What is OmiseGO?
OmiseGO is a project that has developed a technology for financial use in digital wallets. Real-time, peer-to-peer exchanges, and payments allow the technology to work “agnostically” across jurisdictions and organizational entities, through both fiat money and across decentralized currencies.
The goal is to provide financial inclusion and revolutionize existing financial institutions.
To put it simply, the project aims to offer cheaper services by making it easier to receive and send payments, and exchange currencies, whether they are fiat currencies or digital currencies. As a result, financial transactions should become more efficient and the best currencies should establish themselves through fair competition.
How Does OmiseGo Work?
The blockchain and the wallet are the two core products. The blovchchain enables decentralized trading on a public ledger with good liquidity and low costs. With this platform, OmiseGO provides a next-generation value transfer service that works across payment methods and value types.
Anyone can use the blockchain network, which is connected to the Ethereum main network, to do business financially.
Some of the financial transactions OmiseGO can make include payments, wire transfers, payroll, B2B, supply chain financing, loyalty programs, asset management and trading, and other on-demand services.
The platform will also make it easier for millions of users to join the world of cryptocurrency. You can easily switch from using fiat money to using decentralized cryptocurrencies like the Etherium, Bitcoin and others.
“The OmiseGO network makes the difference between the fiat and decentralized money unimportant – as far as adoption and use is concerned, the platform for fair competition between currencies has been developed.”
By breaking down barriers between foreign currency trading, OmiseGO ensures that the best currencies reach the top.
OmiseGO emphasizes the following three core features in both the wallet and the ledger:
- No bank account is required to access the exchange and OmiseGO has worldwide authorized reserves.
- Immediate billing and low costs are important features of the OmiseGO platform.
- OmiseGO enables distributive foreign exchange and decentralized fiat money safekeeping.
The project itself is quite interesting. It uses public Ethereum-based finance technology so it can be used in traditional digital wallets. The team aims to enable real-time P2P exchange and payment services.
All this takes place on a global level and is done through localized efforts. In addition, the project will focus on both fiat and decentralized currencies such as Bitcoin, Ethereum and others.
There is also a fundamental problem in the traditional financial world. Services are not only privileges for the middle class, but there is also a lack of communication and coordination between the service providers. According to the OmiseGO team, using a decentralized exchange in a public blockchain can alleviate many of these problems.
Everyone should be able to access any type of financial transaction in a decentralized and cost-effective manner. The entire ecosystem remains secure through the Ethereum main network.
SDK Omise Wallet
In addition, an OmiseGo, white label wallet SDK can be used. This project should enable a convenient integration of payment solutions into the network in the future.
Digital wallets have been slowly gaining traction throughout the world and this project is trying to take advantage of this momentum. It will also create new opportunities for wallet service providers to focus on exchanging decentralized currencies and paper money across their network.
The popularity of OmiseGo is increasing. Although it could be that someone is pumping the OMG price artificially, the token is seeing considerable trading volumes.
Around January 2018, an OMG is valued at $19.30, which is relatively high, considering that over 100 million tokens are in circulation. All in all, there are 140 million tokens.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.