OmiseGo vs Request Network: A detailed analysis
With all the buzz words, it’s becoming really hard to differentiate projects in the blockchain space. And this is especially true for protocols.
For example, to find the differences between the decentralized exchanges of 0x, Kyber and OmegaOne you would need to dive in the whitepapers and even then there is still gray area.
And yet, it is important for everyone to understand in what we are contributing as trading is not gambling.
Sometimes, the best way to define a project is by defining its weaknesses.
And sometimes, the best way to define it is by analyzing point by point what are the differences with the other ones.
Request Network has been compared with OmiseGo, however, we have many differences and we are more complementary than competitors.
Here are the differences as seen by our analysis at Request. We try to be objective but it has to be taken with hindsight as this is a study concentrated on our own use cases. Any feedback is also welcome.
The main take away from this analysis is:
- OmiseGo could use Request for decentralized requests for payment, accounting, audit and invoicing format interoperability
- Request could use OmiseGo as an oracle for eWallet fiat settlements
Detailed analysis
Punchline
Request: The future of commerce
OmiseGo: Unbank the Banked with Ethereum
What they really are
Request: A decentralized network for payment requests. A universal invoice platform. (analogy: If PayPal was open sourced, decentralized and standardized)
OmiseGo: A settlement system between eWallets (analogy: SWIFT between Venmo and Alipay, allowing you to send between both; technical terms: Clearinghouse and liquidity provider between eWallets)
Focus
Request: Payments, Requests for payments, Accounting automation, Smart audit, IoT framework
OmiseGo: Payments, Remittances, Payroll deposit, B2B commerce,
Supply-chain finance, Loyalty programs
Who are their clients
Request: eWallet, banks and payment providers, accounting firms, audit firms, B2B, eCommerce websites, Apps
OmiseGo: eWallet, banks and payment providers, B2B, eCommerce websites, Apps
Works with
Request: ETH, ERC20, Any Crypto system, Fiat (using Oracles)
OmiseGo: ETH, ERC20, Any Crypto system, Fiat (when the eWallet provider is a partner)
Online & In-App Payments
Request: Yes, simple & advanced cases. It also works natively with Escrow and Taxes systems through an extensions mechanism
OmiseGo: Yes
B2B Payments
Request: Yes, simple & advanced cases. Onchain validation and advanced payments conditions possible such as down payments, micropayments, taxes, escrow…
OmiseGo: Yes
Trustless sharing of the request on the blockchain
Request: Yes (needed for a seamless payment experience/ a company requests a payment, the other detects the request from its phone and accepts or declines)
OmiseGo: No
Loyalty and rewards
Request: No
OmiseGo: Yes, every token can be handled by the eWallets
Reputation
Request: Yes, to avoid phishing and score bad payers.
OmiseGo: No, not their focus
Transition from Fiat to Crypto
Request: A little, it’s easier to pay your invoice in crypto
OmiseGo: Yes, facilitates the way out of fiat to crypto-currencies using the eWallets (best currency wins)
Accounting
Request: Universal accounting platform; automation of accounting in real time; Every payment has a legal value; Blockchain becomes the unique source for accounting softwares
OmiseGo: No, not their focus
Audit
Request: Smart audit algorithm can run on the blockchain and detects fraud or validates accounts. Replacing a part of the Big Four
OmiseGo: No, not their focus
IoT
Request: Yes, simple & advanced cases. An autonomous car can order a set of new wheels, pay 10% immediately and 90% through an escrow at delivery through an oracle.
OmiseGo: Yes
Remittances
Request: Yes, in ETH or if money transmitters plug to Request.
OmiseGo: Yes, in ETH or if there is crypto-fiat liquidity in the beneficiary’s country.
Banking the unbanked
Request: Unbanked can use cryptocurrency accounts and still require to open an account with an eWallet company for Fiat
OmiseGo: Unbanked can use cryptocurrency accounts and still require to open an account with an eWallet company for Fiat
Cross-currency payments
Request: Yes, using 0x relays for ERC20, another partner yet to come for cross blockchains and fiat or REQ invoices compensation
OmiseGo: Yes, through an internal system
Development Status
Request: Alpha Prototype
OmiseGo: Live eWallet prototype, decentralized exchange under development
Bonuses:
Request provides a transparency framework for institutions to publish their accounting in real time in front of everyone
OmiseGo provides an eWallet open sdk to onboard new start-ups
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