The OmiseGO project started out loud in January 2017. Many people had high hopes for a technology that can combine two radically different markets – cryptocurrency and fiat. They experienced no less disappointment when they did not see its implementation. However, now the OmiseGO cryptocurrency is well known again, its market indicators are gradually growing, and the project is overgrown with profitable connections and eminent investors. What is OmiseGO cryptocurrency and what are its key features? We will discuss in this article!
OmiseGO is a publicly available blockchain platform for currency exchange and real-time payments. What is special about it? The fact that it works with both cryptocurrencies and ordinary money.
For example, a buyer from China has yen and wants to purchase goods from a seller from Switzerland, who accepts payment only at BTC. Through the OmiseGO platform, the buyer gives the money in yen, and the seller receives it in Bitcoin.
Similarly, the user can send a money transfer in any currency and convert it into the currency that the recipient needs. He does not need to open an account in the bank, exchange money or pay intermediaries (OmiseGO takes the minimum percentage of the transaction amount) for this. You just need to register and start a wallet in the system.
OMG internal tokens are used to pay for transaction fees (their value is still unknown). During the ICO, held in January last year, investors bought OMG worth about $ 20 million.
All coins (and this is just over 140 million OMG) were emitted once and distributed immediately after presale. Only 65% were sold to investors during the ICO. The developers left 10% of the coins for themselves, placed 20% in the reserve fund and the remaining 5% were allowed on the airdrop.
However, the creators of OmiseGO have hinted that after launching the platform, active users will be able to earn interest simply for keeping coins on the balance sheet. However, it is not known how this procedure will be implemented – as a bonus accrual system (encouragement for support) or how PoS mining (when the wallet is used to confirm transactions).
So now you can only buy coins. Fortunately, OmiseGO is represented on almost all top exchanges Huobi (16% of trades), Binance (13%), Bithumb, Bittrex, Poloniex, Cryptopia, OKEx (from 3 to 5%) and others. At the latter, as a rule, OMG trades at a higher price, and this can be used for arbitration.
There are only two trading pairs on most exchanges – OMG / BTC and OMG / ETH. However, on Cryptopia, OMG is also traded paired with LTC and on LiveCoin you can buy coins for ordinary dollars.
With the wallet OmiseGO situation is not easy. According to the White Paper project, it is through him that users will be able to exchange currencies, make transfers and pay for services. However, there is still no official wallet.
A couple of months ago, the developers just introduced the beta version of the SDK on GitHumb. This is the so-called purse with a white label – basic software that can be tailored to the necessary requirements and implemented under its own brand.
In the meantime, the official wallet is being tested and refined, the only option left is to keep the coins on the crypto wallet with ERC20 support (OMG tokens work in this format). Good options are Exodus, MyEtherWallet, MetaMask, Mist and others.
However, there is a nuance – OmiseGO support is not included in them by default, it will have to be set manually. To do this, find the option “Add token” in the wallet menu and select “OMG” in the drop-down list. If the token is not there, you can simply enter the OmiseGO cryptocurrency address of the blockchain, after searching it on the website www.etherscan.io.
In addition, at the end of the year, it is planned to launch its own decentralized OmiseGO DEX exchange and a variety of mobile applications for the purchase, exchange and transfer of cryptocurrency and fiat money.
Many are sure that this time the developers will meet the promised deadlines, because now they are responsible not only to ordinary users, but also to serious business partners.
If the OmiseGO Network is successfully launched, the first blockchain platform connecting cryptocurrency and fiat money will appear in the world. However, there is a snag, because of which not all investors risk investing in OmiseGO. It is still unknown when the OmiseGO Network starts and whether it starts at all.
In the updated project roadmap, the launch of the network is scheduled for the last quarter of 2018. However, in the same way, the developers promised to present Mainnet a year ago. Now the situation is aggravated by the fact that the network should work on the Plasma protocol, and it is not ready yet.
