Considering the fact that a modern person cannot imagine his life without a bank card and thousands of transactions performed annually with it, the slogan "Lets get rid of banks!" sounds ambitious to say the least. It was with such an appeal that in 2017 the creators of the new cryptocurrency startup OmiseGO announced their project and the token issued on its platform. Is the new cryptocurrency really capable of ending the era of bank cards and how revolutionary the idea of the developers is, read in todays review.

About the OmiseGO project

Omise was officially founded in 2013. From the very beginning, its activities were aimed at providing payment services in developed countries of Asia (Indonesia, Singapore, Thailand, Japan), but by 2016 the company was able to expand beyond the borders of the Pacific region.

Around the same time, the Omise team embarks on an ambitious vision, according to which it will be possible to combine the digital and fiat markets on the basis of one platform using blockchain technology. As conceived by the developers, it was supposed to be the first platform that could provide absolute security of transfers, minimal commission and instant data transfer. The guarantee of this vision is that OmiseGO operates on the Ethereum blockchain.

So, 2017 was marked by the emergence of a new project OmiseGO, which promised its founders a tremendous success with the loud name Fintech Rockstar.

The project was launched by a team of creative developers, led by the founders of the Omise organization, Jin Hasegawa and Donnie Harinsuta. The startup was greatly supported by Ethereum founder Vitalik Buterin and Ethereum co-owner Gavin Wood. No less famous personalities were also involved in the development: the lead developer of the Casper protocol Vlad Zamfir, the founder of Bitcoin.com Roger Ver and the head of the Golem cryptocurrency Julian Zawistovski.

With such strong support, the startup was destined to succeed. In the middle of summer 2017, an ICO took place, as a result of which $ 25 million was raised. If you could buy OmiseGO at the official auction for $ 0.38, then a month later its price increased to $ 8.90.

In the plans of the developers, the development of the project itself is in the first place, and then the promotion of its own crypto-coin. Indeed, the idea is based on the creation of an affordable social technology on the Ethereum platform, which can be used to conduct peer-to-peer trading of assets online.

OmiseGO features

OmiseGO technology is a kind of attempt to solve the global problem of interconnection between banking organizations, gateways and payment systems. This technology integrates currency exchange and payment services. The buyer will be able to pay the bill in any currency, and the recipient will be able to withdraw funds in a convenient form (in crypto or fiat). The idea of the project is that any network user can make transactions without owning a bank card and without paying commissions.

Access to decentralized exchange is provided by a public blockchain through which users can send and receive digital assets. This expands the capabilities of the standard network and allows you to inexpensively carry out various financial transactions:

transfer of wages;
Money transfers;
asset Management;
implementation of partner and user programs;
payment for supply chain and goods;
conducting commercial transactions and other services.
Among other things, for a million users, it will become a real transition from the use of financial resources to decentralized currencies such as ETH or BTC.

The OmiseGO network has a mechanism that provides liquidity. It also provides a kind of analogue of the "settlement fee" and a special gateway for saving assets with the possibility of their subsequent investment. The conversion process is carried out through smart contracts.

The creation of new cryptocurrencies and the emergence of forks led to problems in the cryptocurrency market: all operations are carried out exclusively on special exchange platforms. A prerequisite for such operations is the mandatory opening of a current account on alternative platforms, since any exchange manages specific digital currencies. The OmiseGO cryptocurrency aims to solve this problem as it can support most forks.

The main features of OmiseGO are defined by the following features:

Peer-to-peer transactions are handled through a virtual wallet specially designed for OMG.
Availability of our own blockchain network to confirm the operations.
OmiseGO primary purpose is to provide an estimated value for convertible funds. It does not matter in what currency the savings are represented. Their total amount is expressed in this cryptocurrency or, at the request of the user, in the form of another financial asset. Thus, OmiseGO currency can become a universal tool for storing and managing savings in the future.

How is OmiseGO created?

The OMG cryptocurrency operates on the basis of the OmiseGo platform, which in its essence is the ERC-20 standard. Simply put, OmiseGO is a blockchain on the Ethereum blockchain. The resources of the Ethereum network are used to organize the workflow, while symbiotic relationships with the network are developed and Ethereum is scaling. Thus, the OMG cryptocurrency is a distributed network that conducts peer-to-peer transactions, not limited to just its own tokens.

The OMG token is the main element of OmiseGO. It is built on the Proof-of-Stake protocol, which implements transaction validation.

