The Best Crypto Exchanges to buy and hold OmiseGo (OMG)

The Best Exchanges to buy and hold OmiseGo (OMG)?

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The OmiseGo network allows users to exchange cryptocurrencies in a peer-to-peer manner without going through an existing exchange such as a bank.

The OmiseGo Network crypto token works similarly to having a stake in a business. The higher the volume of transactions performed on the OmiseGO network, the higher the value of the OmiseGo network (business) and the OmiseGO token (stakes).

Broadly speaking, the price of OmiseGo has risen steadily throughout 2021.

Founded in 2017, the OmiseGo Network is an Ethereum -based platform that aims to provide an accessible, secure and decentralized financial system. OmiseGo is made up of a network and cryptographic token (OMG) and currently has 1.4 million issued and has a market cap of less than $1 billion.

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What is Omisego Network?

The OmiseGo network allows users to exchange cryptocurrencies in a peer-to-peer manner without going through an existing exchange such as a bank. OmiseGo aims to create ‘decentralized’ and global financial and banking solutions for all. To achieve this, the OmiseGo network uses innovative technologies that facilitate secure, decentralized and transparent cryptocurrency payments in a fast and cost-effective manner.

Users can make payments or exchange currencies on the OmiseGo network in two ways: exchanging money from blockchain to blockchain, such as exchanging money from the Ethereum (ETH) blockchain to the Bitcoin (BTC) blockchain. You can make secure cryptocurrency payments to businesses through payment providers (PGs) such as Alipay or PayPal.

Furthermore, since companies can become users of the OmiseGO network with innovative technology and build it, the use of the network will inevitably expand in the future.

The OmiseGo Network Crypto Token works similarly to having a stake in a business. The higher the volume of transactions performed on the OmiseGO network, the higher the value of the OmiseGo network (business) and the OmiseGO token (stakes). As the OmiseGo network grows in popularity and increases in value, OmiseGo token holders will see their assets grow.

Of course, token trading is also possible, but its main function as a utility token is to run the OmiseGo network. This means that the tokens are designed to be used only on their own platform and can only be used for products or services offered by the OmiseGo network.

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Origin of OmiseGo

OmiseGo Network was established in 2017 by Omise, a large Thai financial services company. Originally named OmiseGo, it was rebranded as OMG in June 2020. Omise’s online payment system was already used by Thai banks and governments, along with large corporations such as McDonald’s and Allianz. Omise has been able to seamlessly build a virtual currency exchange network through its strong brand and vast network, and OmiseGo’s popularity has skyrocketed.

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Can I mine OmiseGo?

OmiseGo’s circulating supply has already reached its maximum supply of 140,245,398, and the network only offers limited coins, so OmiseGo tokens can no longer be mined. In July 2017, 65.1% of tokens were sold to investors in the OmiseGo Network ICO, raising $25 million. The remaining 5% was allocated to airdrop marketing, and 29.9% was allocated to startup teams and network development and proof. In the first year, 29.9% were tied to the network, but now they can find a new owner.

As the network grew in popularity, the OmiseGo token became the first Ethereum altcoin to cross $1 billion in value and became one of the most popular altcoins on the market.

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How OmiseGo works

The OmiseGo network is based on the Ethereum blockchain. As one of the most established blockchains in the world, Ethereum relies on numerous verification computers to make transactions on the OmiseGo network secure. However, since Ethereum requires massive processing power, the transaction speed is relatively low, with 14 to 24 transactions per second (tps). This naturally raises the question of scalability.

To overcome this problem, the OmiseGo network uses a type of Layer 2 plasma technology known as “More Viable Plasma” or “MoreVP”. MoreVP simplifies transactions by tying them together and then organizing and confirming them as one on the OmiseGo network. Transactions are then approved and verified on the Ethereum blockchain, so there is no security bypass. This bundling makes transaction approval much faster and streamlined. Not only will you be able to process more user data in less time, but you will also pay a one-time transaction fee, which will save you money.

For proof-of-transaction, the OmiseGo network uses a Proof-of-Stake (PoS) consensus algorithm to prevent resource centralization and minimize energy consumption. The OmiseGo network used the PoS algorithm with MoreVP to reduce power usage by up to 99%, cut infrastructure costs by about two-thirds and increase transaction speed to 4,000 tps compared to using Ethereum alone.

Thanks to these optimizations, the OmiseGo network is relatively green. The speed advantage also allows the network to compete with traditional payment providers like Visa, which runs at around 1,700 tps.

To ensure user-friendliness, the OmiseGo network uses a white label electronic wallet. White label exchange software allows businesses to set up a user platform for an exchange platform in minutes or days instead of years. Because the OmiseGo network provides a user-friendly and customizable interface, businesses can keep working while they spend time coding the interface. The OmiseGo network improves the accessibility of cryptocurrency exchanges by providing customers with an easy-to-use interface with a secure wallet.

Collectively, the OmiseGo network provides a decentralized, secure, and easy-to-use service that allows businesses to exchange currencies P2P. It’s much faster, cheaper and more accessible than traditional competitors offer.

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OmiseGo Token Price Trend

At the ICO in July 2017, the price of OmiseGo was about $0.50. Thanks to Omise’s network, brand exposure, and cutting-edge technology, OmiseGo saw a significant rise during the second half of 2017. The price rose to $12 in mid-September and peaked at $26.14 in January 2018, as shown in the chart below.

After a bearish cryptocurrency market since 2018, OmiseGo has lost significant value but has not disappeared. OmiseGo remained low but stable throughout 2019, and after carefully raising its head in the Corona era, it is now starting to gain momentum once again. With massive technological improvements and an increasingly optimistic mood, OmiseGo again crossed the $10 mark in April of this year.

Broadly speaking, OmiseGo rose steadily throughout 2021, rising more than 518% over four months from $2.50 on January 1, reaching a high of $12.97 on May 6.

Nevertheless, the price has fluctuated a bit recently. The market weakened after Elon Musk announced that Tesla would no longer accept Bitcoin, and the value of OmiseGo plummeted to $4.33 on May 23rd. However, OmiseGo’s value quickly recovered and jumped to $6.24 the very next day. Currently, the OmiseGo network is valued at $6.86 and has a market cap of less than $1 billion.

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The view of Omisego

As the cryptocurrency market performs well and the upward trajectory continues, businesses will seek to open up and invest, and OmiseGo is one of many cryptocurrencies that will rise along with it.

Although the project is progressing at a steady pace, most partners and applications are limited to the Asian market. It can be said that OmiseGo gained more momentum from Omise’s personal connections than the value of its own ecosystem.

OmiseGo currently ranks 85th in the market and all 140 million tokens are already in circulation, so the move to sell the last token will not cause a surge in value. As the market becomes more saturated, more cryptocurrencies will disappear, leaving only cryptocurrencies with a significant number of users. OmiseGo will be one of the winners because of Omise’s great influence and innovative software. The company’s large customers are also excited about the potential of OmiseGo technology.

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Conclusion

A special advantage of the OmiseGo network is that it has a real value, unlike coins such as DOGE. The OmiseGo network provides businesses with a very secure and fast payment system and outperforms many of its competitors in appealing to today’s green sensibility.

Despite the volatility of cryptocurrencies, what can be said with certainty is that compared to Bitcoin or Ethereum, the OmiseGo network has a relatively small amount of current investment, so there is a lot of room for further growth and appreciation. Also, OmiseGo could be positioned as the payment system of the future because of its groundbreaking technology and real-world value. If the OmiseGo network fights and overcomes the current challenges, it will see a significant return on its investment.

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