What Is Omisego (OMG Coin)?
OMG Coin Price
Omisego, OMG Coin is a public ethereum-based financial technology. The goal is to help enable peer-to-peer value exchange as well as payment services across fiat services/decentralized currencies; while also being across jurisdictions and organizational silos.
All in all it will allow anyone to “conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way.”
THE HISTORY OF OMISEGO COIN
Omisego was founded by a company called Omise. Omise was founded in 2013 as a venture-backed payment company that started operating in Thailand, Japan, Singapore, and Indonesia and plans to expand.
Omise plans on addressing real business needs in an easy, integrated and secure method.
While their leading investors and advisors contain Vitalik Buterin (Ethereum creator,) Julian Zawistowski (creator of Golem) and Roger Ver (CEO of Bitcoin.com.)
Building of OMG
Omise itself raised over $20.4 million since they were founded in 2013 and serves over 8,000 merchants in Japan, Thailand, Singapore and Indonesia.
In early 2017, Omise launched a crowdsale for their token OMG (omisego) and raised over $25 million in order to help raise Omisego, their decentralized merchant and payment platform.
On the 30th of August, Omisego announced a partnership with McDonalds of Thailand helping to bring the value up to around $13.
THE PURPOSE OF OMISEGO CRYPTOCURRENCY
Omg was created to help unbank the banked with Ethereum.
What that means is that Omisego is aiming to help answer the fundamental coordination problem amongst payment processors, financial institutions, and their gateways.
Currently, in order to send and receive money, merchants and normal vendors have to jump through hoops to get accepted and then wait until money is sent from one merchant to another, which is held on average for 30 days.
With Omise, they will be providing a next-generation value transfer service operating across currencies and asset types.
They also have developed an SDK wallet application that will allow for a diversity of payment solutions on the Omisego network.
THE BENEFITS OF OMISEGO & THE OMG TOKEN
A Decentralized EWallet with a White-Label Wallet SDK:
One of their main objectives is to create an Ewallet that allows for holding fiat-backed value and native support for cryptocurrencies.
This wallet will have the ability to use Ether on the Ethereum blockchain, being decentralized and the public, or any other decentralized cryptocurrency, becoming the intermediary/interchange cross for maximum efficiency.
By allowing people to cross-cryptocurrencies it will help to allow more value to move through these decentralized cryptocurrencies becoming a venue for many other Ewallet platforms.
Their Use of The Ethereum Network & A Public Blockchain with Ledgers:
By using the Ethereum blockchain, they are able to store ledgers in order to determine and establish the Ewallet values.
Although, they will be using a decentralized order book and trading platform provided by the OMG blockchain in order to complete trading via confirmations similar to the transfer of Bitcoin, Ethereum, and other blockchain currencies.
By keeping the transfers decentralized and using tokens, it helps to ensure trust between merchants because of the blockchain ledger systems.
Omisego Staking To Help Holders Earn Interest:
By staking OMG tokens can be dedicated and used for proof-of-stake and verifications of transactions.
This will allow holders who stake their OMG tokens to earn a dividend in a sense, being paid out similar to the model of POS for Ethereum, as a verification process for the validation of ledgers between Ewallets and merchants.
Up to this point, OMG has stated from a reddit post from their account that,
“It's probably most important to explain that there is no way for OmiseGO to control the fee structure, and that it will be 100% dynamically determined by the network itself. It's like Bitcoin or Ethereum in this way.. tx fees are paid dependent on network use, and profitability comes with both network usage and (expectation of) network growth.”
WHAT GCA THINKS OF OMG COIN
Omisego is an interesting company with big promise.
We currently are holders of OMG and like the direction of the company and their mission.
Using Ethereum and the plasma network, as well as being in close connection with figures such as Vitalik Buterin definitely gives them an advantage as well.
Although, we are still awaiting a product timeline and updates in order to see how massive this could be.
Another publication that does a monthly report had projected its value to get up to between $40 and $60 which from ICO price would be over 200x.
If you liked this review and want to help support the academy donate some OMG below!
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