With every passing day, a new digital currency comes up with the promise of becoming the next Bitcoin and Ethereum. While some have gone on to grab a huge part of the market, most have faded away. Most of these new currencies focus on developing a solid network and creating a huge market campaign that raises the value of the currency. This simplistic way is no longer a viable method for digital currencies and they now have to distinguish themselves with other features. OmiseGO (OMG) is one digital currency that strove to be more than just another digital currency and sought to create value for its users by solving a great problem that has plagued the digital currency market for long.
Connecting the other currencies
The process of exchanging one digital currency such as Dash for another, such as Litecoin is tedious and costly. This process begins with the conversion of one’s digital currency into a fiat currency, for example converting the Dash coins into Euro. The Euros are the converted into the new digital currency, such as Litecoins. This process is carried out by an exchange platform which charges fees and these fees can be quite exorbitant.
OmiseGO (OMG) seeks to bring this to an end by facilitating decentralized exchange on a public blockchain at high volume and low cost. This allows value transfer across all currencies which will greatly ease the burden for investors and allow them to cash in on the most profitable currency.
This will also increase the security of such transactions. This is because the loopholes in the previous mode of trading were many as the money moved between many platforms. With the OmiseGo platform, all the transactions are on one platform which is very secure.
The OmiseGo platform was rolled out as a Software Development Kit (SDK) to simplify the implementation of OmiseGo as well as offer post-integration support. This SDK is freely available to developers to manipulate as they wish and integrate into their customized applications. This wallet gives the users the ability to trade their cryptocurrencies as well as their fiat currencies.This SDK can be customized by institutions to offer very diverse services. These include making and receiving payments, carrying out transfers, messaging and feedback platform or even setting up a loyalty program.
On launch, the OmiseGo network was hosted on the Ethereum platform as their development team worked on their own blockchain. It uses a proof-of-stake consensus algorithm with the validators being decided on the basis of their stake. These validators are then rewarded with OMG tokens which are the native cryptocurrency in the network. 65% of these tokens will be distributed to investors as the development team reserve 10% some of which they will use on research and development.
Why OmiseGo has a solid claim
OmiseGo is based in Singapore and has operations in southeast Asia especially in Japan, Thailand and Indonesia. Southeast Asia has one of the highest remittance amounts in the world and OmiseGo is primely positioned to be the channel of choice for these transactions. The low fees and universality of their wallet will appeal to more users in time as will the secure and real-time nature of their transactions.
Moreover, the team behind OmiseGo consists among the most reputable people in the cryptocurrency space. They include Ethereum founder, Vitalik Buterin and the founder of Golem, Julian Zawistowski.
The sky is the limit for OmiseGo which has a current market capitalization of $900 million.