What is OmiseGO ?
OmiseGO is an Ethereum-based financial platform that may be used with popular wallets to facilitate real-time peer-to-peer asset trading and payment services in undeveloped nations. OMG enables users to transact in both digital and fiat currencies. OmiseGO is intended to address a fundamental flaw in the present financial system: the lack of coordination between payers, payees, payment processors, and financial institutions.
The founder CEO of OMG Network is Vansa Chatikavanij. Ethereum developers Vitalik Buterin and Joseph Poon collaborated on the white paper’s development. OmiseGo was rebranded as OMG Network on 1 June 2020.
Primary features of OmiseGO
- OMG can expedite and lower the cost of money transfers, particularly when currency conversion is required.
- OMG’s features enable users to build digital tokenised versions of fiat money. Users can then transfer these tokens to another fiat currency. Additionally, no financial institutions or other cryptocurrencies are required to participate in this conversion.
- The platform enables users to tokenise and store loyalty points earned through multiple referral programmes. They may then be used in the same way as any other token.
- As OmiseGo is built on Ethereum, it supports smart contracts. This makes it simple to create gift cards that can be purchased, sold, and transferred.
Is OmiseGO a promising cryptocurrency?
If OMG Network bridges the divide between centralised and decentralised financial networks, the OMG coin may interest long-term traders.
How to use OmiseGO?
- Work on the blockchain: OMG Network users must purchase OMG cryptocurrency to pay for the blockchain’s operations.
- Validators: Validators must stake their OMG cryptocurrency by encrypting it and securing it in a smart contract for a specified length of time.
- Invest: Traders and investors who believe that the OmiseGO coin price will rise can invest and trade in the OmiseGO currency.
- Exchange: Users can exchange OmiseGO coins for other cryptocurrencies and fiat money.
Pros & Cons of OmiseGO
- Transfers of ETH and ERC20 tokens can occur at a rate of thousands of transactions per second.
- OmiseGO is created and maintained by Omise’s parent business. Omise’s parent business is a seasoned payment processor with a focus on South-East Asia.
- When backed up with plasma infrastructure, the concept of decentralised value exchange becomes even more intriguing.
- While OmiseGO seems to have a good potential, it is yet to be realized.
- Its success depends on its team which has not shown a great promise so far.
Trade OmiseGO on CoinSwitch kuber
- Start trading in OmiseGo currency at Rs.100
- The platform is easy to carry out trading activities in cryptocurrencies
- Avail zero trading fees
- Transfer money from your bank account to your account for investment without any hassles
- Get your gains credited to your bank account hassle-free
OmiseGO ICO summary
OMG network has not yet launched an initial coin offering. OMG attracted investors because of Omise’s connections with firms such as Alipay and McDonald’s. 20% of the OMG coin supply was subsequently placed aside for future network expenditures, while 9.9% was set aside to pay the founding team. An additional 5% of the OMG supply was awarded to everyone who held more than 0.1 ETH in an Ethereum wallet.
FAQ's on OmiseGO
- What is the OmiseGo coin?
OMG coin is the native token of the platform OmiseGo that allows users to transfer coins from one blockchain to another without the help of any traditional exchange.
- Is OMG coin a good investment?
Investors in the OMG cryptocurrency may be interested if they feel Omise’s existing relationships and technological vision will make the platform more appealing to other e-wallets.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.