What is OmiseGO?
The prime function of the OmiseGo token is to deliver an asset-backed blockchain gateway with an integrated exchange. That’s the idea of a decentralized bank available for everyone across the globe, making the “bank service” more accessible for the masses. The whole conception they fit in their motto “bank, the unbanked”. It serves as a high-value exchange and universal remittance interconnectional bridge used for process payments and legacy rails. Apart from the beforementioned, OMG is also a settlement platform, perfect for B2B(business-to-business) trades. The token has a limited supply of 140,245,398 OMG. Read further our OmiseGO review and learn the reasons why this token is one of the most widely used.
Advantages
Since OmiseGO is built on the Ethereum blockchain, it has the potential to be а liquidity provider, clearinghouse network and asset-backed blockchain gateway. Furthermore, it is also:
- The very first plasma project
- A decentralized exchange
Disadvantages
Despite the strong ambition and motivation to achieve greatness, the actual project is not yet released to the public. Also, further drawbacks include:
- Future regulations expected
- Still no actual product launched
History and Evolution
The OmiseGO token was released as an ICO campaign on the 23rd of June 2017, otherwise the main brand of the founders, Jun Hasegawa and Donnie Harinsut, was initially established in 2013 under the name “Omise”. Short after the first coin offering in 2017, the total capital of the project was raised to over $24 million, meanwhile turning down more than $100 million. At the end of the same year, an Airdrop of 5% of the tokens was distributed to all Ethereum holders.
OmiseGO’s Future
Operating as a public decentralized exchange (DEX) secured by the Ethereum network and build to use the Plasma architecture, the OmiseGO cryptocurrency is striving to achieve several goals in different directions. First of all, they want to become a main Money Gateway applied as a scaling solution for the ETH network, concentrated on enabling payments, trades and 2-way transactions (crypto to fiat and the opposite). The roadmap for 2018 shows that they are planning to implement an open-source digital wallet Software Development Kit (SDK) which will be free to use for all users allowing businesses to connect to the OMG token network and simplify the online asset exchange. The SDK will provide an opportunity for wallet providers to customize or add payment solutions applicable in many common cases.
OmiseGO Blockchain
As every other token, OMG has no blockchain because it is part of the biggest network for token utilization – Ethereum. OmiseGO is using the ERC20 technical standard which allows it to be adopted by the Ethereum blockchain and operate under its care. It is true that some tokens are released as ICO funding with the idea to become real digital currency (coin) one day. At this current point, there is no further information available that the OmiseGO cryptocurrency is planning to do so.
How to Get OmiseGO Tokens at Exchanges
It is a fact most of the tokens are difficult to purchase, because usually you need to obtain Bitcoin or Ethereum from one exchange, the send it to another and exchange it for the token of interest. Unfortunately, the case with OMG token is not an exclusion, you can only acquire it through an exchange for digital assets(cryptocurrencies). Apart from this inconvenience, OMG holds an opportunity with huge potential to accumulate profit by trading or just holding it.
| Exchange | Buy OmiseGO with: | Buy with Fiat Money: | |
|---|---|---|---|
| Bitcoin, Ethereum | USD | Trade now | |
| Bitcoin, Ethereum | – | Trade now | |
| Bitcoin, Ethereum, Tether | – | Trade now |
Wallets for OmiseGO
I have mentioned already the implementation of the SDK software with which you will be able to customize any wallet and intergrade the OmiseGO cryptocurrency network. The date of releasement is not yet stated, nor any details about the operating systems that it will support. All we know is that is planned for 2018.
Alternative Wallets
There are many different wallets available on the market nowadays. They could be diverted in several groups based on their interface, access to internet and number of different coins they can hold. Categorized by their interface, they are desktop, mobile, and web. By their internet access: cold and hot wallets. Usually, the official wallets for every cryptocurrency support only that coin but also there are multi-coin wallets. They all serve one and only purpose, to bring better security, to improve your user experience and to simplify the process of trading for you. Here are some of the wallets you could use for OMG tokens:
Web Wallets:
News
With the constantly rising interest towards cryptocurrencies and blockchain implementation in many industries, the information regarding those subjects online become too uncertain and miscellaneous. But still, I will recommend you scout the web for any bits of new information which can assist you in taking heavy decisions. Otherwise, I can recommend you stick with the official information channels of every cryptocurrency, including the OmiseGO token. In such, you will be able to find relevant news, announcements, and statements regarding current or future developments. Also, you can check the social network clients like Twitter, Facebook or forums if you want to share an opinion or to seek for answers. Please, have a look at the table below with all links needed.