OmiseGO is a cryptocurrency with technology that provides encompassing solutions for financial institutions and the public at large. Operating in Japan, Thailand and a number of other Asian countries, the company is focused on effectively deploying available technology to provide financial solutions. Think of it like the crypto version of PayPal.
By leveraging blockchain, OmiseGO network ensures that payments are easily processed in a decentralized manner without incurring high costs. 75% of people don’t have a bank account in southeast Asia, which makes OmiseGO an extremely viable option for individuals to use the token as their main way to transact.
The market capitalization currently stands at 1.7 billion USD on this date, March 2018. A token is priced at about 18 USD and there’s a circulating supply of 102 million coins.
The technology is built on the Ethereum platform, and has a lot of features which make it stand out including low transaction fees, extremely fast payments and a solid team of developers who have worked on other big projects such as Ethereum.
The advisory board even consists of Vitalik Buterin himself (the founder of Ethereum). So if you invest in OMG, you’re investing in an extensively credible team that’s already worked on numerous successful projects.
OmiseGO, is geared towards providing a publicly accessible network. The network covers settlement and clearing of transactions but allows external entities to have a stake in protecting transaction value. In this way, external entities are still promoted.
The blockchain itself is backed by Ether and is built to be scalable. It allows for very quick clearing of transactions and uses a consensus mechanism to determine the validity of a transaction.
The key features of OmiseGO are the following:
In addition to the above benefits, OmiseGO offers a wallet SDK so that earned tokens can be stored privately. The wallet is customized to the owner’s specific needs due to its flexibility in design and customized apps that allow payments, transfers and rewards points as well.
Another feature is that the wallet allows a cross-wallet function, meaning that it comes with an open protocol that gives room for seamless communication between different wallets, pushing the boundaries of e-commerce.
OmiseGO is unique because in practice, it is allows the spread of a platform that processes payments using, not only a decentralized system (which accounts for security and transparency) but a system that allows the customer to choose the preferred cryptocurrency for payment.
Supposing a customer visits a store/restaurant with OmiseGO payment option, the customer choose to pay in his preferred currency while the store/restaurant receives the payment in its preferred currency. This is because OmiseGO also accepts fiat, allowing users to trade their OMG coins with currencies such as USD.
OmiseGO is truly an ambitious concept as a number of huge venture capitalists and investors such as SBI investment, SMDV, Golden Gate Ventures amongst others, have made a move on it, showing that there is real potential in OmiseGO.
The market in Asia is also huge and with a first mover advantage, OmiseGO can be the first one to become the “cryptocurrency of PayPal”. With so many individuals that are unbanked, if OmiseGO continues to adhere to its roadmap, it can gain widespread adoption.
We already see this adoption coming in countries such as Thailand:
With all these factors, we believe that OmiseGO is indeed a good coin to hold in 2018.