What is OmiseGO (OMG) in simple words

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2019-08-25 00:00:00:

The goal of almost every cryptocurrency system is to rid the world of using banks. However, individual companies and cryptocurrencies stand out against the general background. These include OmiseGO (abbreviated as OMG). It is worth noting the fact that this project entered the modern market not so long ago, but has already managed to earn a decent reputation and loudly declare itself. So what is OmiseGO?

OmiseGO is a blockchain platform for everyone. It is designed for currency exchange and online payments. However, in our time, this no longer surprises anyone. But the fact that OMG allows transactions with both cryptocurrencies and real finances is already a serious claim for uniqueness.

For example, a United States buyer owns dollars and wants to buy a product from a German seller. However, this seller takes payment exclusively in bitcoins ( about the cryptocurrency Bitcoin (BTC) ). How to be in such a situation? The implementation of such operations became possible precisely thanks to the OmiseGO platform, on which the buyer can transfer funds in dollars, and the seller will receive the amount he needs in BTC.

By analogy with the above situation, all other operations are carried out. Any user has the ability to send financial transfers in any currency and convert it to the one that the recipient needs. In order to perform all these manipulations, now you do not need to open bank accounts, change money or pay for the services of intermediaries (the portal takes only the minimum percentage of the total amount). To start any financial transactions, you just need to go through a simple registration and open your wallet in this system.

History of OmiseGO (OMG)

OMG cryptocurrency was developed by the Asian company Omise, which in the modern market since 2013 was founded on the principle of venture capital. The company provides various financial services in many countries, however, at the moment, Asia is the most promising market for them. It is for this reason that Omise has already opened offices in countries such as Thailand, Japan, Singapore, as well as Indonesia.

The idea to bring their own coins to the modern cryptocurrency market belonged to the founder, as well as the permanent CEO of Omise, Jun Hasegawa. One of the co-founders, D. Harinsut, worked together with him on this project. Also among the developers are such famous personalities as the designer V. Davis, as well as the special advisor T. Greco.

It should also be noted that the project has a very solid list of advisors, including: Ethereum founder V. Buterin, one of the Ethereum founders G. Wood, and Golem founder D. Zawistovski.

For the first few years, Omise has been active in the small and medium business sector for several years. The main focus of the company at the initial stages of its existence was services for transactions and mutual settlements using fiat funds. However, after virtual coins began to gain popularity, the company decided to change the principle of operation and gradually switched to digital financial means.

At the beginning of 2016, the company was able to win the high title of "Fintech Rockstar" from the famous and popular Asian magazine Forbes Thailand. It is believed that it was this achievement that became the impetus for a new stage of development.

Already in 2017, Omise announced that they are working on the blockchain, and are also preparing to launch a new project - OmiseGO. It was then that the company announced the start of an ICO ( what an ICO is ). It should be noted here that due to the extremely high level of demand for coins, the ICO had to be completed earlier than planned. And this is not surprising, because almost all the coins were scattered at the very beginning of trading. Only on the first day of the initial placement of the currency on June 27, 2017, the company raised approximately $ 20 million.

OMG (and it was this ticket on the exchange that was assigned to the OmiseGO cryptocurrency) appeared on July 6 of the same year. At first, the currency worked on Ethereum. However, by the end of the year, it was transferred to its own blockchain. This transition caused a real sensation in the world of cryptocurrency. Many positive reviews followed, which in turn had a beneficial effect on both the coins reputation and its market value.

It should be emphasized that Omise is an actively working and very popular business, and not some dubious start-up project that will end up with some unknown ending. Over the past four years in the global market, the company has been able to develop a very extensive client base in the areas of medium and small businesses, 

It should also be noted that the goal of this project is to develop a single product, which may consist of a payment gateway, cryptocurrency trading and exchange for fiat , as well as the introduction of custom dApps.

Distinctive features of OmiseGO

Speaking about the main distinguishing features of this cryptocurrency, the unique blockchain and interesting wallet implementation should be noted . The blockchain guarantees reliable protection of the functioning of the entire system, and also confirms all transactions for transferring funds. The wallet helps to maintain the convenience of the portal, as well as the productive use of the platform. 

