HomeCryptoAltcoinWhat is OmiseGO (OMG) and how does the token work

What is OmiseGO (OMG) and how does the token work

Fans of the crypto market have shown a great deal of interest in what is OmiseGO (OMG), the token linked to the ethereum blockchain.

Many jokingly argue that this might have something to do with the way the token is abbreviated: OMG (oh-my-god).

This cryptocurrency, however, is much more interesting than it seems.

This article describes the history, features, problems and purposes of OmiseGO, followed by a list of the platforms where it is possible to buy the OMG cryptocurrency.

OmiseGO (OMG): history

OMG is not the only project that seeks to eradicate the problems arising from the interference of banks in the economy by using blockchain technology. Several startups have tried to do exactly the same thing, including some projects involving ICOs (initial-coin-offering). In this particular sector, there will always be fierce competition.

OmiseGO was one of the best ICOs of 2017 as it raised $25 million before the service was actually made available. The hard cap was actually reached during the pre-ICO phase and, as a result, the public sale never took place.

what is omisego omg token

What is OmiseGO (OMG)?

OmiseGO is an interesting and very ambitious project, which aims to replace the banking system by using the Ethereum blockchain and smart contracts. The OMG tokens are based on the ERC20 standard.

There is no mining involved as all OMG tokens have already been pre-mined and for the most part placed on the market. However, the team has recently introduced a Proof of Stake system that can reward users who offer to validate blocks.

Co-founder Ezra Don Harinsut explains the mission in two words:

“Access to financial services is a fundamental right for all. Our project aims to solve the problem of coordination between payment processes, gateways and financial institutions”.

OmiseGO (OMG) is much more than just an altcoin. It is a project developed to be a financial platform, with the intention of replacing the existing ones.

Current problems in the financial markets

One of the biggest concerns in the traditional financial world is the following: not only are services somehow subject to privileges that also affect the middle class, but there is also a serious lack of communication and coordination between those who provide these services.

According to the OmiseGO (OMG) team, using a decentralised exchange on a public blockchain can solve many of these problems. The project creators argue that anyone should be able to access any type of financial transaction in a decentralised and cost-effective manner.

Which is why the entire ecosystem will remain anchored to the Ethereum blockchain.

How does it work?

The team aims to allow the exchange of digital assets with a real-time P2P system. The OmiseGO ecosystem has two main products: the blockchain and the wallet.

OmiseGO (OMG) will allow for decentralised trading on a low-cost, high-volume public blockchain. Through the use of this platform, it will provide a

“Service for the transfer of next-generation digital assets, which operates across currencies of various kinds.”

Anyone will be able to use this network (linked to the Ethereum mainnet) to conduct financial operations of various kinds: payments, remittances, salary deposits, B2B trade, supply chain financing, loyalty programs and asset management/trading.

The platform will help millions of users enter the cryptocurrency market for the first time. They will be able to easily switch from using fiat money to using bitcoin (BTC), ethereum (ETH), XRP and many other cryptocurrencies.

OmiseGO’s goal is to create a competitive environment in the cryptocurrency world:

“The OmiseGO network operates between fiat and crypto: as far as adoption and use are concerned, the system is built in such a way as to allow the best currencies to prevail”.

Where to buy OmiseGO (OMG)?

OmiseGO (OMG) is available for purchase on the main exchanges: Coinbase, Binance, CoinBene, Huobi, Bittrex and many others present on CoinMarketCap.