In addition, some traders see signs of manipulation in the OmiseGO market rate. According to them, at many peak periods, sharp jumps in cryptocurrency were not justified by either a positive news background, or technological innovations, or other objective factors.
Their suspicions partly echo the situation that unfolded during the ICO OmiseGO. Most of the tokens were distributed on a closed presale.
Public trades were conducted only on several sites and were almost not advertised in the cryptocurrency community. Ordinary investors could reach them only by chance and then, many turned around, having learned that the threshold for entry into the ICO is 5 thousand dollars.
Given the lack of an open ICO and the sharp, as for the not very well-known altcoin, course jumps, traders have suggested that they are dealing with a Pump & Dump scheme. They associate too improbable price rises with the so-called bull trend (a sharp rise in price provoked by the pampers).
However, in recent months, the market price of OmiseGO fits into the framework of the classical correction. There are still more advantages to cryptocurrency than minuses.
Immediately after the completion of the ICO, the coin appeared on Asian markets and traded at a price of 50 cents. Its value had tripled by mid-July and the market capitalization had risen to nearly $ 150 million.
The cryptocurrency significantly strengthened its position in the market by the autumn and even entered the TOP 20 world ranking. OMG’s value rose to $ 12.8 in September and capitalization overcame the $ 1 billion threshold.
According to experts, such a smashing success was largely due to the fact that OmiseGO was actively supported by the Ethereum team. Vitaly Buterin himself became the official adviser of the project, which immediately raised OMG’s reputation in the eyes of traders. In addition, the coin appeared in the listing of the Binance exchange.
However, October and November were unsuccessful for OmiseGO. Many other cryptocurrencies (ZenCash, Stellar and, of course, Bitcoin) were experiencing a peak at this time, and OmiseGO just got lost on their background.
In addition, users interested in developing the project did not see the sensible OmiseGO roadmap promised by the developers. As did not wait for the launch of a full-fledged platform, announced for the fourth quarter of 2017.
The cryptocurrency slipped strongly without justified the trading expectations. Its price has dropped to $ 6, and capitalization has dropped almost a half compared to September.
However, OmiseGO went into an uptrend in January. Thanks to the attraction of major Asian investors (in particular, banks and venture capital funds) and the addition of OMG to the Huobi Stock Exchange, the capitalization of the coin has increased to $ 2.5 billion.
The positive trend continued in February. The interest of users spurred the news about the launch of the test version of the SDK and the OmiseGO mobile application.
However, the excitement did not last long, because the developers still could not name the exact launch date of the OmiseGO Network. Against the background of a general fall in the market, the cryptocurrency was also unable to hold on to its positions. Its value dropped to $ 8, and capitalization again fell below $ 1 billion.
The next rising wave began only in mid-April. At first, OmiseGO was accepted on the Bithumb Stock Exchange, then the developers reported on cooperation with the world-famous Korean banking corporation Shinhan Financial Group.
Further it became known that the OmiseGO Network will be launched on the basis of Plasma from Ethereum. This is a protocol that provides high network scaling, which all Vitalik Buterin fans have been waiting for a long time. He connected experts from Omise to work on it and they were the first to implement a new solution in their cryptocurrency.
Against the background of positive news, cryptocurrency market indicators have gone up. At the time of this writing, the price of OmiseGO is $ 13, and the market capitalization is $ 1.3 billion (# 23 in the CoinMarketCap world ranking).
However, many investors still can not decide whether to invest in the purchase of OMG. They have reason to doubt the success of cryptocurrency.
OmiseGO cryptocurrency is suitable for medium and long-term investments. Now its course is still emerging from negative extremum and, according to analysts, at the beginning of summer it has all the chances to grow to $ 20–30. So you can safely buy coins now and sell them during the next peak.
Another option is to keep the coins until the launch of the OmiseGO Network, after which, according to experts, the course can even break through the ceiling of $ 100. However, such a scheme will suit more experienced investors who are able to analyze market trends and have time to sell assets at a peak price.