Within the limits of the work of these features, the following distinctive features are distinguished:

• full accessibility - the project allows you to significantly expand the standard principle of cryptocurrency operation, and the presence of a wallet helps to freely use any fiat or digital funds;
• constant support of a team of developers who are actively working on the implementation of the latest technologies, ensuring the maximum speed of transactions in any volume and quantity;
• absolute security during storage and easy access to using finances in general, regardless of what kind of currency they are stored in, as well as what type of wallet they are on;
• the decentralization of the entire OMG system, which is not controlled by any countries or governments, nor banks or any other institution;
• wide functionality for convenient and productive management of your finances, as well as all types of transfers.

The wallet has a fairly practical system of settings that allows you to customize it for any tasks and goals. The user can add applications, set certain limits and restrictions for himself, set values and bonuses, adjust the interface and much more. All these functions help to optimize the system for your tasks and goals, as well as to make it as comfortable and convenient to use as possible.

Also among the main advantages of the project should be noted the function of automatic exchange. The user pays for any purchase in the currency that is convenient for him, and the system already independently makes the exchange and transfers the required amount to the counterpartys account in the form of currency that is convenient for him.

It should also be mentioned that the development team pays special attention to the following characteristics of OmiseGO:

• operates on the basis of an open protocol and can easily cooperate with any other blockchains;
• regardless of the number of users, the network will work stably, and all calculations will be made instantly;
• maximum protection against double spending of funds, as well as possible threats from hackers;
• backed by national fiat funds, making exchange possible;
• all actions are carried out online.

How OmiseGO works

Speaking about the principle of operation of the OmiseGO cryptocurrency, it should be noted that everything here is very simple and clear. For example, you need to transfer funds from Japan to the Russian Federation. To do this, you must first convert the Japanese yen into the Russian ruble. It is in such operations that OMGs convenience is manifested, because the recipient already receives the currency that he needs.

Lets take a closer look at one more example. Within the system, each user has his own wallet and account. In the case when a user needs to send ethereum to someone, then all that is needed for this is to indicate the exact amount to be sent. This is where all the difficulties end, that is, bitcoins are sent, and ethereums are already coming to the recipients account. It should be noted that the convenience lies in the fact that it is no longer necessary to convert currency, and therefore spend extra time on it. It should also be mentioned that an extra commission (as in exchange offices, for example) is not taken, which greatly simplifies all operations, saves additional time and financial resources.

OmiseGO advantages and disadvantages

Naturally, if we consider OMG, then you should pay attention to absolutely all aspects of this cryptocurrency. International experts in this field agree that the following should be noted among the main advantages of OmiseGO:

1. Demanded technology. A unique and feature-rich decentralized platform for exchanging fiat and cryptocurrencies online is OMGs core strength and differentiation from the competition. This technology allows you to instantly change any funds, even without having an open bank account or card for making payments. In addition, financial transfers in OMG cost significantly less than transfers on numerous cryptocurrency exchanges or on famous world services.
2. Strong support. During the crowdfunding, OMG was led by the famous blockchain company Bitcoin Suisse AG. After the project, Vitaly Buterin and the GOLEM development team became interested in the project, as well as the Bitcoin.com platform. It is worth noting that the OmiseGO service was actively promoted by the Thai government, and the Ministry of Digital Affairs of this state and the Omise company even signed a cooperation agreement with the aim of using their technologies in the process of digitizing various government services.
3. A large number of contributors. In addition to such a large investor as Shinhan Financial Group, many other famous financial companies have become partners of OmiseGO, which regularly contribute to this project and help the implementation of the OmiseGO cryptocurrency to the economic system operating in the world.

It should also be mentioned that at the end of this year, the company wants to launch its decentralized exchange, which will be called OmiseGO DEX. There are also plans to release various applications for iOS and Android for more convenient buying, exchange and transfer of cryptocurrency and fiat funds.

But one cannot praise and talk about the advantages of the service all the time, because one should also mention the shortcomings and problems of the OmiseGO service. Unfortunately, they are, and they should include:

1. Variability of tokens. The course is in direct proportion to the success of the technology used.
2. Ambitions of the young team. There is no way to confirm or deny the reality of the embodiment of all the promised plans at the moment.

It should also be mentioned that some experts believe that there is a real opportunity to manipulate the market rate of the OMG cryptocurrency. There is a justified confirmation of this, because during the peak periods there were sharp jumps in the currency rate, which could not be justified by either positive news, or technological innovations, or any other factors.

These concerns can be correlated with the situation that arose during the initial trading of the OmiseGO cryptocurrency. Almost all tokens were distributed during the pre-sale period, access to which was closed. Public auctions took place only on individual sites, and there was practically no advertising for these auctions. Even if ordinary investors got into such trades, it was only by chance. It should also be mentioned that many investors were disappointed after they learned that the minimum deposit amount to participate in the ICO was $ 5,000.

