OmiseGO: Unbank The Banked (Oracle-d, Task 9: Review a finance Dapps)
Hello everyone, I trust you're all good, Yeah, I will be reviewing a finance dapp OmiseGO. Thanks to Oracle-d for this amazing tasks, it makes me know more about this finance dapp...
OmiseGO is one of the most perfect and interesting cryptocurrency projects if not the most interesting, OmiseGO is on it way to being a decentralized bank, exchange, and asset-banked blockchain gateway.
WHAT IS OMISEGO?
OmiseGO is an Ethereum based open-source payment platform based on the decentralized blockchain technology. Its motto is 'Unbank the Banked', it aims to provide good financial services to all not to some specific people. OmiseGO crytocurrency is also called OMG and it fuels the transactions done via the OmiseGO network, OmiseGO was established in 2013 in Thailand by Jun Hasegawa and Donnie Harinsuit as a beginner to provide online payment solutions.
What I like about OMISEGO
Omisego technology is based on Ethereum nerwork's decentralized blockchain technology, designed using the Plasma architecture, which allows rapid speeds, and good security and true financial-industry grade solutions.
It does this by ensuring direct peer-to-peer transactions but also allows the usage of Smart Contracts and Decentralized Apps, which can be built on an Ethereum layer and allow the use of its technology.
OmiseGO aims to provide global banking and financial solutions which include, but are not limited to currency conversions, debiting and crediting of money, remittance, etc, to not only those who hold a bank account but also those who don't.
This can be carried out using the OMG cryptocurrency, which can be exchanged by fiat money in case of transactions involving money transfer, or loyalty points or tokens in case of companies such as various airlines.
The OMG token is the fuel for the plasma network, which is expected to help boost crypto transactions. Using a proof-Of-Stake (POS) model, people who own OMG tokens will stand a chance to make gains by securing the plasma network (a network for building scalable blockchain applications without sacrificing security.
The blockchain consists of:
- Liquidity provider system
- Asset-backed blockchain gateway
- Decentralized exchange
- Clearinghouse messaging system
WHAT MAKES OMISEGO DIFFERENT?
Unlike Bitcoin, OmiseGO is not simply used for peer-to-peer transactions. Its major application is in the financial sector, especially in case of currency exchanges and large transactions. Bitcoin currently suffers from:
- High transaction clearance times
- High transaction fees
OmiseGo intends to fix both these issues, by being the token for Etheruem’s Plasma network. The Plasma network will process up to 1 million transactions per second, ushering in a new wave of cryptocurrency adoption.
HOW TO BUY OMISEGO COIN?
- The OMG coin is available to trade on major exchanges such as Binance, Kucoin, Cryptopia, HitBTC and more. All exchanges tend to OMG pairings with Bitcoin and Etheruem, and some even support Litecoin pairings.
- This means that you can buy the OMG token using your existing Bitcoin, Ethereum or Litecoin balance.
- Of course, the best way to determine which pair to use is if you could compare all the rates at one place. That’s where CoinSwitch comes in.
- CoinSwitch, largest cryptocurrency exchange is one of the best sites to exchange crypto tokens, as it allows the users to view various exchange rates across the internet, and allow them to choose the best option available. It is also a fast platform and quickly processes all transactions, as well as allows the user to store the cryptocurrencies to be exchanged, and exchanged in their own wallets, which allows full-time access to the digital currency, even if the site is not working.
What about OMG Wallets for storage? The OmiseGo site suggests using Ethereum Wallets such as MyEtherWaller, Parity, etc., for storage of OMG Tokens, as they are ERC20 based
Hardware wallets like Ledger and Trezor can also be used. Wallet choice should be made based on its safety functions and credibility. While there is no specific OmiseGO wallet, Tokens, OmiseGO might soon release a software development kit, which allows people to customize wallets to include OMG.
CONCLUSION
The OMG is indeed a revolutionary financial technology. The base on blockchain makes it decentralized and safer. The OmiseGo team has come a long way from the White paper to having the technology out there.
It’s clear that the team is visionary. Anticipating the issues that may arise and always finding solutions. The scalability issue may never occur as the partnership with Plasma.
The endorsement and advice from Ethereum founders, Vitalik and Wood, is priceless. An interesting pointer to how much value lies with OMG.
The adoption by Thailand and McDonald`s also shows the future is luminous for OMG. Besides the business world is putting much faith in the technology.
OMG tokens have enjoyed relative stability. The tokens saw a meteorological rise after Buterin’s tweet. Since then the tokens have been relatively stable. But currently, the pricing is of about $7. 5 with a market cap of about $790 million.
RATING
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