Home Crypto News What is OmiseGO (OMG)?

What is OmiseGO (OMG)?

What is OmiseGO (OMG)?

OmiseGO is part of the company Omise, Omise is a provider of online payment services and is active in Southeast Asia. OmiseGO is based on Ethereum. In early 2015, the OMG team started researching that mostly focused on the scalability of cryptocurrencies.

The cryptocurrency called OmiseGO was launched in 2017. OmiseGO aims to give everyone an opportunity to have their own money and to store it safely.

OMG offers a solution to the scalability problems of Ethereum. OmiseGO focuses on enabling transactions in crypto and real currencies.

Tip: The video below briefly explains what OmiseGO is.

What can I use OmiseGO (OMG) for?

The network is public, decentralized and secured by the Ethereum network. Because OmiseGO is almost unlimitedly scalable, the network can process all global transactions simultaneously.

Anyone can carry out financial transactions through the OMG network. In addition, OmiseGO supports employee payroll, loyalty programs, B2B commerce and on-demand services.

How does OmiseGO differ from other cryptos?

OmiseGO uses the Ethereum network. To get a clear picture of OmiseGO, let’s compare the digital currencies with Ethereum and with EOS .

The big difference in scalability is especially noticeable. OmiseGO can process millions of transactions per second. EOS lags well behind with 50 thousand per second. Ethereum is now also lagging behind. However, it will not be long before Ethereum can also process more than a million transactions per second.

The OmiseGO rate

 The OmiseGO price is quite volatile. It is possible that the OMG price rises or falls by 30 percent within 1 day. The OmiseGO rate, like all other cryptocurrencies, depends on a number of factors, namely:

  • New updates for the OmiseGO network.
  • New collaborations from OMG with companies.
  • Media attention.
  • News about the adoption of OmiseGO and other cryptos.

The chart below shows the OMG rate (the rate is shown in dollars). This chart shows that OmiseGO started in the summer of 2017. At this time, 1 OMG coin was worth about $0.50 dollars. The price quickly started to rise and was worth almost $13 dollars in September 2017. OmiseGO reached its absolute peak in early January 2018. At this point, 1 OMG token was worth $26.15. Just like any cryptocurrency, the price has declined since this point.

Where can you buy OmiseGO (OMG)?

There are several crypto exchanges where you can buy OmiseGO. Unfortunately, it is not yet possible to buy OMG from Coinbase. Do you want to know at which crypto exchanges you can buy OmiseGO tokens? Below we have listed the most important and reliable crypto exchanges that sell OMG for you.

Tip: Do you want to know more about the different exchanges? Then press the exchange you want to know more about.

  • Binance
  • Battle
  • Bitfinex
  • Bittrex
  • Huobi
  • HitBTC

Who are the founders of OmiseGO?

The cryptocurrency OmiseGO (OMG) falls under the company Omise. Omise is a provider of online payment services and is active in Southeast Asia. OmiseGO was founded by Jun Hasegawa and Donnie Harinsut. These founders already worked at the company Omise before that.

In addition, OmiseGO is supported by 2 founders of Ethereum : Vitalik Buterin and Gavin Wood. At present, OMG is valued at approximately $960 million dollars.

What are the benefits of OmiseGO?

1. Highly scalable
OMG provides unlimited scalability and a very high transaction speed. The OmiseGO network may eventually process billions of transactions per second.

2. Access
With the OMG network, which is also open source, wallet holders can easily connect to the OMG network anywhere in the world. One can receive and make payments very easily and quickly.

3. Security
Because OmiseGO is connected to the Ethereum blockchain, the network is very secure. The transaction validation is extremely secure by the Ethereum network.

4. Decentralized
OMG is decentralized. This means that it is not owned by a central authority. The tokens are managed by the users themselves.

What are the disadvantages of OmiseGO?

1. No proof that it works well
To date there is no proof that the OmiseGO platform works as intended. The OMG network is still under development, so it is still unclear whether it will work as well in practice as intended.

2. Still unknown to large crowds
We see that Bitcoin is only now really being accepted by the so-called Mainstream. Gradually, altcoins such as Ethereum and Ripple are following. However, many altcoins such as OmiseGO are not yet known to a large group of people.

3. Not yet fully accepted
Like other cryptocurrencies, OmiseGO is not fully accepted yet. Many governments fear that cryptocurrencies are harmful to the financial system. Governments do not yet have proper regulations for cryptocurrencies.

4. Large value fluctuations.
OMG is certainly not a stable investment. Because the value of the OmiseGO is not stable, it is very unlikely that the OMG will become a widely used means of payment in the short term. The currency is simply not stable enough for this. At the moment, the OMG, just like Bitcoin, is purely an investment, while this is not the ultimate goal of the currency.

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