OmiseGO (OMG) Review – Crypto Coin Judge
What is OmiseGO?
Founded in 2013 and featured on Forbes as Fintech Rockstar, OmiseGO is an “answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions”. The platform, instead of focusing much on a crypto coin as bitcoin or Dogecoin, allows its users to have hassle-free access to Omisego Network & Digital Wallet Framework.
Just a quick look at OmiseGO’s few key things:
- OmiseGO aims to “Unbank the Banked with Ethereum”.
- OmiseGO is the first plasma.io project.
- OmiseGO isn’t a platform technology.
- OmiseGo’s central asset is Ether.
What Omisego has to say about cryptocurrency?
A cryptocurrency comes in the form of digital money. It is considered to be the most secure currency of the world today though hackers are always having a prying eye toward it.
It wouldn’t be wrong to call cryptocurrency an “Internet Currency” not because it is created in the online world, and even gets destroyed then and there, but also because it owes its origin through cryptography whose primary function is to convert legible information into an uncrackable code, thus monitoring all purchases and transactions.
The craze of cryptcurrencies like bitcoins, Ethereum, Ripple, & Litecoin, today has gone to such an extent that investors from all around the globe, despite being aware of the ever fluctuating investment market, and even being aware of its volatility, are getting more and more keen to make use of it, exploit it, thanks to its attractive investments.
What problems OmiseGO solves?
First thing first, OmiseGO network enables interoperability between closed payment systems (for example; Paypal, Alipay, Visa, WeChat, Apple Pay, TenX Cards)
Let’s understand it through an example; supposing that you are using Alipay and your friend accepts payments via Paypal, can you both make a transaction between each other? What if you are making use of Apply Pay and your landlord is having Venmo? What about if you are only having Euros, and your friend is accepting USD?
What investors can do with OmiseGO’s blockchain platform?
In this part of the article we will talk about what you as investors can do with OmiseGO’s blockchain platform?
When you use an OmiseGO’s blockchain platform, as an investor, you can make hassle-free transactions of your money between the closed systems, without actually using an OmiseGO wallet, although you might also wish to owing to the reasons mentioned below.
Liberating existing unusable assets: There are end numbers of assets locked in closed systems that get stranded. Gift Cards, AirMiles, and Rewards points though all are having a value, yet, they are inherently too tough to be used. However, thanks to OmiseGO, those assets have now been liberated and can be spent. Thus, platform actually lets the unbanked people have a trouble-free an smooth experience of banking.
How does OmiseGO differentiate itself from standard exchanges?
As we know OmiseGO’s main objective is to create disruption in the way of “sale and purchase” of cryptocurrencies from one exchange to another exchange. This platform makes it possible by linking the existing currency wallets to a central OmiseGO blockchain, thus enabling users to make easy and hassle-free exchanges of cryptocurrencies.
Comparing too other systems, OmiseGO differentiates itself by being currency agnostic and decentralized in the following ways:
Exchanges these days have become the centralized operations. This connotes that the databases, which contain details of all transactions orchestrated on the exchange, get hoarded on a server (or group of servers) that the exchange owns, apart from all the data available for a specific user, and generally adding identification such as a driving license and a passport.
OmiseGO brings to its users the very same exchange functionality but keeps all its transactions stored and decentralized on the blockchain. This not only keeps the data protected from the hackers, but also stop them controlling and stealing someone’s existing funds. Even if a hacker tries to do so, he/she will have to ascertain every blockchain’s user, as a result making hacking attempts virtually impossible.
A large number of exchanges enable users to make exchange of their money from fiat to cryptocurrency and the vice-versa. Due to this restriction, a lot of fees is cut from a user’s account.
Let’s try to understand it with an example; suppose you wanted to do conversion of your BTC (Bitcoin) to ETH (Ether), the first thing that you would be required to do is to locate about the whereabouts of an exchange that facilitates trading in both BTC and ETC. When you have found such an exchange, you would be required to send BTC from your wallet to the exchange. And when you are done cowith that you would be able to do conversion of your BTC to a common fiat currency (let’s say; USD). At last, you would be required to do the conversion of the USD back to ETH.
During this entire process, exchanges would be charging the fees and that too at your both attempts first when you would sell your BTC and second when you would purchase the ETH.
OmiseGO in fact gets you rid of such high-charging and roundabout type of process when it calls itself currency agnostic.
So, when you are with OmiseGO converting ETH to USD, or ETH to BTC, the fees and process remains the same; that is; you can make one direct conversion with one small fee.
What Real-World Problems Does OmiseGO Want To Solve?
In this part of the article, we shall be talking about the types of problems OmiseGo wants to address:
Two Types of Problems:
The first: OmiseGO wishes to provide the unbanked people not only in Asia but all around the globe with a solution, which will allow you (as network’s user) own, send and receive money on a dematerialized form at the minimal cost, no matter what asset or currency, you wish to send.
The second: The second problem that OmiseGO wants to address relates to the coordination problem that it calls “a fundamental coordination problem amongst payment processors, gateways and financial institutions” The company says that this coordination problem came about due to the “closed networks” in the financial and economical world, where a user has to come across lots of cross-network transactions problems, and most importantly he/she has to pay a hefty amount in terms of the transactions fees when it comes to sending money or values via cross-network.
