What is OmiseGO?
Created in 2013, Omise is a venture-backed payment services company operating all throughout Asia including Thailand, Japan, Singapore, and Indonesia.
OmiseGO is a blockchain-powered project with a cryptocurrency token (OMG) and a decentralized exchange (DEX). As a financial company, OmiseGO looks to change the way traditional markets work by rooting out intermediaries, lowering transaction fees and accelerating money transfers across the globe.
This cryptocurrency republic operates through a proof-of-stake (PoS) protocol. This means there is no massive-scale power consumption, as well as an unjust and unfair reward system. All the individuals tasked with blockchain maintenance are rewarded in OMG tokens and those that provide inaccurate data with the aim of sabotaging the platform are ejected.
OMG is a white label “eWallet”, which means developers can create their own styles and custom app integrations.
The Omise Company
OMG is a Brainchild of the Omise company established in 2013 in Thailand with branches in Indonesia, Japan, and Singapore. It’s a payment house servicing over 40 companies, and it’s estimated to be worth more than $4 billion. It’s expected that Omise’s users dealing with digital assets will adopt OmiseGO. OmiseGo has backing from leading financial institutions and notable advisors like Vitalik Buterin.
Pros of OmiseGO
Simplicity -access to this community is unrestricted and needs no specialized consent, formalities, approval or any form of compliance.
Supports many cryptocurrencies – as a wallet, OmiseGO supports a wide number of crypto coins and fiat currencies. Its SDK technology allows e-wallets to interoperate.
Fast and cheap – as an exchange and a cryptocurrency community, OmiseGO aims at providing superfast transactions in all the currencies it deals with.
Cons of OmiseGO
No physical product is out yet – sure OmiseGO has a lot of exciting projects in the pipeline, but nothing concrete is out yet.
Dodgy marketing – OmiseGO is accused of publishing deals that do not exist. Their relentless Twitter marketing is full of “collaborating with Google,” and similar teases yet nothing concrete has surfaced. This makes crypto citizens feel like they are hoodwinking investors to their community without offering real value.
Where to buy OmiseGO
Without a doubt, OmiseGO is a revolutionary cryptocurrency project with real-world uses and ties to other useful technologies. As a project backed up by the Omise company, its future is somehow brighter than single crypto startups.
Nevertheless, it’s advisable to remind you of the extreme volatility of cryptocurrencies. So if you decide to invest in OmiseGO or any other, just put in what you can afford to lose.