With over 2900 cryptocurrencies according to CoinMarketCap, there’s no question that the market is saturated with shitcoins. Some experts predict that 99% of cryptocurrencies will inevitably fade away into oblivion as they fail to offer anything of value and lack real-world adoption. If this proves to be true, that leaves about 30 viable cryptocurrencies worth investing in.
Now the real question is, which cryptocurrencies are eligible candidates to be the remaining 30 cryptos to thrive and survive? Well, besides the king of crypto – Bitcoin (BTC), which will almost certainly survive, the next most likely survivor is Ethereum (ETH) simply because it is dominating the crypto space in terms of real-world adoption and innovative use cases.
Following these two, important projects that are useful to the space will be the ones to survive. For instance, one such project is Maker (MKR) with its decentralized stable cryptocurrency DAI, which will likely thrive due to the necessity of a decentralized stable currency for payments and a stable asset for traders. Another project is Cosmos (ATOM), which may survive due to its ability to scale blockchains, make them more usable, and support interoperability between them. Also, a project like Chainlink (LINK) will likely survive due to its dominance and level of adoption as a decentralized oracle provider, which is an essential component to smart contract functionality in the real world. These types of cryptocurrencies are providing solutions to integral problems blockchain technology faces today and are likely to survive and thrive well into the future.
Now I only listed 5 cryptocurrencies so far, but remember there are about 30 cryptos worth investing in if 99% are going to die. Therefore, what are the remaining 25? Well, first off, I'm not even sure about these first 5 I’ve mentioned as nothing is certain but I believe they have a high probability of success. As for the others, I could list them here but for the remainder of this article I’m going to focus on one unsuspecting crypto I believe will surprise everyone and perform really well.
The crypto I speak of is OmiseGO (OMG). I’m extremely bullish on this project because I believe it will climb back to the top of the rankings as it is a key project that will, hopefully, expand the Ethereum ecosystem.
OmiseGO will Expand Ethereum’s Ecosystem
For those of you who don’t already know, OmiseGO is heavily developing and building Plasma, a second layer scaling solution for Ethereum that enables scalability to the likes of VISA with thousands of transactions per second. Plasma is essentially like Bitcoin’s Lightning Network, in which it provides an extra layer that sits on top of Ethereum’s network and can handle massive amounts of transactions. It uses a combination of smart contracts and cryptographic verification to offload transactions from the Ethereum mainnet into sidechains (sometimes referred to as child chains) and periodically report back to the main chain.
The team at OmiseGO has been hard at work developing their Plasma scaling solution for Ethereum and has now enabled super-fast and low-cost P2P payments with their OmiseGO P2P Payment Network. OMG’s payment network is faster, cheaper, and more secure than other Ethereum payment solutions and it’s poised to expand the Ethereum ecosystem in a big way.
How they will do it:
OMG’s Plasma child chain takes the load off Ethereum by grouping trades and processing transactions and having Plasma and Ethereum communicate as sparingly as possible to increase transaction speed. To put its speed into context, VISA currently handles an average of 1700 transactions per second and OMG’s network can handle, on average, up to 4000 transactions per second.
2. Low Fees
OMG’s Plasma network lowers Ethereum operating cost fees by up to 90%. This is possible because the network groups trades which reduces the number of transactions that need to be verified by Ethereum.
3. Double the Security
In addition to Ethereum’s main chain security, OMG’s network further secures transactions with Proof of Authority (PoA). Therefore, each transaction is checked twice. Also, OMG’s network watchers are decentralized, so funds remain safe and secure no matter what happens to OmiseGO.
4. Accessible UI/UX
One of the biggest hindrances of cryptocurrency and blockchain adoption is poor user experience. Therefore, the OmiseGO team is aiming to make the network as easy to use and accessible as possible.
The OmiseGO Plasma-powered payment network is getting very close to being fully implemented with Ethereum and once it finally goes live and delivers its promises, the Ethereum ecosystem will benefit immensely. The Plasma implementation will enable new types of applications that require high transaction throughput including global decentralized exchanges (DEXes), payment platforms, and more.
Investors will soon see OmiseGO (OMG) as one of the core Ethereum projects next to Maker (MKR), Cosmos (ATOM), or Chainlink (LINK). Early OMG investors may soon experience decent gains on their portfolios as OMG climbs it's way back in the top 15 cryptocurrencies by market cap.
All in all, cryptocurrencies that solve real blockchain problems such as scalability, security, and interoperability will inevitably beat 99% of others and OMG is on track to do just that with their Plasma implementation.
What do you think about OmiseGO and their Plasma implementation for Ethereum? Will OMG become known as one of the most important ETH projects like MKR or LINK? Let us know what you think in the comment section below.