However, OmiseGO’s universal, decentralized solution makes it quite easier and less costly when it comes to sending money from one network to another network, agnostically amongst asset or currencies types, and jurisdictions as well as countries.
Now that we have learned above what types of problems OmiseGO will be addressing and solving, this part, we will learn about the types of customers OmiseGO has been targeting ever since its inception.
Two types of customers OmiseGO is targeting?
There are two types of customers OmiseGO is primarily targeting toward:
Individual Users: The first type of customers OmiseGO decides to target is the South-East Asia-based individual users, and providing them with the facility of a banking account where they can easily, safely, quickly and at small cost keep, enjoy sending and receiving money and asset values on an open network, without waiting for banks’ acceptance, thus allowing customers to monitor their own financial autonomy.
Merchants, Wallet Providers, Electronic Payment Providers: The second type of customers OmiseGO is tar includes merchants, wallet providers, and Electronic Payment Providers (EPPs), and allows these vendors to provide their solutions so that their customers can make seamless transactions and carry out exchanges of their money or any type of values from any network to any other network.
Though there could be given an in-depth detail about the below mentioned platforms, to make you learn about the three chief features of OmiseGO, we have confined them just a few lines only to give a little knowledge about them.
What is DEX, OmiseGO wallet, white label wallet SDK?
1 – What is OmiseGO’s Decentralized Exchange (DEX)?
OmiseGO’s built in Decentralized Exchange (DEX) allows users to trade their values in real-time for other values.
2 – What is OmiseGO wallet?
An OmiseGO wallet, being an application, allows you to send, stock, receive value assets and money.
3 – What is white label wallet SDK?
An SDK is a Software Development Kit, or a collection of pre-defined programming functions, which allow developers to develop applications efficiently and quickly.
How do Ethereum and OmiseGO get interacted with each other?
As is stated earlier, OmiseGO blockchain doesn’t let every operation take place over its platform: rather everything that relates to ensuing OMG rules to ascertain what money is going where and what trading orders are being implemented in what manner occurs on the OmiseGO blockchain, but it is only the Ethereum blockchain where the final deliver would take place. If said otherwise, every decisional operation; be it settlement and clearing would be coming about on the OmiseGO
chain, whereas the final money transaction in actual will be made possible through the Ethereum blockchain.
In this part we have collected some key points just to refresh what you read earlier, what OmiseGO has been doing and going through over all these years.
Some Key Things That You Must Know About Omisego
- OmiseGo is an e-wallet and payment platform that you can use to buy and sell your assets and currencies.
- OmiseGO helps in managing cryptocurrency/fiat/other assets by virtue of its robust wallet Software Development Kit.
- OmiseGo’s liquid on-chain decentralized exchange and off-chain payment network helps in making its work ecosystem work
- OmiseGo’s vision is to target one of the biggest market of remittances, which was evaluated at $442 billion in
- The OmiseGo can solve problems like fees, fisettlement time, transparency, finality, security.
- OmiseGO doesn’t directly vie with any existing e-wallets or cryptocurrency credit cards.
- OmiseGO allows its users to make payments through any digital asset of any country to make purchases of groceries.
- The OmiseGO project is part of Omise, a successful fintech company established in 2013
- An OmiseGo wallet has the capability of holding many different kinds of currencies and assets.
- OmiseGo’s blockchain makes use of an Ethereum smart contract to hoard the decentralized exchange’s Ether reserves.
- OmiseGo is a proof-of-stake blockchain, with wallets earning fees from the completed exchange orders in blocks validated by them.
- OmiseGo primarily targets the long tail of eWallet platforms, for example; Alipay, Venmo, Paytm, Omise).
- OmiseGo facilitates the real-time exchange of all sorts of digitized currencies and assets.
- OmiseGo’s e-wallet offers low fees, fast transaction time, easy cash-outs and cash-ins.
- OMG tokens are the native currency of the OmiseGo blockchain.
- OmiseGo is the fastest and the most cheapest decentralized exchange
- OmiseGo is touted to replace the technology of blockchain.
What does Media say about Omisego?
Ever since Omisego has ventured into the world of digital currency, it has become the talk of the town. Though people have given their different-2 opinions about it, in spite of all these negative and positive views about the Omisego Nework, a tremendous rise has been noticed in its growth. Following are some news links that may help you know more about Omisego, let’s take a look at them, and read through its journey of success.
Unbank the Banked with Ethereum
As we have learnt above that OmiseGO aims to “Unbank the Banked”. This is a leading public Ethereum-based financial technology, to be used in mainstream digital wallets, and taking full advantage of this revolutionary technology OmiseGO allows for real-time, peer-to-peer value exchange and payment services agnostically through jurisdictions and organizational silos, as well as through both decentralized currencies and fiat money.
Though crafted to allow for disrupting ongoing institutions and financial inclusion, the easy to use platform allows all its users to have an access of the OmiseGO network and digital wallet framework.
In case, you want to know more about OmiseGO, read its Whitepaper or visit their website. This paper will give detailed information since when the company started, and what it has in store to offer its users.