The Proof-of-Stake algorithm excludes any attempts to create new structures, therefore, OMG mining is not relevant, and the main method of mining cryptocoins is buying on exchanges. They can also be credited as a reward for active network users. Experienced cryptocurrency holders know that increasing the chances of creating a block can be done by increasing the number of their coins, the amount of which is not limited. This means that if 2% of a users balance are OMG tokens, then on average he can create 2% of blocks. After the system checks and transforms the token, it is hashed and sent for confirmation to the Ethereum blockchain. Thus, the algorithm of operation and the process of confirming transactions of OMG fully corresponds to the principle of operation of the Ethereum platform.

Is OmiseGO endless?

Knowing the peculiarities of the cryptocurrency market, the creators of OmiseGO limited the sale of their tokens in an attempt to avoid the "gold rush". In total, the system generated more than 140 million tokens, the distribution of which took place according to the following scheme:

65% - implementation on ICO;
10% belongs to the development team;
5% is the share of the partner structure during the Airdrop;
20% - a reserve for solving current platform problems.
OMG coins are traded more as virtual shares of the company, rather than as a cryptocurrency in the traditional sense of the word. The project team took on the responsibility of distributing profits among token holders, and at the moment, users can earn on the growth of the OMG rate.

The OMG chart has been subject to significant fluctuations over two years. So, the cost of OmiseGO started at 50 cents, and after a few months its price soared to 25 USD per unit. The coin reaching its all-time high is due to the news on the network that the system is based on Plasma. Today the price of OmiseGO is fixed at 0.73 USD.

OmiseGO strengths

The OmiseGO platform is in many ways a unique project that could be the first step towards a revolution in the global financial system. The startup has many distinctive features, which mainly relate to the technical side of building the site and the operation of the OmiseGO cryptocurrency on it.

In the complete project guide, the development team focuses on the following advantages:

the principle of operation is based on a public protocol, which allows integration with other blockchain networks;
instant transactions due to improved scalability algorithm;
installed two-phase protection against hacking and cyber attacks;
provision of government fiat currencies for exchange;
real-time operations.

For their part, analysts name three main advantages of the project:

Demand for technology. Cryptocurrency differs in the market in that it is created on the basis of a multifunctional decentralized platform that allows you to instantly exchange any assets without a bank account and inexpensive currency transfers within the network.
Impressive accompaniment. Large companies such as Bitcoin Suisse AG, Ethereum are involved in the creation of the platform and the development of the project. The startup was also supported by the Thai authorities and the Ministry of Digital Affairs.
Influential investors. OmiseGO partners with renowned financial institutions that are helping to integrate OMG into the real economy.
The OmiseGO ecosystem is represented by two main products: blockchain and wallet. These are the main trump cards of the project.

With the help of their own blockchain network, developers have reduced the transaction time, which affected the quality and number of urgent transactions. This allows us to highlight a number of important features of the OmiseGO blockchain:

fiat currency and cryptocurrency forks are completely free from the disadvantages of centralization;
an algorithm operates in the network with the help of which the liquidity of assets is controlled;
functioning of the gateway through which the sale of digital assets is possible;
automated protection of transactions based on the principle of increasing the cost of chains;
lack of control of transactions by a third party due to scalability;
providing high-speed data transmission using a high-performance system.
Another distinguishing feature of OmiseGO is its SDK-type virtual wallet, which is a set of versatile tools for optimizing storage at your own discretion. By using a virtual wallet, the client is able to use fiat currency along with decentralized crypto.

Through the wallet, the user gets access to the Omise payment gateway, to all kinds of payment cards that can be freely replenished, and the payment system in real time.

The wallet provides a flexible system of settings that allows you to manage applications, set limits, supervise the loyalty program, change the interface and shape of the wallet.

OmiseGO in TOP currencies

OMG is the first token in the history of pre-sales that has raised over USD 1 billion in capitalization. The currency has high growth potential and is popular with users.

As of the current time, the OMG token ranks 50th in the ranking of the largest cryptocurrencies in terms of capitalization, which currently amounts to more than 89 million USD. The coin is listed on 90 trading floors and consists of a currency pair with 161 coins.

Today the OmiseGO cryptocurrency is going through hard times. But it is worth considering that the cryptocurrency is still very young and has not established itself in the market, and the startup continues to develop.

OmiseGO future is driven by several factors:

the general state of the crypto market;
attention to the project of large investors;
developer activity.
Many active users and influential investors are struggling to decide if OmiseGO is worth buying for a long-term investment, or if it is more suitable for short-range play. It all depends on whether the project team will be able to achieve their goals.