Taking into account the actual absence of an open ICO, as well as unjustified rate jumps, experts expressed the opinion that this is a manipulation scheme of the Pump & Dump type. However, there is no open confirmation and no facts to prove this version.

However, despite all the shortcomings and possible assumptions about possible manipulations, over the past months, the market value of OmiseGO fits into the classic correction. You should also pay attention to the fact that OmiseGO has much more advantages than disadvantages. 

Does OmiseGO mining exist?

Naturally, everyone who uses or is simply interested in cryptocurrency wants to know if OMG currency mining exists. Everything is simple here, because according to the terms of this project there is no mining. But there is a possibility of getting coins in alternative ways. The developers plan to make a smooth transition to a PoS-type consensus algorithm , and start with Proof-of-Authority. All types of transactions in the OmiseGO DEX blockchain will be carried out using it. It is thanks to PoS that OMG token holders are entitled to receive a commission for verifying any transactions within the network. This consensus algorithm, in addition to providing a chance to engage in decentralized asset trading, guarantees significant function compatibility with many blockchains, as well as a fairly decent level of financial security. Anyone who has the required amount to invest in OMG can become a validator and receive regular passive income.

Simply put - the more OMG you have in your account, the more you can receive them. Naturally, this cannot be called classic mining, but it is quite an interesting and innovative solution.

How do I buy or sell OmiseGO? 

But there are absolutely no problems with buying or selling, as well as with currency exchange OmiseGO. There is only one way to become the owner of OMG - to buy coins on the exchange of any currency - both fiat and virtual. OmiseGO is represented on almost all the most popular cryptocurrency exchanges, among which it is worth mentioning: Huobi (16 percent of trades), Binance (13 percent), as well as Bithumb and Bittrex, Poloniex and Cryptopia, OKEx (3 to 5 percent) and on some others. It should be said that on OKEx, OmiseGO cryptocurrency is most often bought and sold at a higher cost than on others.

Almost all exchanges use two trading pairs - OMG to Bitcoin and OMG to Ethereum. But on Cryptopia, OMG also trades with LTC . It is curious that on LiveCoin there is an opportunity to purchase coins by paying for them in dollars.

Lets take a closer look at the most popular exchanges.

Huobi

The currency in question is present on this exchange in the largest possible volume - over USD 36 million. It is worth noting that the exchange attracts people with its clear advantages, which include: complete safety and security of financial resources, as well as personal information, a significant number of trading pairs, which makes it possible to purchase OmiseGO for almost any currency. It is also important that the site of this exchange has a Russified site. In addition to all of the above advantages, users note the ability to carry out foreign exchange transactions in currency without the need to undergo any verification.

Similar to all exchanges, Huobi charges a certain percentage for the provision of financial services, any purchases and sales. Unusually, the commission percentage is not clearly fixed here. The commission is directly dependent on a number of factors. For example, when carrying out foreign exchange transactions with US dollars, the percentage of the commission charged can be from 0.08 to two percent. In this situation, the decisive factor is the total volume in the previous financial period. If the transaction is in RMB, then the commission will be 0.2 percent of the total transaction amount.

It must also be said that this service has a special loyalty program, according to which the user receives points for all transactions. They can be used to reduce commission levels on future trades.

BitForex

This is an Asian service with approximately 9 million OMG coins in circulation. In addition to OMG, there are about 50 more types of virtual coins on this trading platform: from the famous bitcoin or ethereum to the less popular BnkToTheFuture or Waltonchain.

The main advantages of this exchange include:

• comfortable and easy registration;
• verification, which can be carried out at will;
• a large selection of various cryptocurrencies;
• an increased level of security (all user accounts are protected using two-step identification, and are also tied to a mobile one);
• low commission percentage;
• ergonomic and comfortable design;
• multifunctional terminal;

Among the disadvantages of BitForex, it should be noted that there is no Russian version of the site. Also, when contacting technical support, you will also have to speak with them in English, because they do not know Russian. However, if this does not bother you, then using the exchange in another will be simple and convenient.

BitForex is one of the most democratic trading platforms for all categories of users. It must be said that there is an opportunity to top up the balance without any commission. In addition, commissions are not deducted from the makers. In turn, takers pay 0.1% of the total transaction amount.

