What Is OmiseGo? Should I Buy OmiseGo? Where Can I Buy OmiseGo?

OmiseGo (OMG) has gone up significantly recently and many of us still wonder what OmiseGO is all about and why it has been one of the popular cryptocurrency investment options. What is OmiseGo? In short, it is an Ethereum based financial technology for use in digital wallets. It enables real-time, peer-to-peer value exchange and payment services. Should you buy OmiseGo as part of your investment portfolio? If yes, where can you buy OmiseGo? Read on to find out more.

What Is OmiseGo Should I Buy OmiseGo Where Can I Buy OmiseGo

Disclaimer: The content below should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.


What Is OmiseGo?

OmiseGO is an Ethereum-based financial technology company offering a decentralized exchange (a blockchain) and a payments platform (a wallet).

OmiseGO is a company that has created a financial technology for use in mainstream digital wallets. That technology allows for real-time, peer-to-peer exchanges and payments. It promises to work “agnostically” across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.

Omise has been around since 2013. This is not a new company, but rather one with history, core investors (20 million in series A and B prior to their latest crowd sale) and a completely serious established operation and team (70+!).

The project itself is set up in a rather interesting way. OmiseGO uses public Ethereum-based financial technology so it can be used in traditional digital wallets. The team aims to enable real-time P2P value exchanges and payment services.

Through the OmiseGO network connected to the Ethereum mainnet, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way.

In layman’s terms, OmiseGO wants to make it cheaper to send and receive payments, and cheaper to exchange currencies. The OmiseGo will solve a lot of problems, including settlement time, fees, transparency, security, finality. OmiseGo wants to be the place where you do not need a bank account to cash in or cash out.

The main use cases of OmiseGo:

  1. Remittances;
  2. Loyalty points;
  3. Mobile banking;
  4. Asset tracking;
  5. Digital gift cards; and
  6. Tokenized fiat.

OmiseGo is built upon Omise, a very popular payment platform in Japan, Singapore, Indonesia, and Thailand. Omise has a large customer base the company can tap into immediately and they also have a lot of experienced developers and team members well-versed in finance and blockchain.

They work with AliPay as well for example. They have the PCI DSS 3.2 (Payment Card Industry Data Security Standard) already in place since November 2016.

The OmiseGO Blockchain comprises a decentralized exchange. It is a scalable and totally public (permissionless) blockchain whose Proof-of-Stake (PoS) consensus is bonded by the activities of the chain itself. Although Ethereum network is great for checking their validator proofs and maintain economic security, it does not have the scalability that is required by OmiseGo.

Although we know Ethereum is going towards the Casper stage but it is still not ready for OmiseGo at the time of writing. So the OmiseGo exchange won’t need to create millions of transactions on the Ethereum blockchain, but on their own chain or chains – which they’ll probably call the OMG blockchain.

OmiseGo already aiming to be compliant with the Plasma scaling proposals. Buterin has a close relationship with the development of OMG, so it would seem to be a legitimate expectation that this project will indeed deliver the goods.

What is Plasma?

The recent bullish run on the price followed the announcement of a new protocol called Plasma developed by Joseph Poon, the lead dev of OmiseGo, in collaboration with Vitalik Buterin.

Plasma is a proposed framework for incentivized and enforced the 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.

Both Joseph Poon and Vitalik Buterin proposed a method for decentralized autonomous applications to scale to process not only financial activity but also construct economic incentives for globally persistent data services, which may produce an alternative to centralized server farms.

Plasma is composed of two key parts of the design: Reframing all blockchain computation into a set of MapReduce functions, and an optional method to do Proof-of-Stake token bonding on top of existing blockchains with the understanding that the Nakamoto Consensus incentives discourage block withholding.

This construction is achieved by composing smart contracts on the main blockchain using fraud proofs whereby state transitions can be enforced on a parent blockchain. We compose blockchains into a tree hierarchy, and treat each as an individual branch blockchain with enforced blockchain history and MapReducable computation committed into merkle proofs. By framing one’s ledger entry into a child blockchain which is enforced by the parent chain, one can enable incredible scale with minimized trust (presuming root blockchain availability and correctness).

The greatest complexity around global enforcement of non-global data revolves around data availability and block withholding attacks, Plasma has mitigations for this issue by allowing for exiting faulty chains while also creating mechanisms to incentivize and enforce continued correct execution of data.

As only merkleized commitments are broadcast periodically to the root blockchain (i.e. Ethereum) during non-faulty states, this can allow for incredibly scalable, low cost transactions and computation. Plasma enables persistently operating decentralized applications at high scale.

Source: Plasma.io

Read Paper Here (PDF)

Who’s Behind OmiseGo?

The OmiseGo team consists of Omise core team and well-known blockchain developers. The advisors are the strongest part of OmiseGo project because they almost all are from Ethereum foundation.

Other than the lead team working on OmiseGo, the following are all officially advising the project: Vitalik Buterin (ETH lead ) , Dr. Gavin Wood (ETH and Parity lead) , Vlad Zamfir (Casper/ETH lead), Joseph Poon (Lightning Net lead) and Roger Ver of bitcoin.com as well as many others, including a professor of Quantitative Finance. Not aware of any other BC project that has such a list of advisors of this caliber.

Some of the key investors in Omise include SBI Investment, SMBC, Ascend Capital, SMDV, Golden Gate Ventures, and East Ventures.

Should I Buy OmiseGo?

