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What Is OmiseGo?
OmiseGo is a peer-2-peer cryptocurrency exchange platform using a wide range of e-wallet payment system, digital currencies, and other assets. The full integration and interchangeability of the payment system and exchanges, make it easy to send and receive money using their platform.
Their aim is not to dissipate energy in cryptocurrency or to become another bitcoin but to offer alternatives to exchange business. Another point to note is that all exchange transactions are decentralized(unlike traditional exchange transactions) and are stored on the blockchain. OmiseGo was built on Ethereum ERC-20 technology which is one of the best in cryptocurrency technology today.
For some of us who have traveled to countries in South East Asia, we know how cumbersome it could be to transfer money from one bank to another especially when the transaction involves two different countries.
A team of financial technocrats saw this problem and decided to establish a financial institution known as “Omise” that can help to solve the problem. The company provided a payment system for online companies in South Asia. The company started four years ago and received much patronage because of un-refined banking practices in that part of the world.
A few months later, a cryptocurrency arm of the organization called “OmiseGO” was launched and the company expanded to peer-2-peer transactions in the blockchain technology.
The team consists of seasoned business technocrats drawn from different fields of human endeavors. They include Jun Hasegawa :Founder, Vansa Chatikavanij :MD, Donnie Harinsut: Co-founder, Wendell Davis :Product Designer and Thomas Greco: Special Advisor.
Practical Uses of OmiseGo
OmiseGo has been useful to many merchants especially in transacting businesses locally. Below are some of the uses:
- OmiseGO is used to send remittances across borders.
- Loyalty points: You can get loyalty points which you can convert to the token by taking part in promotional programs.
- Mobile banking: OmiseGo has helped under-banked regions to send and receive money using their mobile phones at the comfort of their homes. Many families can now receive money from their loved ones with ease.
- Asset tracking: If your assets are registered in OmiseGo blockchain system, it can be easily tracked in case of loss or theft.
- Digital gift cards: You can easily exchange your digital gift cards with OmiseGo tokens.
- Tokenized fiat: OmiseGo token can be easily swapped with fiat currency under a stable market price.
OmiseGo is wallet based application and is pre-mined and cannot be mined directly as of this time of writing this report. The only way to mine it is through Ethereum ERC-20 token, and the reward will be transferred into your OmiseGo wallet.
I want to believe you have little idea of a mining process but below is a summary.
When a cryptographic problem is solved, the miner who got it solved will be rewarded with a token for adding blocks to the blockchain. The miner or team of miners will be rewarded with a given amount of the token based on the fixed price. Anyone can mine as long as your hardware meets the requirements and you have the technical knowledge to execute such task. People use different methods to mine, and two most commonly used of recent are Cloud mining and mining pool.
With cloud mining, all you need to do is to connect to the datacenter and use the shared power to mine. You don’t need a physical hardware to mine.
With mining pool, you join a group and whatever reward got is shared based on everyone’s contribution to getting the cryptocurrency problem solved.
Notes For Investors
OmiseGo OMG is relatively new on the market, but the performance keeps re-assuring one that, investing in OMG is a good investment. From the inception in August 2017 when it started at a benchmark of $1.30/OMG, it has risen to $8.14 as of November 2017.
This incisive report about omiseGO should not be seen as an endorsement to invest in omiseGO. Cryptocurrency investment is speculative and unpredictable, and it involves risks. The market is full of uncertainty, susceptible to attack and capital loss. There are many parameters one needs to check before investing. Don’t invest only based on what you have read here, but invest based on the fact that, you have sought advice.
I wish you success!