OmiseGO (OMG): Still Worth It??
⛓️ 🔗 Helpful Links 🔗 ⛓️
► Website: https://omisego.network/
► Whitepaper: https://cdn.omise.co/omg/whitepaper.pdf
► GitHub: https://github.com/omisego
📝 Project Overview 📝
OmiseGO is a decentralized bank, exchange and asset-backed blockchain gateway.
The project is being backed by the Omise payment services company that is based in Thailand.
They want to provide those who are unbanked in South East Asia with a permissionless and scalable payment gateway.
⚙️ Technology ⚙️
OmiseGO was built on the Ethereum blockchain and it was one of the first projects to make use of the plasma architecture
This architecture allows for the development of decentralised payment applications – that’s dApps. External developers can also build more complicated payment mechanisms by leveraging the smart contract functionality of the Ethereum main chain.
Consensus is achieved through the use of a Proof-of-Stake mechanism. There will initially be a limit of 200 nodes on the network which can validate the transactions (there will be pools).
💰️ Token 💰
The OMG token will provide the “fuel” to the network and is an ERC20 utility token.
Apart from being used as a transaction settlement token within the ecosystem, OMG will also be used by those validators to stake and secure the network.
OmiseGO initially sold these tokens in an ICO crowdsale that took place in June of 2017.
They were able to raise a total 25 million dollars in exchange for 65% of the supply of the tokens. These were sold at a price of one dollar per OMG.
👨💻️ Team, Partners & Development 👨💻
Omise is the company behind the OmiseGO blockchain. This is a VC backed payment gateway that was launched back in 2013.
Both of the founders have extensive experience in the region with other entrepreneurial ventures.
The Omise company has also received a number of important investments from strategic partners.
There are also some pretty well known advisors on the project. These include 2 founders from the Ethereum project.
📈 Trading & Wallets 📈
OMG is traded on a number of exhanges including the likes of Bibox, Okex, Binance, Bittrex and so on.
Trading volume is well spread out across these exchanges so there should be no fear of market centralisation.
There is also pretty strong liquidity on each of these exchanges.
You can store it in any ERC20 supported wallet which includes the likes of Ledger & Trezor.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.