Omise has just recently acquired one of the three largest payment service providers in Thailand, Paysbuy, a licensed by the Bank of Thailand operator of e-money business, and accredited with Trustmark (DBD Verified) by the Ministry of Commerce. This provides a very well-established source of active users.

As mentioned above, OmiseGo does not currently have its own functioning block chain or e-wallet, but it will before the end of 2017. If this happens as expected, it means that the next few months will see some growth for OmiseGo. This ties in with the previous point that there is much room for growth, which may happen late 2017 and into early 2018.

Jun Hasegawa, Omise’s CEO, revealed just recently that McDonald’s Thailand (over 240 locations), will be using OmiseGo’s payment channel Also quoting Jun “we’re launching OmiseGO to support Omise Payments and all existing stakeholders, including our existing and future merchants, such as McDonald’s in other countries in Asia – McDonald’s Thailand is just the start. Through OmiseGO, all Omise merchants will be able to seamlessly accept payments in multiple currencies, including ETH or BTC or other cryptos, without needing to know what their client is paying in.”

Furthermore, it is estimated that by 2020, at least 38% of global financial service transactions will be done via mobile wallets. OmiseGO’s ability to conduct on-chain clearing and settlement of products is also a huge competitive advantage. When OmiseGo becomes widely adopted, users who carry one mobile wallet can make payments while shopping abroad at any shop and through any mobile wallet platform.

The potential is huge and it is worth buying while it is still cheap to get some.

Where Can I Buy OmiseGo?

At the time of writing, OmiseGo (OMG) is available for Bitcoin through the following exchanges:-

  • Bitfinex
  • Bittrex
  • Yunbi
  • Bter
  • Yobit
  • Liqui
  • Hitbtc
  • Novaexchange

If you would like to buy OMG through these exchanges, follow their instructions for setting up an account and depositing funds. As exchange offers a different environment for acquiring OMG in a way that you must buy it by fulfilling other traders’ sell orders. This means that prices may vary, sometimes widely.

What Is OmiseGo Should I Buy OmiseGo Where Can I Buy OmiseGo

There are very few direct fiat gateways into OmiseGo (OMG), for those who reside in countries that don’t have direct access to OMG. That means the vast majority of people who buy OMG did it with Bitcoin. Bitcoin is the first coin that most people buy so it’s hard for a different crypto to overtake the value.

STEP 1: Create A Bitfinex Account

The registration process in Bitfinex is super fast & easy. Less can be said about interpreting their dashboard, but it’s not the worst. Once, you’re approved here, we’ll get to the good stuff.

STEP 2: Buy Bitcoin

There are many ways to buy Bitcoin. Perhaps the easiest way is through Coinbase or Coinhako. Once you have purchased some Bitcoin, you are ready to buy some OMG! Buying Bitcoin is straightforward.

Registration is pretty straightforward, requiring things like your name, email, and a verification of your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Once this is set up, you can buy some Bitcoin.

The reason I encourage my readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.

Coinbase

 

You can read the full article on Coinbase and Coinhako.

Those in Europe will use a euro exchange like Kraken, while those in Japan will use a yen exchange like Coincheck, etc.

STEP 3: Transfer Bitcoin to Bitfinex

Go to Bitfinex “Wallets” from on the top right menu.

Here, you’ll see a list of currencies and you need for “Bitcoin.”  When you find Bitcoin, click the + icon to open a lightbox in which you will generate a Bitcoin wallet address.  Once you’ve done this, copy that long string of letters & number.

What Is BCash (Bitcoin Cash) Is BCash Worth Buying for Investment buy

Now, go back to Coinbase.  Here, you’ll navigate to the Send/Request tab.  Now paste the Bitcoin deposit address you got from Bitfinex into the “Destination” box and type in the amount of Bitcoin you want to send. You can opt to either move all of your Bitcoin or some fraction.

What Is Antshares? Should I Buy Antshares? Where to Buy Antshares?

Just one click and your funds should be on their way to Bittrex. It will take a bit of time, perhaps 15 minutes or more, for your Bitcoin transfer to complete.

Step 4: Trade Bitcoin for OmiseGo on Bitfinex

To trade your Bitcoin (BTC) for OmiseGo (OMG):

  1. Check the price of OMG in real time (1-minute), and when you are happy with the price, say 0.0016079 (OMG /BTC) as shown in the below figure.
  2. Click the “Limit” and change to “Market”. This means you are calling the platform to generate the latest bid price.
  3. Then, key in the number of OMG you want to buy. This example, I key in 1500 OMG.
  4. Click “Exchange Buy”.

You just exchanged Bitcoin for OMG. Be aware that there often isn’t much OMG for sale at the very lowest price, so you may need to repeat steps 1-3 a few times until all your Bitcoin is exchanged.

What Is OmiseGo Should I Buy OmiseGo Where Can I Buy OmiseGo

You then can check your wallet again and see the amount of OMG you have just purchased.


Additional Reading/Sources:

What Is Cryptocurrency Trading? What Trading Strategies for Beginners?

Is Ethereum the Next Bitcoin? Is It the Next Big Thing After Bitcoin?

How High Will Ethereum Go? Will Ethereum Reach the Price of Bitcoin?

What Is Ethereum and How to Make Money With Ethereum?

10 Reasons Why You Should Invest in Bitcoin. Is It a Good Time to Buy Bitcoin?

Summary
Review Date
Reviewed Item
OmiseGo
Author Rating
41star1star1star1stargray

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *