Another tough week for cryptocurrencies, as Bitcoin’s sudden dink incited another devastating bearish trend. Like every other altcoin, OmiseGo (OMG) suffered losses in double digits. However, following yesterday’s announcement, OMG has slowly picked itself up and is now back in the green.
As at the time of this writing, OmiseGo (OMG) is fractionally trading in the green, gaining 0.03% against the USD and 0.87% against BTC. OMG is now trading at $2.72 and is the 24th most valuable cryptocurrency with a market capitalization of $382 million. OmiseGo is performing quite well in the market because of the following announcements.
OmiseGo (OMG) Partners with Popular Taxi App
Partnerships have always played an important role in the growth of cryptocurrencies, more often than not, it means the cryptocurrency get to be used in the real world, which is one of the primary objectives of every digital asset.
OmiseGo announced on Tuesday, 13th of November that it had signed a memorandum of understanding with Mass Vehicle Ledger (MVL). The partnership will see both companies pool their resources together to develop a strong proof of concept (POC) algorithm.
According to the announcement, the OmiseGo platform and the TADA app (a subsidiary of MVL) would be beneficiaries of the POC algorithm. TADA, one of the most popular taxi apps in Singapore, with more than 100,000 users.
OmiseGo and TADA
Before the announcement was made, the TADA app already uses a blockchain platform to offer cheaper cab fares to residents of Singapore. TADA which was launched this summer already has 100,000 users with an estimated 17,000 car owners registered as divers on the platform.
It has been suggested that OmiseGo’s trustless intermediary platform could be used to collect and process log data from the TADA app. More importantly, the CEO of Mass Vehicle Ledger, Kay Woo, also said that the blockchain of OmiseGo could be used to improve the payment options for users of TADA.
Despite being just months old, TADA has gained remarkable recognition, and the company has already extended its services to neighboring countries including South Korea. Massive adoption doesn’t happen overnight, and this is another important step in the right direction for OmiseGo.
For OmiseGo, the next big thing is Plasma, a framework that would incentivize and execute scalable smart contracts. According to OmiseGo, Plasma has the potential of performing billions of transactions per second. However, Plasma is still in the works.
OmiseGo explains Plasma as “blockchains being built on top of blockchains”. In OmiseGo’s recent report, it revealed that its researchers have been working on methods that would help simplify the atomic swap protocol, to tackle the problem of large cash history in Plasma Cash (a proposed scalability solution for the Ethereum network).
When Plasma is launched, it would solve most of the problems of the Ethereum and other blockchains. The OmiseGo team has been making consistent efforts in bettering its platform, to set it up for future success.