DigiFinex

Perhaps this exchange is one of the youngest on this list. But despite this, OMG trades here already exceed $ 7 million. You can buy cryptocurrency on this exchange only for 9 other currencies: Bitcoin and Ethereum, Litecoin and XRP , DigiFinexToken and Qtum , Genaro Network and InsurChain, as well as Ether Zero.

It should be mentioned that this resource has a comfortable and most understandable interface, pleasant design, increased request processing speed, improved security system and a very low percentage of commissions charged from users, which applies to all types of transactions.

Binance

This exchange is in the fourth most popular place. The total volume of trading in OMG coins on this resource exceeds $ 3 million within one day.

Binance is chosen for its convenience and famous name in the crypto world. This can be explained by many advantages, among which should be mentioned about:

• a large number of trading pairs: more than 300 different types of digital funds ;
• increased speed of processing incoming and outgoing requests: all transactions go through as quickly as possible and without any delays;
• one of the lowest commission percentages;
• complete security of the resource: no one has ever been able to hack the resource;
• verification, which can be performed at will;
• Russian version of the site.

The main drawback, according to users, is the lack of support for fiat currencies. On the exchange, you can buy or sell OmiseGO for almost any virtual currency, however, not for real.

Ethfinex

A relatively young exchange focused on working with tokens based on an ERC-20 type algorithm. The volume of OmiseGO currency here is about $ 2.7 million per day.

As the name suggests, this resource is linked to the Bitfinex platform. Both of these resources are owned by the same company.

Perhaps the main feature of Ethfinex is that it trades exclusively in Ethereum tokens. However, it should also be said that on this exchange:

• high degree of security. Only half a percent of all users funds are stored in hot wallets. All other finance is in cold storage. User accounts are protected by many cutting edge technologies, including encryption and two-step verification;
• wide functionality. The resource offers a convenient and practical design for maximum comfort in any transactions. However, in addition to the user-friendly interface, users also note a wide range of services in their personal account. The only drawback is that there is no mobile version at the moment;
• a large selection of working tools and technical support around the clock;
• there is mixed decentralization. This is a unique innovation in the crypto world, which at the moment is adequately implemented only on this service.

Based on all of the above, we can conclude that there is no problem to buy, sell or exchange OmiseGO for any currency.

OmiseGO to ruble rate

Naturally, speaking about cryptocurrencies, one should understand their real value and exchange rate in relation to each individual currency. For example, today the rate of OmiseGO against the ruble is 77.97 rubles per OMG, and one Russian ruble is 0.013 OMG.

OmiseGO to dollar rate

Most often, the OMG rate is usually estimated in dollars. And the rate at the moment is more or less stable, and is kept within one or two dollars per OMG. Over the past three months, the price of OmiseGO has risen to $ 3, but not for long. Last month the exchange rate is more stable, and today one OMG is equal to 1.18 dollars, while one dollar is 0.85 OMG.

OmiseGO to Euro

In relation to the euro, the OMG rate is also more or less stable, and over the last month there were no sharp jumps at all. As of today, 1 OMG costs 1.07 EUR and 1 EUR costs 0.94 OMG.

Where to store OmiseGO

The problem with choosing a wallet for storing finances appears immediately after a person decides to start using cryptocurrency. And when you have waited for a successful course, found free funds for investment, or simply decided to invest money in something, it is high time to decide on the wallet in which your coins will be stored. It is the process of choosing a storage for your coins that is extremely time-consuming, especially if a newbie chooses a wallet. In order not to waste a huge amount of time on this issue, you should analyze this topic in as much detail as possible. So, speaking about wallets for storing any cryptocurrency (including OmiseGO), first of all, it should be said that they can all be divided by type into hot or cold type wallets, as well as hardware devices. Lets take a closer look at all this.

Hot and cold types of cryptocurrencies differ in the need to establish a connection with the Internet. For example, hot storage does not function without access to the network. But cold ones work quite well without the Internet. When choosing the type of wallet, you should be careful, because both options have both pros and cons. For example, cold storage cryptocurrencies are naturally safe. But hot wallets work much faster and faster. It is extremely difficult to make an unambiguous choice and determine which is better, because such a choice is a subjective question. That is why each user must decide everything for himself.

However, almost all experts agree that the most practical and convenient way to store cryptocurrency is a hardware wallet. This device is similar in type to a simple flash drive. However, this storage has many advantages:

• complete safety. They can only steal your finances by physically stealing a hardware wallet;
• the most complete protection of financial resources;
• ease and simplicity in the process of use;
• it is convenient and comfortable to implement transfers;
• you can store any amount of finance and any currency in general.

