OmiseGo is a public blockchain which uses a decentralized and an open source network. OmiseGo is an extension of the initial company Omise which was founded in 2013. OmiseGo was founded by Donnie Harinsut and Jun Hasegawa. The project was over 140 million tokens in total. OmiseGo is abbreviated as OMG and its tokens are OMG tokens. It is seeking to 'unbank the banked' using blockchain and cryptocurrency technology. OMG raised 25 million in the Initial Coin Offering (ICO) in 2017. OmiseGo's advisors are Gavin Wood and Vitalik Buterin, founders of the Ethereum network. The network is freely available to the public and is not owned by Omise the founding company.
OmiseGo seeks to have a shift in the financial sector by occasioning redistribution and aims to contribute and assist in financial inclusion. The network enables payment services and peer-to-peer value exchanges. It is done on a global scale and not through localized efforts. OMG helps to facilitate unprecedented interchangeability between the decentralized blockchains and the many siloed legacy rails like Papal and Visa.
OMG solves the problems relating to legacy financial networks like monopoly, higher cost for end users and data security risks. These problems are caused by centralization of this networks and unilateral control. OMG also defines recognized smart contracts code functions because it is an ERC-20 token based on the Ethereum Eco-system. It includes accessing general token data or transferring a token. OMG allows developers to leverage pre-existing code bases and components which accelerates growth. The ERC-20 feature creates uniformity of operations and predictable user experience without developers having to reset, recreate and relaunch blockchains.
OmiseGo will make a stage for overseeing digital and Fiat currencies with its wallet Software Development Kit (SDK). SDK allows developers to code more efficiently and faster. Its white-label wallet model is open source and free allowing developers to create their own designs, custom app integrations, and their own style. It could handle reward points, cross wallet transactions, transfers and payments.
OMG utilizes Proof of Stake (PoS) consensus. The OMG wallet is a crucial part of adding blocks in the blockchain and validating them. A transaction is required for every transaction on the OMG blockchain and the fee will be distributed as 'stake' among OMG holders. Lastly, OmiseGo utilizes a scaling solution called plasma which is co-developed by Vitalik Buterin and Joseph Poon. This feature helps to counter the problem of congestion and the number of transactions the network can handle.
Advantages of OMG.
- No bank account needed
- Low cost of transactions
- Decentralized Fiat token custody currencies and network
- Nationally licensed full reserves
- Instant settlement
How to store OMG.
OmiseGo is an ERC-20 token and any wallet that is compatible with this token can store OMG. An example of such wallets are:
Hardware wallets are also available and they encrypt private keys which increases the security of the wallet. The hardware wallets available for OMG are Trezor and Ledger Nano s. A simple guide on how to store OMG is as follows:
- You first download MyEtherWallet from their official site and click 'create new wallet'. You should use a difficult password to guess but easy for you to remember.
- Click on 'download Keystore file'. You should read and understand the warnings and it is also very important to back up this file. Once this is done, click 'I understand and continue.'
- You will be given an unencrypted private key for your wallet. The private key can be used to access your wallet and should not be given to anyone. It is advisable to delete all reference to it after printing it out and storing it in a safe place. click 'save your address.'
- You upload the keystore file and key in your password to open the wallet.
- Lastly, when you scroll down the page of the wallet you will see a long string of numbers and letters labeled address. You should copy down the address and keep it safe. The address is important because it is what you will use to send and store your coins.
How to purchase OMG
OMG can be purchased from a number of exchanges examples being Bittrex, Poloniex, Mercatox, Changelly, and Coinspot. An easy and simple guide on how to buy OMG is as follows.
My final thoughts on OMG is that the coin saw a major flaw in the payment processing industry which is largely centralized and unilateral. They developed a product which will counter this problem in the sector. OMG's blockchain, assets and developed tools will change our mode of interaction, communication and transaction globally.
- Sign in and create an account in an exchange, for example, coinbase.
- Purchase some Bitcoin (BTC) or Ethereum (ETH). ETH is preferred because it is cheaper and transfers faster.
- Sign in and create a Binance account. Binance is more convenient and reliable for more trading pairs with BTC and ETH not available in other platforms.
- Send your ETH to Binance. Once it is confirmed, you use the ETH/OMG trading pair and purchase as much OMG as you want.
- Move your coins to a secure OMG wallet from Binance. If you plan to hold OMG for long, a wallet is preferred for better-enhanced security as compared to the exchange.