bullish posted on October 12, 2019 12:37:59
OmiseGo (OMG) was one of the most promising projects in the crypto world in 2017/2018. They aimed to fix all the problems with p2p digital asset transactions. They also have a top notch team with Vitalik Buterin being a notable adviser for them.
OmiseGo is often tied to Plasma - a layer 2 scaling solution for the Ethereum ecosystem. So far, they've launched a few iterations of Plasma MVP and MoreVP to the public. They've been working hard on this aspect of their platform for a couple years now. Please note that their Plasma implementation is NOT a general purpose second-layer plasma. Instead, it is specifically targeted Plasma implementation towards DEXs and payments.
Also, some criticisms of OmiseGo (and to be fair this could be applied to most ICOs in the crypto world, but here we go anyways):
1) They are bad at scoping and oftentimes lead their community on as to when they will be able to complete a part of their roadmap. They've missed multiple dates in the past and have kept their community hanging.
2) Their goals have shifted many times (at least from a marketing perspective). And they've also had some "Waltonchain"-like snafus when it comes to PR and marketing. Examples include: misleading pictures @ Google, core team members leaving, partnering with questionable projects like Electrify, April Fools fork, and much more.
3) Also through the long time they've taken to Go To Market, many competitors have sprouted up in the fintech and crypto space. They are tackling a very general problem - making online payments more accessible, so the longer they take, the more competitors are going to come and potentially overtake them. In fact, if you look at the other solutions out there that target the same payments pain points as OMG, they are active and working just as well already.
To be fair though, the team is still working and hasn't given up on this project. Their public alpha testnet was launched and concluded. And the team continues to be very public, attending Devcon 5 and showing the world what they're working on. So for this I at least have to commend them for not just giving up and exiting with all of their ICO proceeds.
Get a weekly update on the best and worst projects right in your inbox.