What is OmiseGo (OMG)?
Future of OMG Cryptocurrency and know how to buy OMG
#1 - OmiseGo: The Basics
What is OmiseGo (OMG)?
- OmiseGo is an Ethereum based open-source payment platform based on the decentralized blockchain technology. True to its motto ‘Unbank the Banked’, it aims to provide good financial services to all.
- The OmiseGo cryptocurrency is called OMG, and fuels the transactions done via the OmiseGo network.
- OmiseGo was established in 2013 in Thailand by Jun Hasegawa and Donnie Harinsuit as a start-up to provide online payment solutions. Since then, it has become popular, especially amongst merchants, as it allows transactions without dependence on a third party.
- OmiseGo’s advisory team includes Vitalik Buterin and Gavin Wood, co-founders of Ethereum. Its Initial Coin Offering raised about USD 25 million.
#2 - What are the Benefits of OmiseGo?
- OMG technology is based on Ethereum network’s decentralized blockchain technology, designed using the Plasma architecture, which allows rapid speeds, and good security and true financial-industry grade solutions.
- It does this by not only ensuring direct peer-to-peer transactions but also allows the usage of Smart Contracts and Decentralized Apps, which can be built on an Ethereum layer and allow the use of its technology.
- By employing the use of this technology, OmiseGo aims to provide global banking and financial solutions, which include, but are not limited to currency conversions, crediting and debiting of money, remittance, etc, to not only those who hold a bank account but also those who don’t.
- This is done using the OMG cryptocurrency, which can be exchanged by fiat money in case of transactions involving money transfers, or loyalty points or tokens, in case of companies such as various airlines.
- The OMG token is the fuel for the Plasma network, which is expected to help boost crypto transactions. Using a Proof-Of-Stake (POS) model, people who own OMG tokens will stand to make gains by securing the Plasma network.
- A major issue people face in financial proceedings of money transfers such as remittances, currency conversions, etc is the middle-men (which includes banks) which give a slightly increased rate in order to gain profit.
- This is what the OMG technology aims to remove by allowing direct transfers between the users, thus eliminating the extra cost of middle-men.
- OmiseGo can also be used for giving or redeeming loyalty points in Airlines (or any other industry, for that matter?).
- Smart Contracts are fail-safe methods to execute financial transactions, especially those involving large sums of money. They cannot be changed without the consent of all parties involved, and ensure all parties uphold their end of the bargain.
- OmiseGo works both on simple peer to peer transactions, as well as the complex Smart Contract technology. Smart Contracts allow the people involved to set certain conditions, and the contracts are executed only when the conditions are met.
- As OMG technology is Ethereum based, it can employ the transactional processes used by Ethereum, and use its own OMG coin as fuel.
- OmiseGo can be of usage in major financial transactions and currency exchanges as it supports SWIFT transactions. Since it omits the fee taken by the financial institutions such as banks and brokers, it is a choice of mode of payment and transfers for those who have to either convert large amounts of money into different currencies or sellers who pay money in bulk.
- Corporates which import or export raw materials and products to different countries can use OmiseGO by using the OMG tokens as the currency for transactions and convert it accordingly to fiat currency.
#3 - How to Buy and Store OmiseGO?
Most cryptocurrencies in the market have certain mining procedures which allow people to own them. The total supply of 140 million OMG tokens. This is a hard cap, which means there will not be any more token minted in the future. You may be wondering how does OmiseGO mining work? In reality, there is no OMG mining. All coins were premined at its inception.
So, the next question arises, how to buy OmiseGo?
- The OMG coin is available to trade on major exchanges such as Binance, Kucoin, Cryptopia, HitBTC and more. All exchanges tend to OMG pairings with Bitcoin and Etheruem, and some even support Litecoin pairings.
- This means that you can buy the OMG token using your existing Bitcoin, Ethereum or Litecoin balance.
- Of course, the best way to determine which pair to use is if you could compare all the rates at one place. That’s where CoinSwitch comes in.
- CoinSwitch, largest cryptocurrency exchange is one of the best sites to exchange crypto tokens, as it allows the users to view various exchange rates across the internet, and allow them to choose the best option available. It is also a fast platform and quickly processes all transactions, as well as allows the user to store the cryptocurrencies to be exchanged, and exchanged in their own wallets, which allows full-time access to the digital currency, even if the site is not working.
What about OMG Wallets for storage? The OmiseGo site suggests using Ethereum Wallets such as MyEtherWaller, Parity, etc., for storage of OMG Tokens, as they are ERC20 based.
Hardware wallets like Ledger and Trezor can also be used. Wallet choice should be made based on its safety functions and credibility. While there is no specific OmiseGO wallet, Tokens, OmiseGO might soon release a software development kit, which allows people to customize wallets to include OMG.
Also Read: Complete Analysis of OmiseGo | Live OmiseGo (OMG) Price Charts & Predictions
#4 - What is the Future of OmiseGO?
- About $18,825,594 worth of OMG tokens is currently in the market.
- OmiseGo has done well in the cryptocurrency market and is a very popular altcoin choice. A major show of support from the Thai Government, according to The Coin Telegraph, has helped it come up from some financial issues. 
- OMG is endorsed by the Bank of Thailand and accepted as a form of payment by names such as McDonald’s as well as Alipay. Multiple large brands - such as SBI Investments, Golden Gate Ventures, SMBC, etc., are partners of OmiseGO.
The future of OmiseGO seems quite bright, and even though there are no talks of making any more tokens. Its usage in the financial sector may soon lead to more customizations for the same, and it could soon run parallel to banks.
#5 - How is OmiseGO different?
OmiseGO, unlike Bitcoin, is not simply used for peer-to-peer transactions. Its major application is in the financial sector, especially in case of currency exchanges and large transactions. Bitcoin currently suffers from:
- High transaction fees
- High transaction clearance times
OmiseGo intends to fix both these issues, by being the token for Etheruem’s Plasma network. The Plasma network will process up to 1 million transactions per second, ushering in a new wave of cryptocurrency adoption.
#6 - Should you Invest in OmiseGo?
OmiseGO already has well-formed partnerships with many big names in the industry and will continue to grow and popularize. With the Plasma network coming up, OMG’s value is expected to rise across the board. A crypto world which can process a million transactions a second would certainly be one poised for mass adoption, and OMG will be leading the charge.
Invest in OMG now, and you are sure to get good returns. It has already proven its importance and usage in the corporate-financial world, and its reliability and technology will only further ameliorate.
Frequently Asked Questions (FAQs)
Q. What is OmiseGo cryptocurrency?
A. OmiseGo is crypto as well as a decentralized exchange and asset-backed blockchain gateway based on Ethereum.
Q. What is OmiseGo coin?
A. OmiseGo is an Ethereum ERC20 token.
Q. What is OMG coin used for?
A. OmiseGo is created to provide a solution to the fundamental coordination problem among financial institutions, payment processors, and gateways.