OMG Coin Wiki ▷ What is OmiseGo? Crypto currency & more!
Our straightforward guide tells you what an OMG coin is, what it does and helps you decide whether or not to invest.
OmiseGo or "OMG" is a virtual currency based on theEthereum block chain. However, the project is separate from theEthereum project. This currency was developed by the Thai finance company Omise and offers high transaction speeds and excellent scalability. TheOMG aims to give the crypto currency the same legitimacy as the Fiat currency.
OmiseGo comes from the Omise company and promises to bring about change in theFintech industry. The OMG crypto currency uses digital wallets with integrated financial technology. This technology enables peer-to-peer payments and transactions by using decentralized currencies in their operations.
The OMG coin aims to change the views of the financial industry by forcing us to rethink the way redistribution is handled. OmiseGO wants to contribute and help with the idea of financial inclusion by disrupting the operations of current financial players. These disruptions, which are caused by reducing the cost of carrying out transactions, are a small price to pay to achieve the set goal. However, this is not limited to sending money or executing payments. This reduction in transaction costs will make a huge difference, not only in the use of paper money, but also in crypto-currencies.
In implementing this reduction, the OMG-Coindie intends to create a platform that provides fair and smooth competition between currencies. This will allow the best coin to come to the fore while others come in line. The promoters of the OMG crypto currency are working tirelessly to make this idea a success. OmiseGo plans to have OMG tokens available to launch the project.
OMG Coin: What is behind the crypto project?
Simply put, OMG provides interoperability between standalone payment systems such as 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 while 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.
How does the OMG crypto currency work?
TheOMG Coin ecosystem consists of two main products: the wallet and the block chain, and OMG plans to offer a decentralized exchange available through a public block chain. This exchange will offer its users low cost and high volume. In the simplest case, OMG is a wallet and a decentralized exchange open to all.
TheOMG network is open to anyone - as long as they are connected to the Ethereum main network - and offers users the possibility to carry out financial transactions. These financial transactions with OmiseGo include payments, salary deposits, wire transfers, supply chain finance, B2B trading, asset management and loyalty programs.
This platform will make it easier for millions of users to access and participate in the other world of digital currencies. OMG gives them the ability to quickly and easily convert from Fiat money to distributed crypto currencies. Including BTC, ETH and many others.
TheOMG crypto currency offers many functions that are available in both the block chain and the wallet:
- Security - OMG will offer a centralized exchange for digital currency and fiat token storage.
- Scalability - Low cost and immediate transactions and settlements 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 some main objectives. Firstly, it is used to promote sharing and to allow users to take full advantage of OMG's capabilities, and as a result, users have a strong interest in the company's success so that their investment grows.
However, the overall objective of the OMG coin is not to provide a substitute for the fiat currency, but to facilitate and promote trade between digital and fiat currencies. For this reason, there are several reasons to add OMG Coins to your must-have list, as they can play a role in increasing the OMG Coin price.
Stripe mentions OMG and ends support for Bitcoin
The online payment company Stripe recently announced that it will completely discontinue its support of Bitcoin as a payment method. This does not mean that they no longer believe that crypto currencies are worth considering. On the contrary, Stripe mentioned that one of the two digital currency projects they would consider is theOMG coin.
In addition, Starbucks announced that they would begin accepting crypto-currencies as soon as a major payment processing company allowed them to do so. Stripe currently provides support for Starbucks. With the support of a major coffee retailer and a well-known payment service provider, it is only a matter of time before the prices of OMG crypto currency 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 stock (PoS). This means that anyone who has OMG coins can bet their coins and receive a passive return based on network confirmations.
The OmiseGo Team
TheOMG project is supported by several well-known investors in the world of crypto currency under the leadership of Jun Hasegawa. However, this does not mean that the team works as one unit. Supporters include Joseph Poon, Gavin Wood and Vitalik Buterin. This is undoubtedly a highly qualified team that deserves the trust of every investor.
In addition to its highly qualified team, OMG has donated $100,000 to Devgreants. This program is an arm of Ethereum, and such a large donation serves to demonstrate OMG's commitment to the development and launch of the project. This substantial donation has strengthened investors' confidence in the platform and its future.