But one small drawback should be noted. We are talking about the cost of this device, which usually hovers around $ 80. Therefore, if you just decide to try your hand at the world of cryptocurrency, then there is no particular point in purchasing this device. However, if you already have several hundred OMGs on your account, then you can already purchase a hardware wallet in order to maximize the security of your currency transactions.

It must be said that the most popular among users are the Mist, MyEtherWallet, and Exodus wallets. It is worth noting the fact that many users store their coins on exchanges.

In addition, OmiseGO has its own personal White Label wallet (SDK), which allows you to integrate storage into various areas of the market. This means that companies have the ability to integrate the wallet in their area of work at their discretion. This wallet allows you to trade both digital and fiat currencies.

In conclusion of this topic, I would like to note that this wallet is the most flexible and multifunctional and, if used correctly, it can bring real benefit to its owner.

How much is OmiseGO in total

What is the total and how many OmiseGOs are there in total? The number of OMGs is fixed. Initially, the system generated a little over 140 million tokens. All of these tokens were distributed as follows:

• 65% sold during the initial placement of currency%
• 20% of tokens remained in reserve;
• the company and project owners own about 10% of all tokens;
• 5% went to airdrop.

OmiseGO emission

It should be said that, both in official documents and in the statements of the developers, they never stated that OmiseGO could be mined in the traditional way. All coins were issued only once, and they were distributed immediately after the presale. 

After the limited one-time emission of OmiseGO tokens was completed, the ICO process began. Investors bought about 60 percent of the coins for about 25 million. After that, the sale was sharply and unexpectedly limited for everyone. The developers explained this by the fact that they wanted to avoid the "gold rush".

What OmiseGO provides

It should be noted that both the company in general and the developers in particular do not seek to promote their currency to the fore. It is for this reason that almost all attention is paid to the direct development and modernization of the project. However, the overall success of the project guarantees a steady rise in the price of OmiseGO. In turn, this becomes the reason for the increased activity of both investors and ordinary users. Developers believe that at a certain stage of use, these digital finances can become much more user-friendly, and it will also be more convenient and safer to store their savings in this form. This can be explained by the fact that the cost of such digital funds is ensured by the real relevance of the project and does not depend on the political situation, emission, or any other factors that usually have a direct impact on the value of simple fiat funds. 

It should also be noted that the stability of OmiseGO is ensured by national fiat currencies for exchange. It is extremely easy to use.

The future of OmiseGO

Even despite the fact that the ICO of the OmiseGO project was never fully implemented, even at the preparatory stage of preliminary currency sales, the idea alone caused such a violent reaction from investors that they invested about 19 million in this project in the shortest possible time. This parameter clearly demonstrates the relevance of the development and formation of a platform for combining all financial resources in the future. 

It should be noted that this project was implemented not so long ago, but has already been able to demonstrate its relevance on the example of the exchange price and increased attention. It should also be said that there is a steady upward trend even with the implementation of inevitable corrections. 

The fact that a team of experienced developers and highly specialized experts are working on the project gives OmiseGO an important and promising status. It should be noted that one of the OmiseGO experts is the founder of the Ethereum network V. Buterin. The participation of such a famous and experienced expert already shows that the project will be profitable and promising. 

Among other things, speaking about the future of OmiseGO, it should be noted that the company has developed successful relationships with many banks in Asia. It is also worth noting that Omise cooperates with huge corporations not only in the Asian but also in the world market. 

Many famous brands and companies have already invested heavily in this project. Among them are 500 startups and SMDV, SBI Investment, Golden Gate Ventures, and Ascend Capital. So the question of whether to invest in this token or not, everyone decides for themselves. Nevertheless, it should be noted that experts of the cryptocurrency market believe that this coin has a promising and great future.

The favorable potential of using OmiseGO in the realities of the modern world is ensured by the fact that the company itself is already a broad system for trading. After the coin was launched, it was already able to show significant success. Despite the fact that at the moment the price is far from the absolute maximum, the developers believe that this is just a start, and the main success of the cryptocurrency is yet to come. 

However, it should be said that the future of OmiseGO is currently not clearly defined. This is primarily due to the fact that the main products are still under development. However, based on all of the above, we can conclude that in the future the project will only develop and become more and more successful.

International cryptocurrency experts are confident that OmiseGO is a truly unique, innovative and ambitious project. Everything that was said above about the project makes it possible to predict its absolute success. However, this is only possible if all the projects announced by the developers are truly embodied in reality in the intended format.