OmiseGO Review. December 2018
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Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: OmiseGO
OmiseGO is an Ethereum-based public financial technology that can be used in popular wallets to provide peer-to-peer asset trading in real time, as well as in jurisdictions where these services are poorly developed. OmiseGO allows you to work with both cryptocurrencies and traditional fiat currencies. Access to the platform will be provided through the OmiseGO network and digital wallet.
The service was created in 2015, and since the very beginning, the blockchain development team worked with the Ethereum community to solve a number of problems with financial coordination prevalent in the global payment systems. In early 2017, Omise announced the OmiseGo project - a decentralized platform for exchanging both fiat currencies and cryptocurrencies based on the public blockchain Ethereum. On the 27th of June, during the ICO, investors acquired OMG tokens (ERC20 standard) for a total of $ 25 million. It is worth noting that OmiseGo limited the sale of tokens after this amount, avoiding the threat of a gold rush. On the 9th of August, Vitaliy Buterin and Joseph Poon published White Paper about the Plasma platform, designed to improve the performance of smart contracts. The project team immediately announced that their decision would be built on Plasma. The media announced that OMG tokens had risen in price by 250% in a matter of hours, and OmiseGo became the largest project on the Ethereum blockchain with a record capitalization exceeding one billion dollars.
The OMG cryptocurrency was launched on the platform and is an ERC20 token. This means that OmiseGO sits on the Ethereum blockchain. OMG uses Ethereum for its workflows, but also develops symbiotic relationships with the network, acting as a scaling solution.
The main task of the OmiseGO network is to become a platform a decentralized exchange (DEX). This service provides a distributed system that enables peer-to-peer transactions that are not limited to OMG tokens. DEX allows you to make payments and other financial transactions both in fiat money and crypto. The main goal of the project is decentralization.
Transactions in the scalable public blockchain OmiseGO DEX are confirmed using the Proof-of-Stake method - a consensus algorithm. DEX can interact with Bitcoin or other similar blockchains using smart contracts embedded in the systems architecture. This allows instant and secure operations with cryptocurrency and fiat. Such processes are often performed by traditional systems, but their limitations can lead to slow and sometimes unsafe transactions.
The project emphasizes the following three main functions for both your wallet and its blockchain:
- Access: there is no bank account to access the exchange, and OmiseGO will have a full reserve at the national level.
- Scalability: instant calculations and low costs will be key features of the OmiseGO platform.
- Security: The project offers decentralized currencies and decentralized token storage.
This blockchain has the following main functions:
· Decentralized exchange
· Liquidity Provider Mechanism
· Distribution Network
· Locked gateway with assets
· Scalable and publicly available (without permission) blockchain
· Proof based competition (PoS) is linked to the actions of the chain itself.
· High-performance system that uses an interlocking blockchain
· Clearing and settlement take place on the OmiseGO blockchain.
· The cost of protecting the value of a transaction is externalized into other chains in “ways that directly contribute to the value of these chains.”
OmiseGO is an Ethereum-based payment and exchange platform that plans to revolutionize the financial world. It has an experienced development team, renowned advisors, a solid network of Asian banks, and cooperation with corporations such as McDonalds will ensure that investments for this project are successful.
At the time this article was published, OmiseGO makes up 0.211% of the total of CryptoIndex portfolio.
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