OmiseGo (OMG) is an Ethereum-based blockchain ecosystem that provides investors a variety of ways to earn profits. Specifically, OmiseGo is a decentralized exchange, a liquidity provider mechanism, a messaging network, and a blockchain gateway with digital assets. The platform earned a reputation for its alternative financial and digital commerce tools. These systems work together to enable cross-chain asset transfers without the need for a crypto exchange.
From the start, it was evident OmiseGo was going to be different. Both the Bank of Thailand and the Thai Ministry of Finance gave the project a nod of approval. The project also saw support from the Ethereum camp, Vitalik Buterin, and Gavin Wood.
OmiseGo (OMG) – An Experienced Team
Additionally, the head developer on the project is none other than Joseph Poon. He is best known for developing both the Lightning Network and Plasma. Both of these second layer protocols have the potential to revolutionize the market moving forward. His expertise helped make OmiseGo a unique project in the market.
Notably, OmiseGo was the first Ethereum project to exceed a $1 billion valuation. Impressively, the project secured support from a myriad of established investors early on. These investors include Japan’s Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and the Aioi Nissay Dowa Insurance Corporation. These developments helped to boost the confidence of individuals seeking to participate in the OmiseGo platform.
What Problems Does OmiseGo (OMG) Attempt to Fix?
OmiseGo seeks to revolutionize the world through its open approach to financial services. The goal of the project is to create a more inclusive financial system. To accomplish this monumental task, OmiseGo works directly with banks to help promote more financial inclusion globally.
According to recent reports, there are 1.7 billion people in the world who lack access to basic financial services. These individuals include a wide variety of people. There are people that may live in an area that lacks the infrastructure to support banks. There are also people, such as refugees, who are unable to qualify for banking services due to a lack of paperwork.
The goal of OmiseGo is to create a product that equally benefits those who use traditional banking services and people who lack access to banking services simultaneously. It’s this philanthropic aspect that makes OmiseGo different than many other projects in the market today. It’s also one of the main reasons the platform continues to see growing adoption.
Benefits of OmiseGo (OMG)
OmiseGo facilitates cross-platform payments on the blockchain. This open payment platform and decentralized exchange resides on the Ethereum blockchain and provides a scalable and fully open alternative for users. OMG enjoy low fees, fast transaction times, and cash-out options. In June, OMG introduced a new scaling solution that improved transaction speed to on par with global payment processors like Visa.
OmiseGo’s team built the platform to be globally inclusive. Anyone can utilize its value transfer services. The platform operates in different currencies and asset types. In this way, users can send funds over the network without having a bank account or paying a fee.
Blockchains Work Together
At the core of OmiseGo is an interoperability protocol. OmiseGo acts as a decentralized exchange of other blockchains and between multiple blockchains directly without a trusted gateway token. Cross-chain functionality is a vital feature found in new blockchains. It reduces competition and allows purpose-built blockchains to focus on improving services rather than competition-based expenses such as marketing.
Endless use cases
OmiseGo is extremely flexible. Users can make payments, money transfers, and handle payroll accounting. The platform supports B2B commercial trade, supply chain financing, loyalty programs, asset management, and trading. Few blockchains match OmiseGo’s capabilities at this time.
How Does OmiseGo (OMG) Work?
OmiseGo enjoys the security of Ethereum (ETH) with some advantages. The platform introduces features such as a white-label wallet, zero fees, and near-instant transaction times.
OmiseGo’s white-label eWallet is a big draw for users. This SDK wallet makes it easy for users to freely trade in fiat and cryptocurrencies. The wallet includes access to the Omise payment gateway. You also have a digital credit, and debit card at your disposal.
OMG is the utility token for the OmiseGo project. Users and developers can utilize OMG to pay for services on the network. The token consistently ranks as one of the highest market cap ERC-20 tokens globally. Wisely, the developers set a total limited supply of just 140,245 million OMG coins. This decision ensures that OMG retains value over the coming years.
History of OmiseGo (OMG)
OmiseGo was founded by Jun Hasegawa and Donnie Harinsut. These two entrepreneurs were already well known for their role in the creation of the popular payment processing firm, Omise. In 2017, OmiseGo hosted an ICO that received international coverage. OmiseGo secured $25 million during the event to further develop the network.
How to Get OmiseGo (OMG)
OMG is easy to find nowadays. One of the best exchanges to find OMG is Binance. Binance is a great exchange for new users because of its simple interface and its huge selection of coins. You will need to register with the account before you can trade. Registering will require that you meet KYC requirements.
Once your account is approved, you will need to fund it. You can choose to load fiat currency, or, if you already have crypto, you can send that directly over to the exchange wallet. Now that you have some Bitcoin or Ethereum loaded, you can choose the OMG trading pair to fit your needs.
How to Store OmiseGo (OMG)
You will need to decide what your investment strategy will be to determine the best way to store your OMG. If you are casually trading to get familiar with the crypto market, and you’re not trading a lot of value in crypto, the exchange wallet will suffice. It’s always better to download a personal wallet such as reports. Mobile wallets will give you more flexibility and are a bit safer than exchange wallets.
If you plan to make major investments in OMG, you will want to spring for a hardware wallet. Both Ledger and Trezor support this cryptocurrency. Hardware wallets protect your crypto through the introduction of an “air gap.” This means that your crypto is not stored online. It remains in cold storage safe from hackers.
OmiseGo – A Noble Cause with Big Support
OmiseGo is one of those projects in the market that help you to understand that blockchain technology has the power to make everyone’s life better. You can expect OmiseGo to see continued adoption as the token and the platform remains a favorite of investors.