Today we're going to take a look at one of the most ambitious and most popular blockchain projects and cryptocurrencies – OmiseGO.
Promising to 'Unbank the banked', OmiseGO is the blockchain sister of Omise – a payment gateway developer operating out of Japan, Thailand, Indonesia, and Singapore.
The initial target for OmiseGO is the South-East Asia market, but there are global expansion plans that are part of a long roadmap. Today we're going to explore this exciting project and show you why crypto enthusiasts are backing OmiseGO to be a top-five cryptocurrency, challenging the likes of Ethereum, Bitcoin, Litecoin and Ripple for the number one spot, in the near future.
What is OmiseGO?
OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets. The wallet tech is designed to work with both fiat and cryptocurrencies.
The difference between OmiseGO and, say Ethos, Enjin or Eidoo (each of which is a wallet), is that OmiseGO will allow businesses to build wallets using its tech, and have them all seamlessly 'talk' to each other.
So, in the same way that Ethereum is a platform that businesses can build blockchain products and services on, OmiseGO will be a platform that businesses can build their own wallets on, for a variety of uses.
In simple terms, OmiseGO is an SDK (software development kit), that will allow you to build a wallet built on the OmiseGO blockchain.
For more information on OmiseGO, read the whitepaper here.
What will an OmiseGO-built wallet be able to do?
Quite a lot. However, some examples of what the wallets can be built for are payments (international remittance, bill payment, P2P transfers), loyalty and rewards (managing 'points', converting points to cash, gamification, referrals) and financial services (B2B payments, supply-chain, loans, and deposits).
You'll be able to create your own style of wallet, and embed custom apps, making your wallet unique to your business. And, as mentioned before, all wallets built on the OmiseGO tech will be able to speak to each other, so compatibility across the network of wallets won't be an issue – amazing.
Why are people so excited by it?
Because of its potential. There are a lot of technical people who believe the platform OmiseGO is building is one of the most robust platforms in the blockchain space. It's also backed by a proven and successful company in Omise – something most blockchain projects are not.
In addition to the great tech, OmiseGO has a very strong team behind it, and are also being advised by none other than Vitalik Buterin, the creator of Ethereum, who has, on several occasions declared OmiseGO to be one of his favourite blockchain projects. High praise indeed.
Who created OmiseGO?
The OmiseGO Token (OMG)
The OMG token (yes, they probably have the best 'ticker' around) is a proof-of-stake token. What is a 'proof-of-stake' token, you might be asking?
Well, things start to get a bit complicated and very techy here. So, rather than spend around 500 words explaining it all to you, I'm going to leave a link to the wiki page on 'proof-of-stake' right here. Click it if you want to find out more.
On an extremely (and I mean extremely) basic level, proof-of-stake allows holders of the OMG token to 'stake' them. Those who do 'stake' their tokens will be rewarded with a percentage of the fees that OmiseGO takes from all the wallets on its network.
What is one OMG token worth?
At the time of writing, one OMG token is worth around $12. However, prices of cryptocurrencies fluctuate dramatically on an almost daily basis, so please check Coin Market Cap for the latest, up-to-date price.
Where can I buy OMG?
As with all 'Altcoins' (any cryptocurrency that isn't Bitcoin), the only way to buy OMG is to purchase Ethereum or Bitcoin first, then use an exchange like Binance to trade it for OMG. Until the Ethos wallet (or others like it) comes out and allows more Altcoins to be purchased with fiat currency, this slightly painful process will be the only way to get OMG tokens.
Next up we'll be looking at UTRUST. Find out how this new company seeks to displace Paypal as the king of online payments next week.
See you then.
**DISCLAIMER** – Nothing written in this weekly article should be construed in any way as financial advice. Always complete thorough due diligence before you invest in anything, and never invest any more than you can afford to lose.
Last week we discussed Ethos. Find out more about this game-changing cryptocurrency by clicking below.Coinverge: Ethos