OMG Coin Wiki ▷ What is OmiseGo? Cryptocurrency & more!
Our straightforward guide tells you what an OMG coin is, what does it, and helps you decide whether to invest or not.
OmiseGo or "OMG" is a virtual currency based on the Ethereum blockchain. However, the project is separate from the Ethereum project. This currency was developed by the Thai financial company Omise and offers high transaction speeds and excellent scalability. The OMG strives to give the cryptocurrency the same legitimacy as the fiat currency.
OmiseGo comes from the company Omise and promises to bring about change in the fintech industry. The OMG cryptocurrency uses digital wallets with an integrated financial technology. This technology enables Peer-to-Peer Payments and Transactionsby using decentralized currencies in their operations.
The OMG coin aims to change the minds of the financial industry by forcing us to rethink the way that redistribution is dealt with. OmiseGO wants to contribute and help with the idea of financial inclusion by disrupting the operation of the current financial actors. These disruptions, caused by lowering the cost of performing transactions, are a small price to pay to achieve the set goal. However, it is not limited to sending money or making payments. This reduction in transaction costs will make a huge difference, not just when using paper money, but also when using cryptocurrencies.
During the implementation of this cut, the OMG-Coindie intends to create a platform that offers fair and smooth competition between currencies. This allows the best coin to come to the fore while others get in line. The promoters of the OMG cryptocurrency work tirelessly to make this idea a success. OmiseGo plans to have OMG tokens available to start the project.
OMG Coin: what's behind the crypto project?
Put simply, OMG provides interoperability between standalone payment systems like Paypal, Visa, Apple Pay, etc. For example, if you want to pay for something with Apple Pay but the retailer only accepts Visa, OMG steps in and gives you the option to pay with Apple Pay during the Retailer receives a Visa transaction.
But the benefits of OMG are far from exhausted. OMG can also be used when issuing or accepting different fiat currencies. If you only accept GBP and I only have USD then OMG will step in and take care of the transaction. As a result, the OMG makes the process and trading as a whole easier and cheaper for everyone.
How does the OMG cryptocurrency work?
The OMG coin ecosystem consists of two main products: the wallet and the blockchain. OMG plans to offer a decentralized exchange that is available via a public blockchain. This exchange will offer its users a low cost and high volume. In the simplest case, OMG is a wallet and a decentralized exchange that is open to everyone.
The OMG network is open to everyone - as long as they are connected to the main Ethereum network - and offers users the opportunity to conduct financial transactions. These financial transactions with OmiseGo include payments, salary deposits, wire transfers, supply chain finance, B2B trading, wealth management and loyalty programs.
This platform makes it easier for millions of users to access and participate in the world of digital currencies. OMG gives you the opportunity to switch from fiat money to decentralized cryptocurrencies quickly and easily. Including BTC, ETH and many others.
The OMG cryptocurrency offers many features that are available in both the blockchain and the wallet:
Security - OMG wants to offer a decentralized exchange for digital currencies and fiat token custody.
Scalability - Low cost and instant transactions and billing are the main advantages of the OMG exchange.
· Access - Users do not need to have a bank account to access the platform.
What is the OMG coin used for?
The OMG coin has a few main goals. First, it is used to encourage sharing and give users the opportunity to take full advantage of the OMG's capabilities. As a result, users have a keen interest in making the business successful so their investment grows.
Nevertheless, the overall aim of the OMG-Coins is not to offer a substitute for the fiat currency, but to facilitate and promote the trade between digital and fiat currency. Because of this, there are a few reasons to put OMG coins on your must-have list as they can play a role in increasing the OMG coin price.
Stripe mentions OMG and ends support for Bitcoin
Online payment company Stripe recently announced that it will completely end supporting Bitcoin as a payment method. That doesn't mean they stop believing that cryptocurrencies are worth considering. On the contrary, Stripe mentioned that one of the two digital currency projects they would consider is the OMG coin.
Additionally, Starbucks announced that they would start accepting cryptocurrencies as soon as a major payment processing company allows them. Stripe currently offers support for Starbucks. With the support of a large coffee dealer and a well-known payment service provider, it is only a matter of time before the prices for OMG cryptocurrency and OMG coin go up.
Another reason to invest in the OMG-Coin is their plan to move from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This means that anyone who owns OMG coins has the option to wager their coins and receive a passive return based on network confirmations.
The OmiseGo team
The OMG project is sponsored by several well-known investors in the cryptocurrency world, led by Jun Hasegawa supported. However, this does not mean that the team is working as a unit. Supporters include Joseph Poon, Gavin Wood, and Vitalik Buterin. This is undoubtedly a highly skilled team that deserves the trust of every investor.
