Cryptocurrency
OmiseGo – Why OMG is the Only Coin Vitalik Buterin has Backed
OmiseGO (OMG) – is in the position to make some monstrous moves in 2018. The coin saw extreme gains in the beginning of January 2018 at the tip of the bull market; but just like every other coin it has since then fallen. With the recent launch of the open source OmiseGo eWallet and the relaunch of the OmiseGo website, it is possible this coin, currently trading at $11, can spike up in value in the months to come. While the cryptocurrency market has been hovering around $300 billion market cap for about a week now, right now is a very crucial time for breakthrough coins like this.
A subsidiary of Omise, a leading online payment gateway service provider operating in Southeast Asia, Omisego was the very first financial service company to join the Ethereum community. OmiseGo believes that online payment is a necessity to develop a successful business on the internet. The team at OmiseGo has been involved in the Ethereum community from its very beginning—starting in 2015, Omise Blockchain Lab began research work focusing primarily on scalability and by 2016, research had expanded into proof-of-stake consensus design. OmiseGo was created with two goals in mind: To create a scaling solution for Ethereum focused on enabling payments, trades, and other financial transactions in both crypto and fiat – and, secondly, to develop the OMG open-source, whit label digital wallet Software Development Kit (SDK).
The SDK allows wallet providers the flexibility to enhance, add, and customize payment solutions for many uses cases. This will pave the way for the development of mobile apps – an android sample is already available, along with a sample iOS application that demonstrates the SDK in the iOS environment. OMG is a fully public, currency agnostic decentralized exchange network which is secured by Ethereum and built to scale infinitely using the Plasma architecture. The OMG Network can interact with Bitcoin-like blockchains through clearinghouses in smart contracts. the wallet SDK will make it easy to create dapps that let the end user take advantage of Ethereum’s immense potential without having to leave their comfort zone.
OmiseGo’s team is heavily invested in the integration of the Ethereum Plasma scaling solution – a non-proprietary community effort that aims to optimize smart contract execution on the Ethereum blockchain. This allows the OmiseGo platform to compete with established payment processing services.
Users now have the possibility of using a platform that allows them one single wallet service to pay for goods and services with a wide range of cryptocurrencies.
OmiseGO enables financial interoperability through the public, decentralized OMG network in a way that no platform has before. Many believe this coin to be a sleeping giant. With the price in a lower position as of today, investors might want to react quick. OmiseGO is currently trading at $11.57 with a $1 billion dollar market cap.
OmiseGO (OMG) Chart Image source: coinmarketcap.com
Like many projects in the cryptocurrency atmosphere, OmiseGO has experienced its fair share of scammers. The OmiseGo team relayed to its followers on twitter that fake OmiseGo websites, twitter accounts, and telegram channels offering free tokens or wallets are all scams.
OmiseGo is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway – all while using the hashing algorithm. OmiseGO is not owned by one single party but instead is an open distributed network of validators which enforce action of all participants. By using the mechanism of a protocol token it creates a proof-of-stake blockchain that enables enforcement of market activity amongst participants. Transaction fees on the network are given to non-faulty validators who enforce bonded contract states.
Vitalik Buterin – image source: coinscabin.com
The Russian genius who created the Ethereum platform, Vitalik Buterin, has even publicly vocalized his support for the OmiseGo platform on twitter:
“Right now my favorite token model is OMG-style staking tokens. Reasons:
* Not a medium-of-exchange token
* Clear valuation model (expected discounted future tx fees minus node operation cost)
* Requires running node to get returns, not passive income (so more legally defensible)”
Right now my favorite token model is OMG-style staking tokens. Reasons:
* Not a medium-of-exchange token
* Clear valuation model (expected discounted future tx fees minus node operation cost)
* Requires running node to get returns, not passive income (so more legally defensible)— vitalik.eth (@VitalikButerin) December 12, 2017
This is the only alt coin that has been actively promoted by Vitalik Buterin.
“The central paradox of human society is that we need to conduct transactions on a mass scale to accomplish our ends, but are simultaneously unwilling to trust anyone outside our immediate circle… Blockchains allow us to create a single shared ledger, or an interoperable network of provably coordinated ledgers, on which ownership and status of an asset can be immutably recorded. We aim to create such a ledger on a global scale, by constructing a lightweight and highly scalable and secure blockchain which directly integrates with the Ethereum blockchain and Ethereum smart contracts. “
OMG is the answer to the fundamental coordination problem amongst payment processors, gateways,, and financial institutions. OmiseGo plans to bribe the gap between fiat currency and cryptocurrency. By enabling decentralized exchange at high volume and low cost, OMG provides revolutionary value transfer service operating across currencies and asset types, and across national borders and corporate ledgers. With the OMG network, anyone can conduct real time, peer-to-peer financial transactions, including payments, asset management, ad other on-demand services. It does this in a completely decentralized and inexpensive way, and including highly performant and fully decentralized trading.