OmiseGO (OMG)

OmiseGo is a payment platform that allows you to make payments using cryptocurrencies as well as fiat currencies. The main goal of the project is to provide financial services in a more accessible and convenient form without the need to involve additional people or entities. The platform is mainly focused on people who live in areas where banking is very limited or not available at all. The watchword of OmiseGo is: "unbank the banked" which is a funny reverse of the well-known slogan "bank the unbanked".

The project itself is open source, which means that everyone can contribute to it. The platform is based on Blockchain Ethereum and has its own ERC20 - OMG tokens. In addition to financial services, the project also allows you to collect loyalty points and grant digital loans. OmniseGo is also developing a ready Software Development Kit for developers using network services and the decentralized DEX exchange.

History of the creation of OmiseGO

The company's history begins in May 2013, when the Japanese Jun Hasegawa establishes OmiseGo in Thailand. Initially, it was an application for individual customers and online stores. It made it possible to make payments in several currencies without the need for a bank account and was available in Thailand, Singapore, Indonesia and Japan. Along with the development of technology and cryptocurrencies in 2017, the creators of OmniseGo, along with the substantive support of Vitalik Buterin (founder of Ethereum), Gavin Wood (co-founder of Ethereum) and Julian Zawistowski (creator of the Golem platform), began implementing blockchchain technology based on Ethereum into their project.

The company decided to fundraise using an ICO. With such facilities, OmiseGo had no problems with the distribution of its OMG tokens. The sale lasted an equal month and ended on June 23, 2017, reaching the hard cap, i.e. the maximum collection threshold. OMG tokens sold for $ 0.35, and OmiseGo raised $ 25 million on the ICO. After the implementation of the Ethereum blockchain, the project became a decentralized international platform providing payment, clearing and exchange services for both currencies and digital assets. OmiseGo also allows you to replace banking services and provide payment solutions to users who cannot use a bank. Further development of the network until the publication by Vitalik Buterin of the Ethereum layer 2 protocol called Plasma Cash. It took place on August 9, 2017 and was so important for the OmiseGo project that the confirmation by the owners of information based on Plasma Cash resulted in a gigantic increase in the value of the OMG token.

How does OmiseGo works?

The OmiseGo platform is an open source project. Ethereum is also based on the Proof of Stake consensus, which generates profits for transaction fees. The token is based on ERC-20. There are exactly 140,245,398 tokens in total and all of them are already extracted. Average time between blocks is 15 seconds.

Wallet for OmiseGo

Since OmiseGo operates on the Ethereum blockchain network, and the OMG token is an ERC-20 token, it has extensive support when it comes to cryptocurrency wallets. The most popular wallet for ERC-20 is of course MyEtherWallet and the MetaMask browser add-on which is becoming more and more popular. Apart from them, you can also mention other desktop wallets, such as Jaxx or Exodus. OMG hardware wallets can be easily stored on the Ledger Nano S and Blue using MyEtherWallet and on Trezor T and Trezor One.

OmiseGo forecasts

OmiseGo is currently ranked 43rd in terms of capitalization. The highest price in the history of OMG, i.e. its ATH, took place on January 8, 2018 and amounted to USD 28.35. The cryptocurrency is listed on 92 exchanges. The daily turnover amounts to approximately USD 193 million, of which the Coinbene exchange is responsible for less than 40% of the turnover, leaving the others far behind. The most popular OMG trading platforms can be found on Binance, Huobi and Coinbase. OmiseGo is also listed on Bittrex, Bitfinex Kraken and our Polish Bitbay, but its turnover on these exchanges is negligible.