OmiseGO (OMG) Review, Price, Market Cap and more | Coinopsy

OmiseGO (OMG)

OmiseGO (OMG) - Mobile Token

OmiseGO is a decentralized exchange based in Thailand. OmiseGo is under development and will be using the Ethereum network to provide peer-to-peer transaction services through smartphones..
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OmiseGO's current price is $3.940 USD. In the past 24 hours, OmiseGO's price has decreased by -1.8 percents..
OMG
Name (Ticker)
OmiseGO (OMG)
Price (USD)
$3.94034401706791
Rank
23
Active Supply
140.2 million
Total Supply
140.2 million
Volume(24H)
341.5 million
Market cap
552.6 million
Fun Name
Mobile Token
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Pros

  • Lots of large partners including banks
  • Safe payments
  • Catchy ticker

Cons

  • Not backed
  • Transactions could be faster

Review

OmiseGO is a decentralized exchange that is in development and based on the Ethereum network for users to make peer-to-peer transactions with smartphone devices. OmiseGo’s parent company, Omise, was created in 2013 as an online payment gateway similar to Paypal or Stripe. 

Thailand Based

It is based in Thailand and was founded by Jun Hasegawa anf Donnie Harinsut, who remain the CEO and COO of Omise and OmiseGO. Based on the Ethereum network, OmiseGo’s goal is to become the “preeminent high-value exchange and settlement platform”, hoping to give people in Asia a quick and easy way to make international payments in a decentralized environment.

Company Message

(omisego.network) "OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework."

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Benefits Plasma Technical Overview

Benefits

List of OmiseGO benefits:

Access

Through the open source, white-label SDK, digital wallet providers can connect to the public OMG network to enable users to transact any digital assets, including crypto and fiat currencies.

Security

Bonding to the Ethereum blockchain creates secure token custody, decentralized exchange of all Ethereum assets, and ultra-secure transaction validation.

Scalability

The Plasma architecture allows for unlimited scalability with unprecedented transaction speed: millions, and potentially billions of transactions per second.

Interoperability

Financial applications, such as wallets, will be able to interact seamlessly with one another via the OMG network. Users will also be able to trade assets from different blockchains protocols, like Bitcoin.

Decentralized

OMG is not owned by any central authority; it is controlled by users and validators (stakers) on the network. Through staking, token holders can validate transactions and earn fees. As the network gains value, so does the token.

Plasma

Plasma is a blockchain scaling solution by Lightning Network co-creator Joseph Poon and Ethereum co-founder Vitalik Buterin. According to the Plasma whitepaper:

“Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide.These smart contracts are incentivized to continue operation autonomously via network transaction fees, which is ultimately reliant upon the underlying blockchain (e.g. Ethereum) to enforce transactional state transitions.”

Typical of whitepaper writing, the system is presented as very complex, innovative and efficient. In reality, the concept of Plasma is to build a blockchain within a blockchain. The simple way to envision this is to imagine the main blockchain as the main trunk of the tree, and the plasma chains (also known as a “child blockchain”) as its branches.

This approach has a plethora of benefits which help scale and decentralize the network even further.

Technical Overview

OmiseGo is a decentralized Proof of Stake platform based on the Ethereum network. OmiseGo employs an ERC-20 token OMG that powers the PoS consensus and the network infrastructure. However, the platform is still undergoing development as it is pursuing some dynamic projects. Despite this, it has already secured some valuable strategic partnerships in Asia. Currently, OmiseGo is building a unique decentralized exchange (DEX) called ODEX in the core of its protocol along with leading development on the first Plasma implementation for Ethereum.

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Buying OMG Online Wallet Desktop Wallet Hardware Wallet

Buying OMG

The options for buying OMG with CC are fairly limited. So far, the only service that we can trust which offers credit card purchases is Coinswitch, which compares rates from reputable brokers and gives you the best bang for your buck. 

Generally we would recommend buying ETH through Coinbase or Coinamama and exchange it for OMG on any of the reputable exchanges, like Binance or Bitfinex.

Online Wallet

Our number one choice for all Ethereum-based tokens when it comes to online wallets is of course MyEtherWallet (MEW). The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.

MEW

Simply visit myetherwallet and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.

The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your tokens, so you better double check the address every time and make sure to watch out for any malicious activity on your browser or PC.

Desktop Wallet

Two great choices for desktop wallets would be either Jaxx or Exodus.

Jaxx

What's really great about jaxx is  that it doesn’t store the private keys on its servers but on the device of your choosing. 

Another reason to love Jaxx is the cross platform functionality. It is available on 9 different platforms and can be interlinked with all these platforms which means that the same balances and wallet is available when a different device is being used.

Exodus

Another good example of a desktop wallet that supports Ethereum is Exodus, which supports numerous other cryptocurrencies along with ETH and is pretty straightforward and easy to use. 

Simply download the app from the official site (exodus.io) and get straight into creating your wallet. 

Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins. 

Hardware Wallet

As far as hardware wallets go, there are two obvious choices, Trezor and Nano Ledger S.

Hardware wallets are also called "cold storage", they are dedicated wallet devices, often in the form of a USB stick. Just plug it in to an internet-enabled device to transfer assets. Even though transactions are made online, the keys are stored offline. Thus, hardware wallets are one of the most secure methods of storing cryptocurrencies, in addition to being portable.

Ledger

As for using the Nano Ledger S, the first step towards setting up your device is unboxing and checking if you have received all the accessories with the device. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device. 

Ledger Video Tutorial

Trezor

As for Trezor, installing is really simple. To correctly install it, users should attach the unit to the computer. After that continue with installing the bridge. The bridge allows Trezor to join with the computer.

Trezor Installation Steps

  • 1. Connect the Trezor to device’s USB slot with the cable given in the box.
  • 2. Go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer.
  • 3. Initiate the extension and myTrezor will direct you to pick a PIN.
  • 4. Once you have selected a pin, you will notice nine buttons but the numbers are hidden. Users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time.
  • 5. Set the PIN and shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time.
  • 5. Note down the seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.

Trezor Video Tutorial

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