OmiseGo — Crypto News
OmiseGO ( OMG) is a cryptocurrency and also decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway based on Ethereum. Unlike nearly all other decentralized exchange platforms, OmiseGo allows for decentralized exchange of other blockchains and between multiple blockchains directly without a trusted gateway token. ICO start date: 2017–06–27.
What is OmiseGO?
OmiseGO is a public financial technology based on Ethereum, which can be used in popular wallets to provide real-time peer-to-peer trading of assets, as well as in payment services in jurisdictions where such services are poorly developed. OmiseGO allows working with cryptocurrencies and traditional Fiat currencies. Access to the platform will be provided through the OmiseGO network and the digital wallet shell, which will be available to the General public starting from the fourth quarter of 2017.
Omise is the answer to the fundamental problem of coordination between payment systems, gateways and financial institutions. By providing a decentralized exchange on a public blockchain with large volumes and low cost, OmiseGO provides a next generation value transfer service operating in different currencies and asset types.
Through the company’s network connected to the Ethereum network, everyone will be able to conduct financial transactions such as payments, money transfers, payroll, B2B Commerce, supply chain financing, loyalty programs, asset management and trade and other on-demand services in a Fully decentralized and inexpensive way. In addition, millions of major users in the world’s largest growing economies will be able to move from the use of Finance to the use of decentralized currencies such as ETH, BTC and others.
OmiseGO (OMG) technology was created to destroy the existing financial institutions: Unbank the Banked with Ethereum. Technology allows you to combine currency exchange and payment services in real-time. The buyer pays the bill in a convenient currency, and the recipient is credited with the funds in a convenient format as Fiat currencies, as decentralized cryptocurrencies.
The idea of the product is to allow any user of the project to send funds over the network without having a Bank account or paying a fee.
It provides alternative financial and digital commerce tools for everyone without having to go through traditional banks, institutions and card networks. Through the OmiseGO network, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way. Token holders will be eligible to earn transaction fees for interchange payments and decentralized exchange
The technology is offered by the Omise financial company, founded in 2013 and working in Thailand, Japan, Singapore and Indonesia. The company specializes in services for non-cash payments and plans to launch the OmiseGO network and the digital wallet system in the fourth quarter of 2017.
The technological characteristics
The OmiseGO scheme includes a decentralized exchange, a liquidity provider mechanism, a messaging network in the information coordination center and a blockchain gateway with assets. This is a scalable and fully open blockchain that will allow different financial systems to interact with.
By providing decentralized exchange in an open blockchain with a large volume and low cost, OmiseGO provides a next-generation value transfer service operating in different currencies and asset types. Through the OmiseGO network related to the Ethereum network, everyone can execute such financial transactions as payments, money transfers, payroll accounting, B2B commercial trade, supply chain financing, loyalty programs, asset management and trading. The OmiseGO network will combine fiat and decentralized money.
The platform is expected to be launched in the 4th quarter of 2017. Plasma — the service for the execution of smart contracts with a very high frequency, which is currently being prepared by the Ethereum platform will be used in its work.
OmiseGO team highlights the following three main functions for both its wallet and its blockchain:
- Access: to access the exchange, you do not need a Bank account, and OmiseGO will have national currencies in reserve.
- Scalability: Instant calculations and low costs will be key features of the OmiseGO platform.
- Safety: Missego offers decentralised cryptocurrency and decentralized storage of tokens.
OmiseGO Coin (OMG Token)
At the beginning of 2017, the company Msi announced the project OmiseGo — decentralized exchange platform as Fiat currency and cryptocurrency based on a public blockchain Ethereum. June 27 passed ICO, during which investors purchased tokens OMG (standard ERC20) totaling $25 million.it is worth noting that OmiseGo limited the sale of tokens after this amount, avoiding the threat of “gold rush”.
On August 9, Vitalik Buterin and Joseph POON published a white Paper plasma platform designed to improve the performance of smart contracts. The project team immediately announced that their solution would be built on Plasma. In this news, OMG tokens rose in price by 250% in a matter of hours, and OmiseGo became the largest project on The Ethereum blockchain with a record capitalization of over one billion dollars for tokens.
Unfortunately, there is no information about the OmiseGO mining opportunities in the official documents and team statements.
Where to buy OmiseGO?
Where to buy omisego cryptocurrency? It’s a kind of common questions, so, OMG token is available for purchase on the exchanges like Huobi, JEX, Coinsuper, Bithumb, Fcoin and etc.
OmiseGO SDK wallet
The OmiseGO system assumes the use of the SDK wallet. This is a White Label wallet, that is, companies can implement it in different sectors of the economy. Using the SDK wallet, users can freely trade in fiat and crypto-currencies.
The wallet provides the user with access to the Omise payment gateway, credit and virtual debit card. Also, it uses a distributed open protocol that facilitates the exchange between different wallets.
All transactions between digital wallet providers will be conducted on the OmiseGO network, and decentralized currencies can be freely sold along with the money of all network users.
ICO project started in the summer of 2017. In total, $ 19 million were raised thanks to the sale of OMG tokens (OmiseGO). The tokens also give their owners the right to receive a commission for verifying the transactions of the Proof of Stake (PoS) network.
In September 2017, the price of tokens rose to almost $ 12, but in mid-October, one token is traded at $ 8.35. The capitalization of all OMG tokens is $ 821.4 million.
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Originally published at https://cryptonomad.info on July 5, 2019.