Are you interested in investing in OMG coin or do you belong to the class of unbanked individuals? One of the projects that most people interested in getting involved with the crypto space need to know is OMG Network. It’s also a project that is focused on making sure that unbanked individuals around the globe gain access to financial services. So, let’s take a good look at OMG and what they’re offering us.
The OmiseGo project was created by two entrepreneurs, Jun Hasegawa and Donnie Harinsut. The two had already made their mark in the business world when they created the popular payment processing firm known as Omise. OMG’s parent company was established back in 2013 as an online payment gateway, just like Stripe or PayPal. The company is based in Thailand and owned by the same guys who created OMG.
The launching of OMG attracted so much media attention as well as high profile partnerships. It’s interesting to note that some companies such as Alipay and McDonald’s are already using Omise. These companies will also be accepting OMG tokens. So, OMG is quite closer to increased usage by retailers and merchants, especially with its connection with Omise as well as the recently announced acquisition.
OmiseGo is a blockchain ecosystem that was built on the Ethereum blockchain. The platform offers investors various ways to earn profits. OmiseGo isn’t just a decentralized exchange; it’s also a messaging network, a blockchain gateway with digital assets and a liquidity provider mechanism. One of the things that popularized OMG is its alternative financial and digital commerce tools.
The platform allows cross-chain asset transfers without requiring the services of an exchange. Omisego clearly gave the signs that it was going to be very different from the start. Perhaps this explains why the Bank of Thailand and the Thai Ministry of Finance approved the project.
The Problems OMG is Solving
The primary goal of this project is to establish a more inclusive financial system. There are over 1.7 billion individuals around the globe who are unable to enjoy basic financial services. Some of these individuals may live in places where the existing infrastructure cannot support banks. Others may be refugees who may not qualify for banking services as a result of paperwork.
OMG intends to create a product that will benefit not only people currently using traditional banking services but also individuals who don’t have access to banking services. This is what really makes OmiseGo stand out from the other crypto projects and will continue to see increased adoption with time. The platform enables cross-platform payments on the blockchain.
In June 2020, OMG came out with its new scaling solution to help improve transaction speed, which would be as fast as that of major global payment processors such as Visa. Since OmiseGo makes use of an interoperability protocol, it serves as a decentralized exchange for other blockchains. One of the vital features of new blockchains is the cross-chain functionality.
This new feature lowers competition between blockchain projects while allowing purpose-built blockchains to concentrate on improving the quality of their services instead of focusing on competition-based expenses like marketing.
You would believe with me that OMG is quite flexible as users can easily make payments, transfer money and even handle payroll accounting. The OmiseGo platform supports supply chain financing, B2B commercial trade, loyalty programs, trading, and asset management. The truth is that only a few blockchains actually match their capabilities, especially at this stage in the crypto world.
Features of OmiseGO
One of the benefits that the project enjoys (for being built on top of the Ethereum blockchain) is Ethereum’s security. Users can enjoy several benefits when using the OMG platform, like the near-instant transaction times, zero fees, and a white-label wallet. Let me talk briefly about the OMG White-label eWallet. The phrase “white-label” has to do with a product that different brands can easily use.
You can see it as a white T-shirt that other companies can print their names on. The OMG white-label eWallet is simply a software that contains the information needed to access cryptocurrencies. The wallet allows users to easily and freely trade in fiat and digital currencies while offering them access to the Omise payment gateway.
The OmiseGo ecosystem functions with its native token known as OMG. With the token, users can pay for services within the network.
Recently, Genesis Block Ventures (GBV) disclosed the acquisition of OMG Network. They will be handling transactions off-chain to increase transaction speed and even offer lower fees on the Ethereum blockchain. GBV is focused on taking advantage of their network strength to enhance the growth of OMG Network and also increase the adoption of OMG blockchain not just in Asia but in other locations around the globe.
In case you don’t know much about GBV, the company is an investment branch of Genesis Block, a Hong Kong-based OTC trading company. The news of this acquisition pushed the price of OMG token by more than 18 percent. The recent launch of Phase 0 of Ethereum 2.0, which is believed to help deal with scaling issues, is undoubtedly a good sign for OMG as it stands to benefit both from the new acquisition and also from the Ethereum blockchain.
If you’re interested in buying OMG tokens, you can do that by visiting any popular exchanges like Binance. The token has consistently ranked among ERC-20 tokens as one of the tokens with the highest market cap. You can check out its current price as well as market cap on CoinMarketCap. The team of developers behind OMG actually established a total supply limit of 140,245 million OMG coins. With this limited supply, the token will always retain its value over time.
Other exchanges where you can buy OMG tokens include KuCoin and Poloniex. OMG is among the cryptocurrency projects that showcase blockchain technology’s ability to transform people’s lives in different ways. You can discover more exciting crypto projects by reading “The Digital World of Crypto Riches.” It’s a summary of top crypto projects and an ideal book for anyone who desires to learn more about the crypto world.