In addition to its highly skilled team, OMG has donated $ 100.000 to devgreants. This program is an arm of Ethereum and such a large donation is to show how committed OMG is to the development and launch of the project. This sizeable donation has increased investor confidence in the platform and its future.
During the ICO, the OMG coin price was $ 0,27, but the digital currency hit an all-time high of $ 2018 in January 24,50. If anything, this is a clear indication that the digital currency has sparked a lot of hype since its ICO. In addition to its close relationships with Omise, OMG has many successful partnerships, including Shinhan Card and MakerDAO. In addition, the OMG team is in early discussions with the Thai central bank to integrate their technology.
Another important point is that the OMG team is currently developing Plasma.io in the network. The use of the Plasma Network gives the OMG a theoretical performance of nearly one million transactions per second. With so many transactions per second (Visa currently supports 50k TPS), OMG gives companies the ability to scale at the enterprise level without worrying about whether or not the network can handle the number of transactions.
It's no secret that the crypto market has been flagging since February 2018. While the OMG has suffered too, it has held up and recovered pretty well.
Remember that the OMG coin is still under development. However, if the recent integrations and decisions are indicators, the future looks both rewarding and positive for the OMG coin. And with a well-known developer like Vitalik Buterin on board, you can be sure that the OMG coin price is not lacking in potential.
The biggest threat to OMG is the possibility for companies like PayPal, Visa, WeChat and Apple Pay to develop and establish their own interoperability solutions. When these companies create a method of communicating with one another and performing transactions with little or no restrictions, much of the value provided by OMG will be eliminated.
Another problem OMG will face is stiff competition. In addition to the already established fiat currencies such as Paypal, Android Pay, WeChat and Apple Pay, OMG will have to deal with several digital currency-based fintech solutions.
For example, TenX worked on a crypto debit card. However, the company does not currently have permission to make a Visa card available beyond the borders of Europe. TenX is considered a competitor because it has shown that a crypto debit card has the ability to convert many digital currencies into fiat currencies.
In addition, many companies such as Centra, Uquid and Shakepay work on platforms that compete with those of OMG. Centra could be the biggest threat to the OMG as it plans to offer crypto debit cards and banking services in the United States, which the OMG has yet to pursue. Since it is based on Ethereum, Centra is not only considered a threat, but also a direct competitor.
This competition only shows that there is a lot of growth potential for OMG's business plans. The company has also demonstrated its ability to attract the right investors and venture capitalists. For these reasons, OMG should outlast and outperform the competition and prepare for future success.
Should You Buy OMG Coins?
Of course everyone wants to know whether or not to invest in the coin. It should go without saying at this point that OMG is an incredible project with a lot of potential for upward development and market growth. The currency has been supported by many participants in the Ethereum Foundation and could be one of the most technically sensible projects in the field of cryptocurrency. Many large personalities and private companies have stakes in OMG, which helps make it a reliable coin to invest in.
Reliable platform through solid Ethereum team.
· High expectations due to significant partnerships.
· Can process 1.000.000.000 transactions per second thanks to plasma technology.
· Clear message.
· Experienced and proven team.
Processes a large amount of money every day.
· Minimal power consumption.
· Secure transactions.
· Low transaction fees.
Transactions can be made with other fiat currencies or decentralized digital currencies.
· Transactions are completed quickly.
The maintenance of the blockchain is rewarded with an OMG coin.
· No restrictions, no formalities and no permits required.
· Simple and easy to use.
· Supports various cryptocurrencies and fiat currencies.
The blockchain is developed from scratch.
· Lots of errors and bugs during the process.
· Current activities only cover the Asia-Pacific region and it is a very young platform.
Where can you buy OMG?
OMG is one of the most popular cryptocurrencies on the market and is part of many of the most popular exchanges If you are interested in buying OMG Coins, you can find them on the following exchanges:
Do you need help buying OMG Coins? We have created step-by-step instructions for you.
We from BC1 find the OmiseGo crypto project very positive. As you can see, OMG's goal is to break away from typical banking groups and give users more power to use their money however they want. OMG is one of the leading public ethereum-based fintech companies in the cryptocurrency market. OMG allows you to create peer-to-peer transactions in real time. That means your payments and exchanges can move agnostically through financial services. After all, the OMG makes it so that this can be done with paper money as well as with decentralized digital currencies.
The idea behind OMG is to take into account the ongoing disruption of financial institutions and achieve greater user involvement. This easy-to-use exchange enables its users to access the platform with little effort and to use the OMG-Coin, the network and the wallet framework.