OmiseGo’s Price Gains Following the Announcement of Plasm Technology Upgrade

OmiseGo (OMG) has emerged as one of the valuable altcoins and is currently ranked in the top 25 list of cryptocurrencies in terms of market cap. From its latest announcement, it seems like the project is set to experience price surges after the integration of its recent updates.

OmiseGo is majorly focussed on bringing decentralized payment platforms to areas in South East Asia where the access to banks is limited. Despite this, the global nature of cryptocurrency makes OMG an exciting coin to HODL based on the recent developments

OmiseGo announced that it is on the verge of upgrading its technology with plasma technology. OMG developers have stated that Plasma technology upgrade is in the final stages, and this has raised a buzz among crypto traders and investors.

Overview of the Plasma Technology

The plasma technology was invented by Joseph Poon founder of Lightening Network and Vitalik Buterin cofounder of Ethereum. The invention, which was initially launched last year, seeks to bring an organised and more decentralized set of alternatives.

Plasma Technology is a framework that facilitates swift implementation of smart contracts, which can be scaled to a point where blockchain can use it in various decentralized financial institutions globally.

This according to the framework entails developing an infinite number of blockchain within a plasma chain without exposing important information to other similar Ethereum apps.

OmiseGo Price Analysis

OMG has attained a steady price this month despite its earlier decline in value to $3 at the beginning of the month. The coin has consolidated its position as the 24th treasured cryptocurrency, and it has been trading above $3.28 in the last seven days.

The potential windfall from the announcement of Plasma Technology upgrading is the main reason for OMG’s gain in value. It would be exciting to keep an eye on this altcoin as it could hit the $5 mark or even more when the Plasm Technology is eventually integrated.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
John Makori is a cryptocurrency writer with background in IT and journalism. He has lived in different countries, and settled in Canada. He has more than 4 years of experience working as a journalist with interest in Bitcoin and Cryptocurrencies. He’s passionate about learning Blockchain technologies’ potential to reshape all aspects of our lives. He joined TheOofy as a writer.