During the ICO, the OMG coin price was $0.27. However, the digital currency reached an all-time high of $24.50 in January 2018. If anything, this is a clear indication that the digital currency has caused a lot of hype for its ICO. In addition to its close relationship with Omise, OMG has many successful partnerships, including Shinhan Card and MakerDAO. Furthermore, the OMG team is in early discussions with the Central Bank of Thailand to integrate their technology.
Another important point is that the OMG team is currently developing Plasma.io in the network. Using the Plasma Network gives OMG a theoretical performance of almost one million transactions per second. With so many transactions per second (Visa currently supports 50k TPS), OMG offers companies the ability to scale at the enterprise level without worrying about whether or not the network can handle the number of transactions.
It is no secret that the crypto market has been weakening since February 2018. Although the OMG has also suffered, it has held up and recovered quite well.
Remember that the OMG coin is still in the development phase, but if recent integrations and decisions are indicators, the future for the OMG coin looks both rewarding and positive. And with a well-known developer like Vitalik Buterin on board, you can be sure that there is no lack of potential in the OMG Coin price.
The biggest threat to the OMG is the possibility that companies such as Paypal, Visa, WeChat and Apple Pay may develop and establish their own interoperability solutions. If these companies create a way for them to communicate with each other and conduct transactions with little or no restriction, a large part of the value provided by the OMG will be eliminated.
Another problem that the OMG will face is the strong competition. In addition to the already established Fiat currencies such as Paypal, Android Pay, WeChat and Apple Pay, the OMG will have to deal with several digital currency-based Fintech solutions.
For example, Soh TenX has been working on a crypto debit card. However, the company is currently not permitted to provide a Visa card beyond the borders of Europe. TenX is considered a competitor because it has shown that a crypto-debit card has the ability to convert multi-digital currencies into fiat currencies.
In addition, many companies such as Centra,Uquid and Shakepay operate on platforms that compete with those of the OMG. Centra may be the biggest threat to the OMG as it plans to offer crypto-debit card and banking services in the United States, which the OMG has not yet pursued. 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 success in the future.
Should you buy OMG coins?
Of course, everyone wants to know whether one should invest in the coin or not. It should be obvious at this point that OMG is an incredible project with a lot of potential for upside and market growth. The currency has been supported by many of the EthereumFoundation participants and could be one of the most technically sound projects in the crypto-currency field. Many major personalities and private companies are involved in the OMG, making it a reliable source of investment.
- Reliable platform through a solid Ethereum team.
- High expectations of significant partnerships.
- Can process 1,000,000,000 transactions per second thanks to plasma technology
- Clear message.
- Experienced and proven team.
- Processes a large volume of money every day.
- Minimum power consumption.
- Secure transactions.
- Low transaction fees.
- Transactions can be made with other fiat currencies or decentralized digital currencies.
- Transactions are completed quickly.
- Maintenance of the block chain is rewarded with an OMG coin.
- No restrictions, no formalities and no permits required.
- Simple and easy to operate.
- Supports different crypto currencies and fiat currencies.
- The development of theBlockchain is done from scratch.
- Many errors and bugs during the process.
- The current activities only cover the Asia-Pacific region and it is still a very young platform.
Where can you buy OMG?
OMG is one of the most popular crypto currencies on the market and is available on many of the most popular exchanges , if you are interested in buying OMG coins, you can find them on the exchanges below:
Need help buying OMG Coins? We have created a step-by-step guide for you.
We at BC1 find the OmiseGo cryptoproject 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 as they please. OMG is one of the leading ethereum-based public Fintech companies in the crypto currency market. With OMG you can create peer-to-peer transactions in real time. This means that your payments and exchanges can move agnostically through financial services. Finally, OMG makes it possible to do this with both paper money and decentralized digital currencies.
The idea behind OMG is to take into account the ongoing disruption to financial institutions and to achieve greater user involvement. This easy-to-use exchange allows its users to access the platform with little effort and use the OMG coin, network and wallet framework.