With the slogan ‘Unbank the Banked’, the OmiseGo cryptocurrency is making large waves already.
The OmiseGo cryptocurrency at first looks and sounds like a mix of Bitcoin and Ethereum, but a closer and focused reading of their white paper will show that OmiseGo is potentially reaching for the moon, and even beyond.
What is OmiseGo cryptocurrency?
Lets go through the video announcing the launch of the OmiseGo cryptocurrency from its founder, Jun Hasegawa.
OmiseGo is an electronic wallet that is built on blockchain technology.
The wallet was developed in to order solve the problem associated with handling money transfers between multiple financial systems. The aim of the platform is to provide an easy way to transfer money or anything of value (be in an in-game currency or loyalty) across geographies or financial systems in a low cost manner. The platform wishes to break the ecosystem where banks and other financial middlemen can just arbitrarily change the playing field by replacing the many varied layers in the financial ecosystem by simply being the financial highway.
OmiseGo is a cryptocurrency that is closely linked to Ethereum. OmiseGo uses Ethereum technology to provide financial services. This means that investing in OmiseGo means you are actually trusting two cryptocurrencies which is OmiseGo and the Ethereum cryptocurrencies.
By doing so, OmiseGo has concentrated on what they do best; that of serving businesses such as payment processors and other retailers needing financial expertise. Ethereum will focus on their cryptocurrency and the blockchain technology. It is a great win-win agreement and by supporting each other, they add value not only to their own financial value but to the blockchain technology and the cryptocurrencies in general.
The OmiseGo is actually used as an internal payment mechanism when vendors use Omise as a payment when they use the OmiseGO network to do remittances, payroll, withdrawals and deposits, transactions between businesses and other on-demand services.
You will notice that while Ethereum offers its technology to the banks and other financial institutions that handle the control and dissemination of money, OmiseGo concentrates on the retail side. This is a perfect example of leveraging existing platforms. Omise, the company behind OmiseGo, has been serving the big Asian market for quite some time before launching their cryptocurrency. This has given them a great head start over the widely untapped Asian market.
You can say that they are “banking the unbanked” since around 73% of the Asian population do not have bank accounts but more than 60% has access to mobile networks. By becoming a digital “bank” so to speak, OmiseGo is doing two things: First is they are giving banking services to those who usually cannot qualify for a bank account and they are unbanking the banked by tapping a market the banking sector will not usually touch or has trouble taking as customers.
Furthermore, one important contribution OmiseGo gives to the whole cryptocurrency market in general is the ability to help cryptocurrencies be exchanged for another. They are also positioning OmiseGo as an intermediary between cryptocurrency wallets. Since cryptocurrency wallets, more known as E-wallets, have closed platforms so that security can be assured to the owner of cryptocurrencies, OmsieGo is actually working on a great project where the OmiseGo network can be used as a FX dealer of sorts for cryptocurrencies.
Omise and OmiseGo
Omise generally means shop in Japanese, and that is a very fitting name for the company.
Omise, the company behind OmiseGo, was founded in June 2013 and launched their sandbox operations in September 2014. In January of 2015, they launched their payment gateway in Thailand while June of 2016 they launched their payment gateway in Japan. They received The Thailand Startup of the Year – Rice Bowl Startup Awards in July of 2016. January of 2017 is when they launched their Internet Banking in Thailand and July 2017, they have raised $25 million for the Initial Coin Offering of OmiseGo or the OMG coin.
They also have a star-studded team of key personnel. For instance, one of their advisors is Vitalik Buterin, the founder of Ethereum. They also have Vlad Zamfir, the Research Lead of Casper, which is the Ethereum Foundation.
Fundamentally, they already have more than 6,000 merchants using their services. In fact, the McDonalds in Thailand is using the OmiseGo payments channel, as per this news article report and Slack replies of Jun Hasegawa, Founder and CEO of Omise Holdings.
OmiseGo is a cryptocurrency using the blockchain technology to have their blockchain entrance be backed by assets as well. This makes their financial transparency better since not only are information secured by the Ethereum blockchain, but also that real-world assets are backing them up (more on this on the “What is the OmiseGo outlook?”).
Currently there are 98 million OMG tokens in circulation with total supply at 140 million OMG. Market capitalization is at $758 million. The all time high price of the OMG tokens was at 13.53.
Where and How to Buy OmiseGo cryptocurrency
You can buy OmiseGO coins in most of the exchanges. It is actually a popular, but not necessarily large, cryptocurrency.
The list of exchanges that you can trade OmiseGo (OMG) are:
What are the wallets for OmiseGo cryptocurrency
Since OMG is based on Ethereum and an ERC20 coin, Ethereum wallets can accommodate them. A well-known wallet would be My Ether Wallet, which is a popular wallet due to it being a great storage for Ethereum securely.
You can ready about some other Ethereum based wallets that can support OMG in my article on the best cryptocurrency wallets.
How to mine for OmiseGo Cryptocurrency
OmiseGo cannot be mined. There is a set number of OmiseGo coins and they had an ICO. Actually, the ICO never really happened. There was a pre-sale ICO on June 7 2017 and the ICO was to begin on June 27, 2017. However, all of the coins were already sold.
A wonderful thing to note is that OmiseGo is being very reasonable for its ICO.
In an article, Tech crunch reported that with the OmsieGo ICO, they actually have around almost $100 million just from pre-sale interest alone. However, OmiseGo did not go through with the $100 million pre-sale deal but instead only disseminated $25 million. That gives you a chance to own quite some more OmiseGo coins, rather than have just a selected few own most of it.
How does the OmiseGo work?
OmiseGo cryptocurrency (OMG) is a proof-of -take. Tokens confirm the transactions that take place and you receive a transaction fee for holding the coin in your wallet.
The OmiseGo cryptocurrency is what is used to pay the fees incurred while using the Omise digital processes. OmiseGo is connected to the Ethereum main network and Omise, the company, does financial processing for a lot of merchants in Asia.
Since OmiseGo has real world demand, the liquidity of OmiseGo is assured, with both business demand and speculative need backing up the Value of this cryptocurrency.
This adds integrity and unity to the whole OmiseGo network, and makes the OmiseGo a useful medium of exchange between customers, retailers and businesses.
What is the OmiseGo outlook?
Fundamentally speaking, Omise is backed not only by great people and great assets, but also by a great ambition. They are going to make a three-layered structure which is decentralized and only using technology as the final judge. This would rule out subjectivity from decisions, making smart contracts operable in everyday life.
What Omise plans is to make Omise the gateway, the entrance. They do this with their own applications. They have bought other competing payment gateways like Paysbuy and the Omise team is also experienced with making payment acceptance structures, as proved by their track record and being named as a Fintech Rockstar.
Their market aim is to have the 73% of the Southeast Asian unbanked population to use their products. Their OmiseGO cryptocurrency will ensure the stability of their transactions, which will then create a loop since it will feed the demand for the OmiseGo coin.
They want Omise to be the entrance (payment acceptance), OmiseGO as the Highway (the tool used to buy and sell the services, the road where the transactions travel securely) and to have a decentralized exchange as the exit point (Omise is developing their own FX exchange and ATM-like technology as we speak).
If Omise is successful at making even just part of their ambitions to be true, that is already an immense change in the financial ecosystem. To make this a reality, they are developing technology, particularly a wallet, where other exchanges and coins can be traded with minimum fees in a secure manner. They will change the old system and replace it with their new one. Change is coming, and OmiseGo might be the herald of that.