With the advent of cryptocurrencies, traditional financial institutions do not seriously scared, because «digital money» give people new opportunities.
Well Bitcoin solves the problem of transaction from one node to another, but in terms of usability and integration with business BTC – not the best solution. In 2017, was created a decentralized platform OmiseGo, which is trying to compete with banks by combining the ease and convenience of transfers through financial institutions with the cheapness and availability of blockchain technology.
In this article we will talk about the company Omise and its offspring – platform OmiseGo by which the organization will try to solve all the above problems. And, looking ahead, we can say that it has all the chances of success.
What is cryptocurrency OmiseGo
In 2013, Thailand was founded Omise working to develop a cashless payment service for traditional currencies. But in 2017, the project team assessed the potential of cryptocurrencies, especially in the field of international transactions, and decided to develop a decentralized platform and called it OmiseGo.
Since the company already had extensive experience in the payment sector, she decided to take care of the main problems of cryptocurrency, which hamper their development and acceptance in society. The team targeted the decentralization, scale and speed of transactions.
Based platform OmiseGo was taken by the Ethereum blockchain and launched bitcoin OMG on the standard ERC-20. In fact the same token, the OMG uses the blockchain «ether», speaking as part of the scaling to be exchanged for any currency.
Cryptocurrency OmiseGo created with one goal – to become a direct competitor to traditional banks and payment systems like Paypal, Venmo or Zelle. The main slogan of the company is «Unbank the Banker,» that is, «Get rid of banks!».
And although the service is not working at full capacity, according to the developers, in the future the platform will provide the ability to complete transactions, even those who is far from the traditional financial infrastructure – need only Internet access.
Cryptocurrency OmiseGo is a distributed network that provides peer-to-peer transactions are not limited only tokens OMG. The platform gives the possibility to make payments, transactions and other transactions in Fiat currencies and cryptocurrency.
History and team
Started the job cryptocurrencies OmiseGo the main founders of the company Omise – Jin Hasegawa (Hasegawa Jun) and Donnie Charinset (Donnie Harinsut). But the team and those who supported the project more impressive.
I should start by saying that cryptocurrency OmiseGo is one of the only (if not the only) token, built on the Ethereum blockchain, which openly supports Ethereum founder Vitalik Buterin and co-founder of Ethereum, Gavin wood.
The project will also help lead developer of Ethereum Vlad Zamfir, founder Bitcoin.com Roger Ver (Roger Ver) and the head of cryptocurrency Golem Julian Zawistowski.
After creating OmiseGo, the team decided to hold the ICO to raise $25 million, with the more successful right – the first $19 million collected even at the stage of pre-ICO. Among the investors were the giants such as SBI Investment, SMBC, Lat Ventures and 500 startups.
In the end, 65% of the tokens OMG sold at ICO, an additional 5% distributed during Airdrop. 20% reserved for the cost of the implementation of the road map, and the last 10% reserved for team members and active participants for 1 year (which has already passed).
The technology of cryptocurrency OmiseGo
As described above, the cryptocurrency OmiseGo provides the opportunity for the exchange of any asset, whether Fitna currency, or digital token, regardless of its type and even the blockchain. In fact, we are talking about the unification of financial systems.
This is done through the official wallet SDK that allows you to easily create new wallets, integrate with different payment systems and even embedded in the online shopping. While inside the platform provide digital assets to traditional currencies.
The other important factor in the work of the platform is a decentralized exchange (DEX) acting as the high liquidity of the market, taking into account the difference in rates between the underlying assets. That is, DEX is responsible for the conversion of one currency to another.
Great opportunity platform OmiseGo opens for business. Suppose you live in Russia, but work with clients from Germany. So they can transfer the money to your account, they must first convert their currency into rubles, and then send the funds or you have to do it on the spot. Anyway, it will have to pay two commissions for the transfer and conversion of one currency to another. OmiseGo will allow your partners to pay in the currency that they use and you can get it right in rubles.
It should also be said that the mining platform is not provided. Token OMG is built on the algorithm Proof-Of-Stake. However, to earn cryptocurrency OmiseGo possible – it is necessary to keep it in the account. And the more coins, the higher the probability of a block from their owner (in this case the minimum number is not installed). Suppose, if a person on account of 1% of all tokens OMG, on average, it will generate about 1% of the new units.
