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OmiseGo

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Description

What does OmiseGo do?

OmiseGO, traded using the ticker name OMG, functions as a decentralized exchange integrated with a virtual wallet. The project was founded in Thailand to address “a fundamental coordination problem amongst payment processors, gateways and financial institutions.”

OmiseGo’s official motto is “Unbank the Banked.” The project is attempting to address a problem that many people face, especially in Southeast Asia, the base of OmiseGo. When individuals cannot open bank accounts, secure loans, or apply for credit cards, their financial options are limited. OmiseGo hopes to remove the need for banks entirely, giving all people control over their own money.

With its digital wallet, OMG will allow instantaneous transfers between parties using all types of currencies. Both fiat currencies (like the US dollar and Euro) and cryptocurrencies are supported and can be exchanged and used for all sorts of payments quickly and inexpensively.

What is OMG used for?

OMG, the native token of OmiseGo, is used to pay for transaction fees on the platform. By securing OMG tokens in a smart contract for a set period of time, users can participate in the platform by verifying transactions on the blockchain. Users who secure their tokens for this purpose are providing a Proof of Stake (PoS) service and they are rewarded with more OMG tokens, proportionate to the amount staked.

How can OMG value appreciate?

With its Proof of Stake (PoS) consensus mechanism, OMG tokens can be “slashed” (or destroyed) on the OmiseGo platform. Slashing occurs as a penalty for erroneous staking; users that purposely verify incorrect transactions have their tokens slashed. This mechanism may be used to decrease the total supply of OMG tokens, which would see the value of OMG appreciate over time as more tokens are slashed.

Plasma is a scaling solution that Ethereum will implement to make the network faster. If Plasma functions as many people hope it will, OMG will likely appreciate in value. Plasma may be capable of delivering “billions of transactions” per second, which would make OMG an excellent option for businesses and individuals to make instant payments.

What is the difference between OmiseGo and its competitors?

OmiseGo strives for maximum scalability with Plasma, a scaling solution designed for Ethereum. Other key strengths of OmiseGo are the low cost of transactions and instant settlements.

Dash and Litecoin are both crypto payment methods that can be seen as competitors of OmiseGo. Unlike Dash and Litecoin, though, OmiseGo uses Ethereum’s blockchain to maintain consensus. OmiseGo will benefit as Ethereum’s development progresses successfully.

By targeting individual users along with electronic payment providers, merchants, and wallet providers, OmiseGo is extremely inclusive and it aims to seriously disrupt the existing financial system, especially by supporting users who don’t even have bank accounts.

  • Mainnet Launch: June 2017
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Ethereum
  • Total Coin Supply: 140,245,398
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Description

What does OmiseGo do?

OmiseGO, traded using the ticker name OMG, functions as a decentralized exchange integrated with a virtual wallet. The project was founded in Thailand to address “a fundamental coordination problem amongst payment processors, gateways and financial institutions.”

OmiseGo’s official motto is “Unbank the Banked.” The project is attempting to address a problem that many people face, especially in Southeast Asia, the base of OmiseGo. When individuals cannot open bank accounts, secure loans, or apply for credit cards, their financial options are limited. OmiseGo hopes to remove the need for banks entirely, giving all people control over their own money.

With its digital wallet, OMG will allow instantaneous transfers between parties using all types of currencies. Both fiat currencies (like the US dollar and Euro) and cryptocurrencies are supported and can be exchanged and used for all sorts of payments quickly and inexpensively.

What is OMG used for?

OMG, the native token of OmiseGo, is used to pay for transaction fees on the platform. By securing OMG tokens in a smart contract for a set period of time, users can participate in the platform by verifying transactions on the blockchain. Users who secure their tokens for this purpose are providing a Proof of Stake (PoS) service and they are rewarded with more OMG tokens, proportionate to the amount staked.

How can OMG value appreciate?

With its Proof of Stake (PoS) consensus mechanism, OMG tokens can be “slashed” (or destroyed) on the OmiseGo platform. Slashing occurs as a penalty for erroneous staking; users that purposely verify incorrect transactions have their tokens slashed. This mechanism may be used to decrease the total supply of OMG tokens, which would see the value of OMG appreciate over time as more tokens are slashed.

Plasma is a scaling solution that Ethereum will implement to make the network faster. If Plasma functions as many people hope it will, OMG will likely appreciate in value. Plasma may be capable of delivering “billions of transactions” per second, which would make OMG an excellent option for businesses and individuals to make instant payments.

What is the difference between OmiseGo and its competitors?

OmiseGo strives for maximum scalability with Plasma, a scaling solution designed for Ethereum. Other key strengths of OmiseGo are the low cost of transactions and instant settlements.

Dash and Litecoin are both crypto payment methods that can be seen as competitors of OmiseGo. Unlike Dash and Litecoin, though, OmiseGo uses Ethereum’s blockchain to maintain consensus. OmiseGo will benefit as Ethereum’s development progresses successfully.

By targeting individual users along with electronic payment providers, merchants, and wallet providers, OmiseGo is extremely inclusive and it aims to seriously disrupt the existing financial system, especially by supporting users who don’t even have bank accounts.

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