OMG is an eWallet operated by Omise – a payment service company. Through their open-wallet services, OMG aims to create a high valued exchange that connects between all payments services.
From the very beginning of the year 2018, experts are counting on an emerging crypto-coin named OmiseGo (OMG) which is a subtoken running on the network of Ethereum.
The common phenomenon of the graph of Bitcoin is that it spikes at the onset of the year and then starts to fall down. Side by side, many Altcoins also prove their worth and snatch success every year.
OMG was introduced and sold to the interested users of the network during an event called Initial Coin Offering (ICO).
A mesmerizing fact that within the month of September 2017 OMG experienced a growth approximately 50 times of its initial price.
Omise is known to be a Fintech company which started its journey in June 2013 and used to provide online payment management service to the business base of Singapore.
In 2015, Omise contributed a $100,000 grant to the Devgrants program of Ethereum Foundation before it launched Omisego and thus became connected to the blockchain technology.
On November 2016, Rice Bowl Startup Awards winning company Omise was labeled as “Fintech Rockstar” by Forbes.
This company took some great leaps in 2017 by undertaking another online payment trading company, Paysbuy, and shaking the hand as a partner with McDonald’s Thailand. These steps helped Omise to pass the ‘unicorn” mark as it made a market capital of about $1 million.
Up to 11th of September 2017, total supply of OMG was 140,245,398 and the amount of circulation was 98,312,024 and each OMG is worth of $12.79. Thus, the market capitalization was $1.26 billion.
Omise has initiated OmiseGo with a motive which is to “unbank the banked” with the help of Ethereum based blockchain technology. It will create a decentralized open platform where a user can conduct transaction across various assets and cryptocurrencies when he/she needs no bank account or pay any fee like cross-border transaction cost.
According to Wendell Davis, one of the key persons of OmiseGo product development and Omise blockchain lab,
“move money around anywhere they want at the most minimal cost possible.”
The problem with the existing payment services in Asia like Wechat Pay, Alipay etc. is that they are not completely decentralized. They involve a third party in conducting transactions and exchanging value between currencies.
There are questions about other issues like safety, transparency, cost and time required. With blockchain technology, hopefully, OmiseGo will be able to solve these issues with ease.
The most useful feature of OmiseGo is that it is based on decentralized blockchain technology. This feature provides security of transaction and low cost. Another facility provided by OmiseGo that will attract the users is that no bank account is required to use OmiseGo’s services.
OmiseGo provides an open platform that makes exchanging value easier between both fiat-cryptos and cryptos-cryptos. In near future, it will also adopt proof-of-stake consensus.
OmiseGo is providing the users a white-label wallet able to synchronize on mobile using SDK. It allows digital wallet providers along different companies to provide the users of the network white-label payment solutions. It creates an opportunity for the users on the network to trade both fiat currency and cryptocurrency.
OmiseGo has achieved popularity around the globe and has got a good motion. Let us hope that this year, the way to success will be smoother than previous.