The key reason for popularizing cryptocurrencies was the blockchain and decentralization of financial flows. Initially, the first currency that became known to the masses was Bitcoin. The current conditions of the cryptocurrency market are such that many systems and platforms work on a similar principle but with different improvements.
The OmiseGo platform is the result of the development of the Omi's company, which has been operating in the Asian market segment since 2013 and has offices in several eastern countries: Japan, Indonesia, Singapore, and Thailand. Their main brainchild is a specialized payment service implementing a settlement platform through cryptocurrency technology.
As of 2023, OMG cryptocurrency has lost a lot of credibility. It practically did not develop, and because of this, it was excluded from listing several cryptocurrency exchanges. The project's website does not open; social networks are not maintained. Nevertheless, trading on it is still going on both on exchanges and in exchangers.
What is OmiseGo cryptocurrency
The token initially ran on the Ethereum blockchain. However, in late 2017, it launched its blockchain. Initially, the platform worked in beta mode for testing and debugging. The development was carried out with the partner's active participation — the creator of the Ether cryptocurrency, Vitalik Buterin.
The product's key feature is the absence of conversions and additional commissions. What does this mean? The operation principle is quite simple: for example, if you need to send money from England to the U.S.A, you don't need to convert pounds into dollars beforehand. You just send pounds, and the recipient receives dollars.
This is what it looks like in practice.
- The system is a layer 2 protocol for scaling Ethereum.
- In the system, each user has his wallet.
- If he has bitcoins and needs to send another recipient Ethereum, all it takes is specifying the amount you want to send.
- That's it. You have sent bitcoins, and the recipient has received Ethereum. In this case, you do not need to carry out the conversion procedure and spend time and money on commissions, exchange and waiting.
This approach is a very convenient solution.
Unfortunately, there is no possibility of using all existing cryptocurrencies. OmiseGo supports only the most popular trends and types, such as Bitcoin, lightcoin, and Ethereum.
However, the plan for the near future was to capture the maximum number of cryptocurrencies and fiat.
As mentioned earlier, the cryptocurrency initially worked on the ether platform. However, they implemented their platform based on the Proof of Stake algorithm. Implementing its own platform allowed the payment system to be more secure and safe.
Distinctive features of OmiseGO cryptocurrency
- Decentralized exchange operations.
- Full-fledged mechanism to ensure the liquidity of working capital.
- A system with high performance.
- PoS system — Proof of Stake.
- Settlement and clearing directly in the OMG Network system.
- Publicly available large-scale blockchain not requiring authorisation.
- Gateway for assets.
- Messaging via Clearinghouse.
OmiseGo cryptocurrency trading
At the moment, it is possible to procure coins on some well-known exchanges, such as:
- MEXC, etc.
These resources have high liquidity and contain most of all financial currency flows. The exchange, deposit and withdrawal terms are somewhat different on different sites. In addition, OMG is supported by many online exchangers.
At the moment (summer 2023), the trading turnover of the coin corresponds to 140 million dollars per day. The value of the OMG coin is $0.55. The peak price was $25 per coin in January 2018.
At the moment, the following cryptocurrency wallets work with OmiseGO:
- Atomic Wallet
- Exodus and others.
There is also a custom e-wallet for SDK, downloadable on GitHub.
So, the OmiseGO cryptocurrency officially started its existence on 27 June 2017. Large-scale campaigns and presentation events were held in several cities. An important factor influencing the loyalty attitude of the potential target audience was that the OmiseGO developer company has been successfully operating in the market since 2013. In addition, legal support of the corporation and financial support was provided by a well-known Swiss firm. The possibility of seamless exchange is another positive aspect of the system.
Over time, more blockchain platforms with similar functionality have emerged. It is difficult to analyze which system will shoot up and what to look for. However, when studying the process of formation and development of the platform, it is necessary to pay attention to how thoroughly the organizers and founders approached the development and launch of cryptocurrency.
The modern opportunities that the possibility of decentralized payment opens up for users are diverse and beneficial. Cryptocurrency is becoming an efficient and secure payment method recognised worldwide.