OmiseGO (OMG) – What to Know Before Investing
What is OmiseGO?
OmiseGO is a decentralized exchange and payment platform operating on Ethereum’s public blockchain. It enables real-time, P2P value exchange and payment services in both fiat- and cryptocurrencies. The primary use-case is the decentralized exchange of any kind of digital assets. The native asset is called OMG and is currently an ERC20 token.
The consensus mechanism of OMG is Proof-of-Stake, and the maximum supply is fixed.
Imagine you are on vacation in Thailand and you visit a local grocery store, you go to the cashier and pay with Bitcoin through your OMG app, and the payee receives the payment in real time in Thai Baht. A bank account is not necessary for this transactions, hence OMGs slogan “Unbank the Banked.” OMGs technology can also be implemented into existing payment service providers or other E-Wallets.
The beauty is that transaction fees don’t even have to be paid in OMG. They can be paid in any other digital asset or fiat; then the fee gets exchanged to OMG on OmiseGOs build-in DEX and distributed to validators who participate in Proof-of-Stake.
OmiseGO was founded by Jun Hasegawa and Donnie Harinsut, which are also the founders of OmiseGOs parent company Omise. As a successful operating payment service provider based in Bangkok, this is an ideal environment for a start-up like OmiseGO. They made a token sale to fund the project on 23.
June 2017 and collected 25 Million USD. They received offers for participation exceeding 100 Million USD in total, but they turned them down because the wanted to raise only enough money which was needed to start the project.
OMG was the first ERC20 token that reached a market cap of over 1 billion USD.
Advisors were Vitalik Buterin, who is a big supporter of the project, and Gavin Wood.
Also, Joseph Poon, the creator of the Lightning Network, played a significant role in OMGs design architecture. Once the network is fully developed, it will be freely available by the public and not be owned by the funding company Omise.
The Omise team participated in and supported Ethereum development before launching OmiseGO.
Can OmiseGO be mined?
No, but OMG can be staked when the mainnet is live. The consensus mechanism of OmiseGO is Proof-of-Stake. Any OMG-holder can stake his/her tokens and validate transactions. In return, he/she receives transaction fees.
What differs OmiseGO from other Cryptocurrencies?
OmiseGO was launched by an already profitable payment processing company, Omise. Because of this, they had a huge headstart regarding experience and industry contacts.
Also, OmiseGO is backed by some of the greatest names in blockchain development and has developed a real solution for existing projects. OMG addresses the primary and best-suited use-case for blockchain technology, which is processing transactions and moving value quickly and cheaply. The team is nothing short of impressing and very dedicated to bringing their vision to life.
How much is OmiseGO worth today?
What is the total and the circulating supply?
The total supply of OMG is 140 245 398 OMG and the circulating supply at the time of writing is 102 042 552 OMG.
Where can you buy OMG?
You can buy OMG on several cryptocurrency exchanges, most notably Binance, Bithump, Ethfinex, and Huobi.
Can OMG be sold for cash?
You can sell OMG for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Bithump and Ethfinex.
The roadmap of OmiseGO is spectacular. OMG will be the first project that gets implemented as Sidechain on Ethereums Plasma project. Plasma improves scalability on the Ethereum network through more efficient data usage and by creating trees of child chains.
Additionally, OmiseGO will perform a hard spoon with Cosmos soon. A hard spoon is a “meta-protocol on top of a blockchain creating a token that inherits the blockchain’s underlying token’s balances.” This means a blockchain takes into account the state of another chain. It is a cooperation. OMGs tokens will be duplicated in a zone of the cosmos ecosystem and airdropped on a 1:1 ratio to holders of the original tokens. These tokens will be immediately stake-able and can be used until Plasma is ready, and maybe even beyond in the form of coexistence.
And the OMG team will release an eWallet SDK (Software Development Kit) soon as well as refactoring the Android SDK. For better understanding, a Software Development Kit is a collection of tools and libraries that enable developers to build applications on top of the existing software. Additionally, the team works on an operating child chain server and root chain contract that can be used for testing purposes on the Ethereum testnet.
And they are involved in building the Plasma MVP (minimum viable product).
Verdict and Rating
One of the best projects overall and in my opinion the best product build on top of Ethereum.
I expect OmiseGO to make a profound and disruptive impact in the payment service industry and I think it will be one of the assets that gain the most value in 2018.
This project has everything, a superb team, backed by several of the most respected thought-leaders in the blockchain space, a real use-case, a successful parent company, outstanding software architecture, a fixed supply and it is generating cash flow in the form of staking rewards for its holders. Top-level project.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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