Banks are an integral part of our lives and most of us have accounts in various banks. Almost everyone living in western countries has access to credit cards and money transfer facilities.
Even in the 21st century, there is a huge population who still don’t have bank accounts. A vast majority of people around 73% in South East Asia(SEA) does not have access to Banking services.
Let’s say If someone very poor and uneducated is working in Indonesia and wants to send money to their family in Myanmar. He could not send it because he does not have a bank account because to the strict banking rules.
On the other hand, Banks are a centralized entity which means our money is not owned by us once we deposit it in the bank. Under certain circumstances, banks have the power to seize our accounts and what not.
Also, If you travel from one country to another you need to change the fiat currency to other for which we need to high conversion charges.
So, One company tapped these pain points of millions of users and tried to solve this banking problem.
Omise which is a huge company provides payment gateway to e-commerce companies in SEA. It started back in 2013 and already has a huge customer base and fundings.
Since the banking structure is not so refined in Asian countries, Omise quickly became one of the best Fintech companies in the world. You can say its something like Stripe but focuses majorly Asian countries.
Now, Omise is expanding in the peer-to-peer transactions and Exchange Networks using blockchain technology.
They call it OmiseGo(OMG).
- 1 What is OmiseGo(OMG) Coin?
- 2 How to Buy OMG Cryptocurrency:
What is OmiseGo(OMG) Coin?
OmiseGo is a Decentralized Exchange network. It is a network which uses Ethereum blockchain to process the exchanges that are happening in Payment and remittance.
OmiseGO describes itself as: “The answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions”. The goal of the platform is not so much to be a cryptocurrency such as bitcoin or Dogecoin, but rather to offer users an alternative to online exchanges.
However, OmiseGo is working on the technology that could be used for several projects at the same time like:
- A decentralized exchange
- Liquidity provider mechanism
- Clearinghouse messaging network
- Asset-backed blockchain gateway
OmiseGo is not a single project, they are determined for the objectives to unbank the bank positioning crypto technology. Numerous startups crypto companies have been working on similar objectives. The intense competition in this particular sector creates a lot of pressure on all the team members that are heading towards this objective, yet it takes a lot of effort so success comes in a hand of few.
OmiseGo is one such success of the crypto world. The objective and overall project are designed in a comparatively appealing way. It works on a public Ethereum based financial technology so that it can make a proper use of traditional way of digital wallets. The project of OmiseGo aims to facilitate a simultaneous peer-to-peer network that values commerce and payment facilities.
Coming up with all new characteristics of monetarist that comprises to the banked residents is not an easy task to perform. Moreover, not all of us are not influenced by this new type of financial system currently. So, many of the content the idea of habitating outside of the system and not expecting on worldwide monetary services.
One more problem in the traditional world of financing is that services are more focused on subject to benefits the middle-class sector of society, rather a serious absence of communication exchange and management between service providers.
But in contrast, one advantage is a white label wallet of OmiseGo. This objective enable uses for reliable monetary solutions on the network in the coming future. Digitized wallets are gradually increasing more in popularity all across the globe. Newly creating chances for services of wallets are determined towards monetizing decentralized and Fiat coins through networks.
How does Omisego work?
Exchanges today are centralized operations. This means that the databases containing all transactions carried out on the exchange are stored on a server (or group of servers) owned by the exchange, alongside all the data available for a particular user, and often including identification like a passport and driving license.
OmiseGO offers the same exchange functionality but keeps all its transactions decentralized and stored on the blockchain. This keeps the data secure because a hacker cannot access one location to tamper with, say, the available funds of one person. A hacker would need to convince every user of the blockchain, making hacking attempts virtually impossible.
Most exchanges allow users to exchange money from fiat to cryptocurrency and back. This restriction causes a lot of fees to be taken out of a user’s account. For example, if I wanted to convert my BTC (bitcoin) to ETH (Ether), I would first need to find an exchange that trades in both BTC and ETH. Next, I would have to send BTC from my wallet to the exchange. Then I’d convert my BTC to a common fiat currency (e.g. USD). Finally, I would have to convert the USD back to ETH.
Throughout this whole process, exchanges would take fees, often when selling the BTC and again when buying the ETH.
OMG Token & Distribution
Currently, one OMG amounts at $7 US Dollar and is currently one of the Top 10 cryptos in the world.
|Total Supply||Circulating Supply|
|100M Tokens||140M Tokens|
There are estimated nearly around 100 million tokens in supply to the market. There are above 140 million tokens in all.
