Bitcoin is not the sole currency in circulation, contrary to popular opinion – many currencies are on the rise. OmiseGO is among them, and is very similar to Ethereum currency because its issuance is on the same public blockchain platform.
What is OmiseGO?
This is an open payment platform. The aim of this currency is providing better and more efficient financial services to everyone, including those from developing countries as well as those who use traditional banking services.
Launched in 2013, its founder is Joseph Poon, the creator of the LNP (Lighting Network and Plasma). It also has the support of the Ethereum co-founders, and its token has the distinction of fourth largest market cap Ethereum project globally, with its value exceeding $1 billion (the first Ethereum project to do so).
Why is OmiseGO different?
The currency, if examined on the surface level, is not very different from other currencies, and even in its aim – banking the unbanked individuals.
However, its workings are interesting, because it uses public Ethereum-based technology to make itself useful in traditional wallets. This allows for payments and P2P exchanges done in real-time, on global scale as opposed to localized efforts.
It attempts to make a system that gives users more affordable rates during processing of payment transactions and currency exchanges. Among the claims it makes is making an efficient system that interrupts financial institutions and allows people to do business on both fiat and digital currencies.
It also allows users to conduct decentralized exchanges on public blockchains at affordable costs and high volumes. The advantage is if you are on the Ethereum network, you can use the OmiseGO network.
Alternative coins to use
OmiseGO has the potential for increasing popularity with time. However, other coins provide viable alternatives, and we have put a list of some of them.
Lisk – founded in 2016, it aims to simplify development of blockchain technology, therefore allowing for faster transactions.
Bitcoin/XBT – the most famous cryptocurrency, from 2009. It is similar to OmiseGO because of blockchain application system.
Ripple/XRP – based on open-source internet protocol currency, and formed in 2012.
Cardano – thought to be an open-source digital currency, and constantly evolves itself from research and scientific philosophies.
Ethereum/ETH – this is a 2015 decentralized software platform allowing smart contracts to operate without interference from third parties.
NEM – this is another blockchain currency from 2015, and utilizes Java script in its coding.
How OmiseGO works
The currency typically targets two kinds of people – individuals (particularly in South-East Asia) who do not need to rely on traditional banking systems for secure transactions; and wallet providers and merchants (EPPs), to allow them to propose solutions that their customers can use to keep, exchange and receive any type of value to other networks at lower costs.
Because OmiseGO is making a decentralized system that allows value exchange in real-time on Ethereum blockchains, it also includes:
DEX (Decentralized exchanges) – this is a gateway for asset-backed blockchains and allows for liquidity provision
The currency token (OMG)
The OmiseGO blockchains operate as permission less networks to all users, and transactions occur partly on OmiseGO and partly on Ethereum blockchains.
Trading OmiseGO currency
You cannot purchase or store OMG (OmiseGO) without the digital wallets, or creating an account with a currency exchange. There is another problem too – you need to buy another currency, such as Bitcoin, before you trade in OmiseGO. Here are the general steps to follow.
Purchase Bitcoin from Coinbase or other exchanges
Register your account and click the ‘sign up’ button.
Verify your account through your email, and then login to access the account
Complete your details, and then click on the ‘Wallets’ button
Login to your coin base account, and send the funds to your wallet
After submission, login to the wallet account and check whether your transaction has finished processing yet. Once it is complete, type ‘OMG’ in the search box.
From this point, locate the Trading graph, click on ‘Buy OmiseGO’, enter your bid price, and enter the amount of Bitcoin you want to trade for OMG coins. Confirm the transaction and you are done.
OmiseGO prices and trading history
OmiseGO is similar to other cryptocurrencies in price volatility, though it has benefited greatly due to other currencies experiencing bans. It has steadily risen in price because it gives investors high quality online service, which other currencies do not have, with its current value being $11.6354.
Is it worth trading in the coin?
This question is complicated, since even experts generally see investing in cryptocurrency as a risky venture with low returns. The reasons given usually cite the highly fickle nature, and the unpredictable rises and falls in value.
The success of investment will depend on the failure or success of the platform, which is gradually gaining popularity because it caters to the unbanked population and gives them secure financial investments. The problem may come in however, if international exchanges succeed in creating a similar solution to OmiseGO.
The rise of OmiseGO promises to make a difference in the financial world by giving a peer-to-peer exchanger, which allows the best currency to remain popular. It plans to achieve this through Ethereum blockchains to enable more access, and this will possibly lead to it becoming one of the top cryptocurrencies in the future.