The platform also comes with a robust digital asset gateway. The gateway will make it easy for users to access, manage and transact cryptocurrencies held on a chain.
The developers are currently working on a clearinghouse. As a result, the platform should facilitate the secure and rapid transaction through the issuance of Ethereum based smart contracts as well as protocol consensus. Network users will also gain access to a decentralized exchange that will enable scalable and secure proof of stake cross chain interoperability.
Backed by Ethereum co-founder Vitalik Buterin, OmiseGo should be a force to reckon with going forward. Most of the developers working on OmiseGo are the same software architects working on Ethereum, which is the largest and most established decentralized application and smart contract development platform.
OmiseGo intends to set itself apart from other projects by enhancing security accessibility as well as scalability. Links to the Ethereum blockchain should result in the creation of secure token custody. In a bid to attain the highest level of scalability in the network, OmiseGo developers intend to leverage Plasma architecture.
The architecture stands out on the fact that it allows unlimited scalability. That said it can process millions of transactions a second. Double spending should be a thing of the past with the implementation of plasma architecture in OmiseGo. The architecture developers are currently working on Plasma Prime that will address the double spending menace.