OmiseGo is a decentralized digital currency exchange and blockchain that operates on the Ethereum platform. It allows for peer-to-peer transactions in real time. Both cryptocurrencies and fiat currencies can be used to trade OmiseGo. As opposed to other cryptocurrencies such as Bitcoin, OmiseGo uses a Proof-Of-Stake (PoS) algorithm instead of a Proof of Work algorithm (PoW).
OmiseGo was founded by, Omise, a payment processing company based in Bangkok Thailand. Jun Hasegawa and Donnie Harinsut founded Omise in 2013. Hasegawa is an entrepreneur who had founded several tech-startups before starting OmiseGo. Their mission was to provide a better payment system for developing countries as well as places with lackluster financial infrastructure.
Hasegawa and Harinsut's desire to stay at the forefront of tech innovation led them to join forces with Ethereum. OmiseGo was the first financial services organization to collaborate with Ethereum. Co-founders of Ethereum, Vitalik Buterin, and Gavin Wood, joined the OmiseGo advisor's board. OmiseGo held their ICO in 2017, surpassing USD 25 million. Throughout 2018, OmiseGo showed significant involvement in Standford's Center for Blockchain research.
In September of 2017, OmiseGo released an Airdrop to anyone who owned at least 0.1 Ethereum. A total of 5% of the total amount of OMG was distributed to these Ethereum holders. Giving out such a significant amount of OMG token was a "thank you" for community loyalty and to incentivize users to continue raising awareness of the currency's potential.
OmiseGo aims to accomplish two main goals:
Enabling decentralized exchange can solve issues among payment processors and gateways. OmiseGo can help to serve practical, real-life applications. Some of these include (but are not limited to) remittances, payments, deposits, payroll, business-to-business transactions, loyalty programs, supply-chain finance, and asset management.
OmiseGo highlights that neither them or their parent company, Omise, owns the blockchain. It is completely decentralized.
OmiseGo's use of the proof-of-stake algorithm removes the need for mining. Validators of transactions "stake" their tokens in what we could consider a security deposit. Good, honest validators get rewarded, while dishonest validators get penalized. Since proof-of-stake does not require powerful computer systems and expensive hardware to mine blocks, one can argue that they use significantly less energy than other digital currencies.
As of September 2018, OmiseGo had a market cap of $459 830 872 and a price of $3.27. They experienced an all-time high of $28.35 in January of 2018. Throughout 2018, there was a significant drop in price for many cryptocurrencies. OmiseGo was no exception. While sources present mixed OmiseGo price predictions, many expect the OMG token price to rise as more businesses adopt their payment system and more practical applications can get put to good use.
Anyone who wants to get involved with this innovative cryptocurrency needs to know how to buy omg. OmiseGo does not sell OMG tokens. However, they can be purchased on trusted exchanges. Some exchanges that are commonly used to buy OMG are Binance and Changelly. Additionally, users will need to download an OmiseGo wallet to store their tokens. OmiseGo recommends using Mist, Parity, or MyEtherWallet, all of which are Ethereum compatible.
Reference coins.live for an OMG price chart and other helpful coin data.
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