What is OmiseGo (OMG)? OmiseGo review

omisego

There is a popular cryptocurrency called OmiseGo (OMG), rising continuously and interesting many investors. What is really OmiseGo OMG?

Digital money enthusiasts or investors all over the world have recently shown great interest and love for OmiseGo. OmiseGo has made an extremely interesting goal of using the financial technology of Ethereum as a means of freeing the banking sector from the hands of banks. This exciting goal does not change the fact that it is actually an ambitious project.

 

OmiseGo is an infrastructure financial cryptocurrency with a decentralized structure and offering payment cards. OmiseGo is a company that designs a financial technology for use in virtual wallets. With this technology, users are able to shop and pay for themselves in real time. The goal of OmiseGo is to make a lethal impact on existing financial institutions and to manage everyone’s own financial structure. Additionally, from their own website, they say: “It is a technology which is based on the substructure of Ethereum.”

It is a fundamental side because, on many transactions, it has become an advantage for OmiseGo.

What is OmiseGo
What is OmiseGo

“OMG” can seem to be funny but what is behind of OmiseGo (OMG) and how it works is really serious indeed.

The following features of OmiseGo are really necessary for you to understand it better.
PoS combines the Proof of Stake algorithm with activities that the chain has done
To have a non-core structure
Financial incentive mechanism

 

Sketching and clearing takes place in OmiseGO Blockchain
An automatic clearing-centered communication network

How about the founders of OmiseGo?

Omise (OMG) is the leading and parent company of OmiseGo. Omise is a white-label payment service provider. It is based in Thailand but operates in Southeast Asia. Omise is in cooperation with the following countries: Singapore, Thailand, Japan, Indonesia, and Malaysia. The company was established in 2013 and provided a combined fund of at least $ 20 million. In 2015, the company received funds not disclosed by Golden Gate Ventures. There are still more than 100 employees in Omise. Except for the founders, Omise has some strong relationships and deals with other famous and wealthy companies.

Alipay, McDonald’s, Minor International are some of those companies.

What are the working methods of OmiseGo?

OmiseGo review
OmiseGo review

If you are making trades on the system of OmiseGo, it means that your trade is not connected to a certain centre since there is nothing called “centre” on this system.

Okay, but what does Decentralized Exchange mean?

Today’s stock exchanges are linked to a centre and are trading stocks. All the user’s existing data (usually driver’s license and passport) is stored on a server (or a group of servers) where the exchange platform contains details of all transactions.

OmiseGO (OMG) brings the same functionality of Exchange to a centre but keeps all the actions of the user in the blockchain. It provides protection against hackers’ controlling the users’ available funds. Even if a hacker tries to do this, attempts of stealing information and important data will become almost impossible as he will have to identify the user of each block chain.

When there are lots of options of altcoins, why shall we invest in OmiseGo?

ETH-OMG Chart of Bittrex
ETH-OMG Chart of Bittrex

When you use OmiseGO’s block platform as an investor, you can make trouble-free transactions between closed systems (stock market) without actually using an OmiseGO (OMG) wallet for the following reasons. OmiseGO (OMG) allows you to sell cryptocurrencies to a stock exchange or buy cryptocurrencies from one stock exchange. This is made possible by connecting existing parcels to a central OmiseGO blockchain so that users can trade easily and seamlessly with exchanging cryptographic currencies. People who do not have a bank account or who do not want to deal with the financial system for any reason now have more options. The OmiseGO network is primarily trying to provide interoperability between closed payment systems (eg Paypal, Alipay, Visa, WeChat, Apple Pay, TenX Cards). Easy-to-use, ethereal-based financial technology does not require a bank account.

Omise was recently accepted as one of the three largest providers of payment services in Thailand, licensed by Paysbuy, an e-money operator, and accredited by the Ministry of Commerce with Trustmark (DBD Verification). This provides an active user resource, which is a very solid foundation. What all means is that OmiseGo seems to be very acceptable for an investment.

What are the positive and negative views of OmiseGo?

OmiseGo Exchange
OmiseGo Exchange

Positive and shining views of OmiseGo

1-)  It is the first plasma project

Vitalik Buterin (creator of Ethereum) showed great interest in the OmiseGo (OMG) project. This is also true not only because of the close relationship between OmiseGo and Ethereum block chains but also because it plans to be one of the first practitioners of an upgrade to Ethereum’s Plasma network. Plasma is a revolutionary chain scaling solution for intelligent contracts. According to the website, Plasma “operates at a high level of decentralized practices”.

2-) It is an Ethereum-based financial technology company that offers a non-deduction change (blockchain) and payment platform (wallet).

3-) It is an e-wallet and payment platform that you can use to buy and sell your currencies and currencies.

4-) Secure Wallet Software Development Kit helps to manage crypto/fiat / other assets.

5-) Commission solves problems such as transaction fees, loading time, transparency, security.

6-) OmiseGO (OMG) project is part of Omise, a successful FinTech company founded in 2013.

7-)  One OmiseGo (OMG) wallet has many different currencies and asset holding abilities.

OmiseGo’s block-chain utilizes an Ethereum intelligent contract to keep Ether reserves in the decentralized stock market.

Negative or maybe risky views of OmiseGo

OMG BTC Chart of Bittrex
OMG BTC Chart of Bittrex

1-) There is yet no product which is working. Omise does credit card processing and most probably, OmiseGO will do cryptocurrency which is based transactions. However, you should not confuse the two.

2-) A Github repo which can be viewed publicly has not existed yet.

The conclusion

Earning or losing. It just depends on what kind of cryptocurrency you are using. However, we can not state that it is very easy to say which one is going to be the best and which one is going to fall down as soon as possible.

It is kind of mathematics, examining statistics and feelings.

According to many researches about OmiseGo (OMG), it is not a member of those who will die down at least for the recent future and the potential is huge. Therefore it is still worth buying it when it is at a low cost.

 

 

OmiseGo Facebook

OmiseGo Website

OmiseGo Twitter

About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

Leave a Reply