Today we are going to talk about OmiseGo! OmiseGo was founded by the company Omise. Omise company was founded in 2013 by Jun Hasegawa and Ezra Don Harinsut. The company offers a payment management service. This allows companies to accept payments that are made via the internet. A well-known concept you might say, but there is more! Omisego is not just another payment management service but over the years it has made quite a few partners with large companies, one such large company is McDonalds in Thailand for example. Let’s dive into this article why you should have OmiseGo in your crypto portfolio too! So are you ready? Let’s go!
What is Omisego?
Do you live in Asia, for example? Then it is a lot less obvious that you can just transfer money from one account to another account. OmiseGo has a solution for that. In fact, OmiseGo wants to fulfill the role of the SWIFT network in countries where payment traffic is currently not as well regulated as in the Western world.
And payment traffic is booming, also in Asia. Enough potential, you would say. Let’s take a closer look at OmiseGo.
So here is a short 2-minute introductory video that shows you all the basics around OMISEGO. Specifically, the video talks about the OmiseGo Coin (OMG). Because what exactly makes OMISEGO OMISEGO? You will learn all about it in this short intro video about OmiseGo.
Omisego price and forecast
OmiseGo originated from the company that already handles many transactions in Asia under the name Omise. OmiseGo is Omise’s blockchain solution. The idea is therefore that OmiseGo forms a similar solution for intra-bank payments, comparable to the SWIFT network that we know.
Do you want to transfer a payment from one country to another in the continent of Asia? Then you can wet your chest and count on decent fees. In particular, expats who work in another country often want to transfer money to relatives left behind. And that is not so easy.
First of all, such a family must have a comparable bank account in order to complete the transaction at all. In addition, substantial amounts are charged to actually facilitate this. These costs do not make the often already precarious financial situation of these families any better. Every cent of costs that then have to be paid is actually too much.
OmiseGo will facilitate this transaction over the OmiseGo blockchain. They are working on tools that allow software developers to create their own software wallets. These wallets then run on the OmiseGo blockchain and can hold many different fiat (and crypto) currencies. Think, for example, of the euro, the US dollar, but also Bitcoin and local currencies from the individual Asian countries. Of course, the token of OmiseGo itself should not be missing: The coin with the best name ever devised: the OMG coin.
The network is aimed at extremely low fees, so that large groups of people from the poorer parts of the world can use the network to participate in financial traffic at a decent cost.
As mentioned briefly, the OMG Coin is OmiseGo’s proprietary token and is used on the OmiseGo network. But the OmiseGo network houses many more coins. Bitcoin, Ethereum , but also fiat currencies such as euros and dollars have been given a place on the OmiseGo network to facilitate payments via the blockchain in the future.
The OMG community keeps the network running based on the Proof-of-Stake concept. By keeping OMG tokens in their wallets, they contribute to the computing power needed to validate the transactions on the network. For the ‘Staking’, the holders of these OMG tokens will receive a small periodic compensation.
A pretty impressive result, that’s a decent summary of the OmiseGo ICO that was held in 2017. In June, the ICO was opened to investors for a month and OmiseGo managed to rake in a whopping $25 million within a month.
- 65.1% of all tokens were distributed to investors; and
- 20% remains in the reserve; and
- 9.9% went to the team; and
- 5% was used to give incentives to Ethereum holders.
The price development shows that the ICO not only provided a good amount of money for OmiseGo itself, but that the ICO was also a top investment for all investors. A return of 1500% has been registered. So for every euro invested, investors received 15 euros in return.
During the ICO, 1 OMG cost just under 23 cents. Today the same OMG is worth more than 3 dollars. That certainly adds up! Tasty!
Omisego & McDonalds
OmiseGo has entered into a partnership with McDonalds. In concrete terms, this means that in Thailand, for example, every McDonalds restaurant will accept the OMG coin. That may not sound very impressive, but if you assume that there are 70 million people in Thailand who can suddenly all pay cheaper at McDonalds, then this can have a significant positive impact on the philosophy of OmiseGo.
Don’t want to use your OMISEGO for trading, or do you prefer to store them securely? Then it is best to use an OMISEGO wallet. You can usually go two different ways in terms of OMISEGO wallet. Either you choose an external software or you choose a hardware wallet . A hardware wallet is always the safest OMISEGO wallet to store your OMISEGO tokens. A popular hardware wallet is the Ledger Nano .
Would you rather go for a software wallet? Then OMISEGO has created an OMGO or OWALLET. On this you can effortlessly store your OMG tokens and always have them at hand.
The least secure option is to leave your OMISEGO tokens on the exchange . As soon as your OMG tokens are on an exchange, you run the risk that the exchange will be hacked or that due to a DDOS attack on freezing from a federal investigation, you can no longer access your OMG coins temporarily or permanently. If you want to park your OMISEGO tokens at any cost on a reliable exchange? Then choose the cryptocurrency exchange Binance .
Do you want to buy OMISEGO? Then there are now many platforms and brokers that allow this. Buying OMISEGO is incredibly simple. The easiest for Dutch customers is to do this via the Bitvavo exchange. You can easily create an account here. After you have linked your bank account, it is possible to deposit euros via IDEAL.
After you have topped up your account with euros (or other cryptocurrencies) you can immediately buy your OMISEGO coins. Have you made a profit and do you want to collect this profit? Sell your OMISEGO token on Bitvavo and transfer the profit back to your bank account free of charge. Enter below how much OMISEGO you want to buy!
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com