OmiseGo (OMG) is a project born from OMISE, an online payment system operating in Southeast Asia.
The project has two main goals, create the OMG money protocol to solve the Ethereum scalability, enabling payments with both fiat or cryptocurrency, and to develop a secure digital open-source wallet to use their OMG token, providing a software development kit to developers (SDK).
With the OMG network, users will be able to conduct real-time, peer-to-peer financial transactions, including payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty program activity, asset management, and other services in a decentralized and inexpensive way, including highly performant and fully decentralized trading.
With the open source, white-label SDK, the digital wallet providers can connect to the public OMG protocol to enable users to transact any digital assets, including both crypto and fiat currencies.
Connecting to the Ethereum blockchain creates secure token custody, a decentralized exchange of all Ethereum assets, and an ultra-secure transaction validation.
The project architecture allows for unlimited scalability with unprecedented transaction speed: millions, and potentially billions of transactions per second.
Financial applications will be able to interact seamlessly each other via the OMG network. Users will be able to trade assets from different blockchains protocols, like Bitcoin.
OMG is not governed by any central authority; it is controlled by users and validators on the network. With the staking, token holders can validate transactions and earn fees (PoS). When the network gains value, so does the token.
Info, News and ICO Results
At the moment, the price of OmiseGo (OMG) is sitting at $3,22 USD (0,05%) with a market capitalization of $451.566.259 USD and $20.531.513 USD 24H volume.
The circulating supply is 140.245.398 OMG (and also the total supply limit)
ATH price of the OLT token was $0.0479 USD on 27 July 2018. ATH market cap was $11.64 Mil USD on the 4 August 2018.
TOKEN SALE lasted from 23 JUN to 23 JUN 2017
Token type: ERC20
ICO Token Price: 1 OMG = 0.35 USD
Fundraising Goal: 25,000,000 USD (100% collected)
Community Around It:
- Twitter: 287.000 Followers;
- Reddit: 37.5K Subscribers;
- Facebook: 9.721 Likes;
Regarding recent news, you can visit the links below:
- OmiseGO Close To Completing Plasma Integration:
- Hoardexchange is the first to build on their internal testnet:
- OmiseGO (OMG) To Go Mainstream, Signs MOU with Taxi App TADA:
To stay updated: https://blog.omisego.network/
OMG has few competitors, to name some REQ, Kyber, ZRX, Stellar, let’s compare it against Kyber.
- Team – Both projects have a very good team, Kyber enumerates 34 people and 10 advisors, among them we can find Vitalik Buterin (the creator of Ethereum), the team is full of developers and engineers (more than 20) dedicated to the developing of the project. OmiseGo has a smaller team, but all of them have great previous experiences, between advisors we can find again Vitalik Buterin.
- Idea – The Idea is very bold and audacious, both are really complicated projects, but if they work well, can change the cryptocurrency world and make it more connected.
- MVP – Gormos’s testnet (the scalability solution for Kyber) is expected to be ready in Q3 2019, however, they have an MVP ready but currently, Kyber only supports tokens on the Ethereum Network. The first Plasma (MVP) technical specification was announced in January of 2018. Proof of Concept (PoC) has been created and is being iterated upon.
- Supply – We have a total supply of 140,245,398 OMG for OmiseGo and 215.625.349 KNC for Kyber.
– He brings over 16 years of experience in web & product design;
– Proficiency in marketing;
– Previous Director at Alpha-do Inc.;
– Various capabilities in start-ups, entrepreneurship, and business strategy.
– Previously Internation Trading Manager at Alpha-Do inc.;
– Various skills in start-ups, entrepreneurship and business strategy;
– Bachelor degree in Business, management and marketing at Bangkok University.
Considerations About What We Have Seen
The team is working pretty well, they recently signed a new partnership with TADA app, (an app for the taxi), it’s one of the few projects backed by Vitalik Buterin (the Ethereum creator) and their future Plasma ecosystem will have great features and a step forward to the Ethereum scalability problem.
Team, it’s not very large, but some of the team members have demonstrated their skills in developing a great project during these last months and they come from the parent and older project Omise that is a payment gateway like Paypal or Stripe.
The plasma network could help different blockchains to communicate, facilitating the adoption of the cryptocurrency to new users and opening new possibilities to the crypto world.
There is a lot more around this project being developed, their main goal is not only the interoperability but also create a decentralized bank, exchange, and asset-backed blockchain gateway.
The coin is not mineable and the supply is capped at 140,245,398 OMG, there are no plans to create new tokens in the future, and that is a big advantage in terms of token appreciation.
- Website: https://omisego.network/
- Whitepaper: https://cdn.omise.co/omg/whitepaper.pdf
- Medium Blog: https://blog.omisego.network/
- Twitter: https://twitter.com/omise_go
- LinkedIn: https://www.linkedin.com/company/oneledger-innovative-tech-inc/
- Reddit: http://reddit.com/r/omise_go
- Chat: https://chat.omisego.network/home
- Facebook: https://www.facebook.com/OmiseGO/
By Michele Costa