What is OmiseGO?
OmiseGO is an extension project of the Omise company, which has been founded in 2013 with offices in Japan, Singapore, Thailand and Indonesia. Omise offers a payment gateway for Asia, helping companies implement payment services that their customers would be able to use.
OMG is an Ethereum ERC20 token, based on the Ethereum blockchain that is looking to offer users a decentralized exchange platform, peer-to-peer money transfers, storage of wealth. They are working on an decentralized exchange platform together with simple wallet SDK that would allow users to trade their coins and also trade instantaneously between digital currency and fiat. This takes away the need for a middle man which would consequently lead to low transaction fees, as it is all working on the blockchain.
OMG would be highly accessible – as a bank account is not needed in order to conduct these financial transactions as long as you are connected to the blockchain. Another feature is scalability – these transaction would happen instantaneously and at a low cost, which is something that many banks currently struggle with, especially when it comes to international transfers.
The wallet SDK is something that OMG offers and allows users to create their own wallet – which means that these wallet providers would be able to customize and enhance the payment solutions for various industries. Despite this, users would be able to perform transactions between different types of wallet. Different wallets would have different features and users would be rewarded for creating a wallet with certain features, which means that the competition is likely to push the technology forward.
The loyalty and reward programme is a programme that would offer users of the token and platform rewards for conducting their transactions on the blockchain. This would work on a point-based system and users would be able to convert these points straight into fiat.
Financial transactions are a big issue in South East Asia, as citizens struggle to open bank accounts and banks struggle with international payments. OMG is looking to target all these issues using their decentralized platform so it is likely that once they have a functional product, a mass adoption will take place.
As with any cryptocurrency, always look at the white paper and at the team. This can be found on their website. What stands out the most is their team of advisors – which includes some high-profile figures in the cryptocurrency world, such as Vitalik Buterin (Founder of ETH), Dr Gavin Wood (Co-founder of ETH) and Vlad Zamfir (Casper ETH Research Lead). Importantly, this is one of the very few projects that Vitalik Buterin has decided to support and advise.
McDonalds in Thailand accepting digital currency through OMG
4 months ago OmiseGO confirmed that they have partnered up with McDonalds in Thailand to offer customers the possibility to pay using the blockchain. This is a huge advancement in terms of blockchain being adopted as mainstream and we can expect more companies to adopt OMG as they are coming closer to delivering their product.
Where can I buy OMG?
OMG can be bought on any major exchanges, including Changelly, Bitfinex, Bittrex and Binance.
Should I invest?
Currently OMG is sitting at a price of $9.23 (0.00092694 BTC / 0.01956070 ETH). Its all-time high is $13.28 so if we were to consider the entry-point at 60% drop from its ATH, a good entry point would be $5.31. However, I believe that this is quite unlikely to happen so a good entry point would be within the $7 – $9 range. It is important to take into consideration that the roadmap shows that the product delivery begins in Q4 2017, so the value might not actually drop below the current levels.