My Evaluation of Omega One, Initial Coin Offering (ICO)

in ico •  2 years ago 

Omega One seeks to tackle the liquidity problem associated with greater transaction time without sacrificing the security that greater liquidity normally requires. They do this by creating a currency-neutral exchange that bundles transactions of like currency into single transactions, to be submitted by Omega One to the currency’s native blockchain. Here’s how it works:

Pat wants to buy 1000 Patcoins (which are valued at a dollar each). Ray also wants to buy 1000 Patcoins. Hell, so does Nate. So the three of us want to buy 3000 total Patcoins. So each of us makes a separate transaction in the Omega One blockchain (architecture of this blockchain is completely unknown to me, and therefore its capacity and security). But then the Omega One exchange bundles those three transactions, takes the 3000 dollars we gave their blockchain, and then submits the transaction to the Patcoin (destination) blockchain. The advantage is this: we get our Patcoins immediately. Second advantage: we never have to deal with any blockchain other than Omega One. Third advantage: what would have been three transactions sent to the Patcoin blockchain, is now merely one transaction. This feature, if scaled largely, could reduce the transaction load on the destination enormously. Just imagine being able to bundle thousands such transactions at a time. With the major blockchains already facing scalability ceilings in the near future, this could provide us with a technological bridge to full scalability without the scaling crises that would have been inevitable otherwise.

MVP: No, not yet. Great idea, but still fairly speculative. Not IOTA speculative though. There is a clear road map to accomplish this goal, and the challenges along the road map should be achievable by a talented team of developers managed by a strong leader.

of developers: 2. A blockchain architect and an Ethereum engineer. OK so they’ll be on the Ethereum blockchain. Lol ok I guess it’s less speculative. But the fact that it’s built on Ethereum means it’s subject to Ethereum’s scaling problems, which are not nearly as bad as Bitcoin’s. Ethereum’s hard daily transaction limit is about 1.3 million transactions per day. If Omega One is executed properly, then it won’t reach that limit for quite a long time.

Big Players: Joseph Lubin, Ethereum co-founder and Consensys co-founder. He’s on the advisory board.

The Story: their web site is pretty good among ICOs - obviously done by serious professionals with a background in efficient communication. They have a moderate presence on twitter, and they are definitely marketing hard to Japan. They use the same gay shill tactics that Iota uses, which is pretty transparent and a waste of time when trying to influence savvy fuckers like you and me.

If you’re going to toss money down the ICO rabbit hole, you could do a lot worse than this one. They haven't announced the date of the token offering, but I think I'll plunk a few shekels in on this one.

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