As for the decentralized exchange (DEX), for it is a cryptocurrency OmiseGo has developed a special calculation system, which also contributes to trade various assets. If you do not go into technical details, it would look something like this:
The user And have a Bitcoin, which he intends to sell to the user B by using OMG. For this they turn to a third party – user, which is the design center. With a smart contract, it blocks the means to avoid fraud from any side, and, with it, generates a hash and multipoles.
Next, the user And the sale specifies the hash given to him by user C. In turn, the user also specifies the hash given to him. If a user With all satisfies, it allows you to hold a transaction, and each of them will receive the currency. Otherwise, locked in a smart contract funds will return to the users A and B.
The solution to scalability issues
To improve the scalability and speed of transactions platform OmiseGo uses the notorious technology of Plasma. That is sydeny on smart contracts.
The basics of this technology in «Plasma: automated smart contracts», co-written by Vitalik Butterini and Lightning Network developed by Joseph Punom.
In short, the problem of scalability is solved by subsidiary networks, which take the transaction outside the main blockchain, reducing the load and allowing, in theory, to carry out billions of transactions per second. Sorry, it’s just a theory. But who knows, maybe we will see this in Ethereum 2.0.
Plasma: automated smart contracts
If you still do not go into technical details, the Plasma is blackany inside the blockchain, working independently of each other. To the main, they apply only if a transaction is questionable or problematic. So the main blockchain either confirms or rejects.
Where to buy OmiseGo and how to store
Since DEX from OmiseGo is still under development, buy OmiseGo possible in most parts of the cryptocurrency exchanges. Here are the most popular of them:
Exchanges to buy crypto-currencies OmiseGo
Major trading pairs at these sites – OMG/BTC, OMG/ETH and OMG/USDT. As for the storage of cryptocurrency OmiseGo, in the future, for this moment will reply wallet SDK, but it is still in development.
And since the token is built on the standard ERC-20, you can keep it on the Ethereum wallets that support this format, including MyEtherWallet, Exodus, MetaMask and others.
If you can’t find OmiseGo in these purses, the token will have to be added manually. In this menu click «Add token» and in the menu that appears, locate the cryptocurrency OMG.
Course OmiseGo and capitalization
In early 2017 after conducting ICO cryptocurrency OMG entered the market and started trading at a price of $0,53, but 9 months later, in September 2017, its rate went up sharply and reached $12,88.
At the moment capitalization of the cryptocurrencies OMG equal to $337 008 279, and trading volume for the day is $104 174 752. Circulating the proposal according to CoinMarketCap – 140 245 398 OMG. All tokens were distributed once more and the issue will not grow.
The peak of course of bitcoin OmiseGo, like many others, came at the end of 2017 — early 2018. At that moment it jumped up to $28,35, but after that subsided and now the coin is trading at a price of $2,40. In the ranking of CoinMarketCap OMG ranks 33rd.
Prospects for the future
By itself, the platform OmiseGo has great potential, and it remains only for implementation. Currently available as a beta version Wallet SDK and minimally working version of Plasma.
Note that developers strictly follow the «road map», and in the near future is expected to implement Plasma Cash, which is the transformation of a normal token in the «unique», the output of the working version of the Wallet SDK, the launch of the decentralized exchange DEX.
Road map of the platform OmiseGo, where the blue highlighted features currently in development, and blue – which is scheduled Source: RoadMap OmiseGo
Experience and resources of the company allow us to call OmiseGo a very promising project. However, the work of the team is still a lot. And while the platform is under development, OmiseGo definitely one of the most promising. Learn more about the project by reading a road map.
As for the tokens OMG and investment in them, we can say that the coin has already shown a rapid growth, but is now trading at a relatively low price. It can be expected that with the release of a full working platform at the light, cryptocurrency OMG «will go to the moon.» But to say it 100%, of course, impossible.
You should also know that in April 2019 «white» hackers have discovered eight vulnerabilities in the blockchain OmiseGo. According to them, one of them is allowed to redirect users to phishing sites. On the nature of other vulnerability information is not disclosed. However, it is good that problems are found prior to the launch platform.
With all that you need to understand that the token OMG – this is one of the tools in the platform, and the growth rates – not the main goal of the developers. After all, if they really implement all that is planned, it can overturn the entire current banking system on its head.