OmiseGo has some of the best Engineers, designers, managers in the team..
Jun Hasegawa – He was involved in tech companies in Japan. He is the Co-founder and CEO of Omise.
Donnie Harinsut – He is a COO and co-founder of OMG.
Wendell Davis – He works as a product designer in OmiseGo.
Thomas Greco – He is an advisor along with different workers for the OmiseGo cryptocurrency.
Vansa Chatikavanij – Works as managing director for OmiseGo and also handles different designing factors for OMG.
Along with such a strong and content team members, OmiseGo has many advisors onboard who are well known in the crypto world.
- Julian Zawis (Founder of Golem)
- David Lee (Professor of quantitative finance)
- Vitalik Buterin (Founder of Ethereum)
- Joseph Poon (OmiseGo Principal Author)
- Dr. Gavin Wood (Co-founder of Ethereum)
- Roger Ver (CEO of bitcoin.com)
Reasons to Invest in OmiseGo
Now let me tell you a few things that you should consider if you willing to invest in OmiseGo. But make sure to do your own research.
- Proven and Professional – OMG transfer money between businesses and individuals, and as of March 2017, the business itself handled roughly $500 million worth of transactions per day.
- Great Potential – With a current market cap of 968 million (versus 25 billion for Ethereum) and ranked at #8 among cryptocurrencies. This means there is much room for growth and potential return for investors.
- Short-term growth – OmiseGo does not currently have its own functioning blockchain or E-wallet but it will be built before the end of 2017. If this happens suspected. It means for the next few months we will see growth for OmiseGo. This ties in with the previous point that there is much room for growth, which may happen late in 2017 or early 2018.
- Paysbuy acquisition – Omise has recently acquired one of the three largest payment providers in Thailand, Paysbuy. Licensed by the bank of Thailand operator of E-business, accredited with trust mark (DBD verified) by the ministry of commerce.
- Huge ICO – OmiseGo raised a whopping $25 Million with there ICO which
- McDonald Thailand – Jun Hasegawa, Omise ‘s CEO, revealed recently that McDonald Thailand (over 240 locations) will be using OmiseGo ‘s payment procedure.
Now, if you are willing to invest some money in it, you must be thinking about how to Buy OMG coin.
How to Buy OMG Cryptocurrency:
Currently, there is no direct way to Buy OMG with your Fiat currency but you can buy it using your Bitcoin or altcoins using Instant cryptocurrency exchanges like Changelly, Coinswitch and Shapeshift. You can also use Cryptocurrency exchange to buy OmesiGo coins with your existing currency.
Buy OMG through Changelly
Changelly is an Instant crypto exchange which allows you to convert one cryptocurrency to another with a few clicks.
It involves only 2 Steps:
- Enter your OMG Wallet Address
- Send Bitcoin/Altcoin to changelly address
You can go ahead with our Changelly Guide to see step by step process of converting any cryptocurrency.
Buy OMG from Shapeshift
You can instantly buy OMG using any supported cryptocurrency. Shapeshift does not require any signup, hence you will not be able to track your past transactions.
Buy OMG from Coinswitch.co
Coin switch is relatively a new crypto exchange where you can convert BTC/Altcoin to OMG. It will not take more than 5 minutes to complete the conversion.
Most of the times I use Changelly as it allows to check our old transactions and the conversion fee is also very minimal.
Buying OMG from Exchange
You can Buy OMG Coin through the various exchanges. Some of the exchange where you can easily Buy/Sell OMG are:
If you are new to Buying/selling of cryptocurrencies, you must surely start with Bittrex as this is one of the best and trusted exchange in the worlds.
You can also check our complete list of the Best Bitcoin/Altcoin Exchanges in the world to trade easily.
Where To Store your OMG(OmesiGo) Coins
You would need an OMG wallet before buying your OMG coins to store them safely.
- Hardware Wallet – Trezor
- Desktop Wallet – Exodus, Jaxx
- Mobile Wallet – Jaxx (iOS, Android),
- Web Wallet – MyEtherWallet (MEW)
Official Sources of OMG Coin
Here are some of the Official links of OmesiGo Cryptocurrency.
Since OmiseGo is working on a really great technology, its future seems pretty bright and it also has support from industry legends. So It would be interesting to see how OMG works in future.
That is it for today, Make sure to subscribe to our Push Notificaiton and become a part of our Coinscage Community.
Do let me know what do you think about OMG? Is it worth investing money? Can OMG Coin remove cross country transaction barriers?
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