The OmiseGO project can become a connecting bridge between cryptocurrencies and fiat money. This technology, subject to successful implementation, will be very popular in the market. In this article we will talk about the OmiseGO project, learn about its strengths and weaknesses, storage options, key figures and understand whether it is worth investing in it.
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- What is OmiseGO cryptocurrency?
- Main advantages of the coin
- Main disadvantages of the coin
- OmiseGO in figures
- Where to buy and how to store OMG?
OmiseGO is a platform solution which you can use to make exchange transactions and money transfers online. The main feature of the platform is the simultaneous support of both cryptocurrency and ordinary money (dollar, yuan, euro, etc.).
How can this be used in practice? For example, a buyer from the UK who has pounds sterling wants to buy something from a seller from the US who accepts payment only in Bitcoin. Through this platform, the buyer sends pounds sterling, OmiseGO almost instantly converts them to BTC and transfers them to the wallet of the seller. It should be noted that the platform takes a minimum commission in OMG tokens.
Prospects for OmiseGO are huge, as the project has a number of strengths, which we will disclose to you:
– an open protocol and simple integration with almost all blockchain networks;
– high throughput;
– high level of protection against hacker attacks;
– provision with large national fiat currencies;
– the demand for technology in the market;
– strong partners (Bitcoin Suisse AG, Ethereum’s founder Vitalik Buterin, major developers from MakerDAO, GOLEM, etc.).
Whoever follows the OmiseGO news remembers that the main drawback of the project is that the development team did not follow the road map originally submitted by them. During the ICO period in January of 2017, the developers indicated the deadline for launching the OmiseGO Network platform by the end of the year. After that, the road map was edited, and the current deadline dates back to the fourth quarter of 2018. This significantly affected the mood of investors, which led to a sharp decline in the exchange rate.
Also, some experienced traders declare that traces of manipulation can be found in the graph of the coin’s value fluctuation, since sometimes a sudden rise or fall can be explained neither by the phase of the market, nor by the news background.
- the number of tokens is 140 million, one-time issue was made, OmiseGO mining is not available;
- exchange rate (as for August, 8, 2018) is $4.12;
- market capitalization is $579 million;
- 21st place in the global rating of Coinmarketcap.
This coin can be bought on almost all popular cryptocurrency exchanges (Binance, Bithumb, OKEx, Cryptopia, etc.). However, the issue of storage is not yet fully resolved. The fact is that the developers claim that making transfers or exchange operations will only be possible with the help of an official wallet. But there is a small nuance, the wallet has still not launched. Only the first beta version was released in the beginning of spring, which still needs to be tested and modified.
Now the only option for storing OMG are wallets that support the ERC20 token format. The most reliable of them are:
You should know that the abovementioned wallets do not support this coin by default. In order to start using them, you should go to the settings and add “OMG”. If the list does not appear, you need to manually enter the coin address, which can be found here.
This project has good prospects for the future, provided that the development team can successfully implement its plans on time. Some experts give an optimistic forecast for OmiseGO – about $100 per coin. If you decide to invest in this project, you should probably adjust to a long-term perspective, since the platform still requires a lot of improvements.
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