How to Connect Cryptocurrencies and Fiat? OmiseGO Project Review

omisego project

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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  1. What is OmiseGO cryptocurrency?
  2. Main advantages of the coin
  3. Main disadvantages of the coin
  4. OmiseGO in figures
  5. Where to buy and how to store OMG?
  6. Conclusion

1. What is OmiseGO cryptocurrency?

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.

2. The main advantages of the coin

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.).

3. Main disadvantages of the coin

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.

4. OmiseGO in figures

  • 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.

5. Where to buy and how to store OMG?

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:

  • MetaMask;
  • MyEtherWallet;
  • Exodus.

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.

6. Conclusion

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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Interview with the Founder of the Project Joys: “We transform digital money into real goods”

In the summer of 2018, we already interviewed the founder of the Joys project, Andrey Mikhailishin.

Back then the payment service team had just launched its ICO and shared plans for the future development of Joys. Let’s find out what stage is the development of the project at today and what new has happened during this time?

Andrey, hello. Tell us about the interim results of your ICO? Have you achieved all your financial goals?

Hello! Thanks for the invitation!

I appreciate the results of ICO as negative. Although not so bad really. At ICO, we fundraised only $ 300k with a minimum target of $ 35M. Therefore, we have not achieved our financial goals. The reasons for failure are different:

  1. Ourselves we have never performed an ICO before yet and therefore we hired a company that had successful ICO experience before. The guys themselves were inspired by our project, but the result did not suit us. The saying goes: “If you want to do well, do it yourself”.
  2. We started our ICO in the spring of 2018, when the cryptocurrency and ICO market experienced a strong decline. Investors were disappointed with past failures, the rate of cryptocurrency declined sharply, no one wanted to invest. The crowdfunding market through ICO has stopped.
  3. In the early stages, we had no internationally known advisors and communications with large crypto funds.

Has the collapse of the crypto market and ICO projects affected Joys?

Of course, it had a strong influence on the ICO results. Today we have reoriented our project to the venture capital market. There are much harder rules. We rebuilt our project, and we have received several suggestions already.

What new features have been implemented on the platform since the launch of ICO?

Our slogan is – We transform digital money into real goods. During this time, we have converted Joys from a crypto project to FINTECH. We cooperate with banks, payment systems and other financial institutions, we have direct contacts with the Central Bank of Russia and we plan to work together with regulators and banks in different countries. We are actively involved in the creation of the New International Payment System of the BRICS countries (NIPS – BRICS Pay). Now our solution allows using as well cryptocurrency to pay for goods and services, as customary fiat money. We have developed and implemented several business solutions: a private payment system for the Center for Digital Transformations in Moscow, a voting system, a loyalty program on the blockchain technology. Now we are actively developing on the use of Hyperledger in Joys. By the way, information about this has never been published before. We will make a public announcement about how we will use Hyperledger a little bit later. We also completely redesigned the payment application for users. Now JOYS, BTC, ETH, EOS, LTC, BCH are available in the application. We made the listing of our JOYS coin on the LATOKEN exchange.

We have created many more other things that today make our decision truly unique. But not all the secrets of our kitchen, I’m ready to tell. I really want to share much more news with the community, but this is still premature.

You as well as other representatives of your project take an active part in various conferences and meetings, such as the meeting of the Russian Association of Cryptocurrency and Blockchain (RACIB). What important issues are you discussing at such events?

Today we are working closely with the Russian Association of Cryptoindustry and Blockchain. We participate in the discussions of the problems and tasks of the business in the digital economy, help create a cryptocurrency regulation system in the Russian Federation, advise and share our efforts with other projects. Also in early April, we are launching a joint project with RACIB – a system of customer motivation based on blockchain technologies. Follow our news on our public channels.

As for the implementation of the project, how does Joys integrate into store POS systems?

We integrate at the level of cash register software manufacturers. We have an API that interacts with POS. Now we are finishing the testing of a new payment API, more advanced, even that we used in MVP at the ICO stage. We developed solutions not only for brick and mortar stores but also for e-commerce.

Which important companies or sites have you managed to partner up with lately?

As I said above, we actively cooperate with a number of banks, with the Central Bank of the Russian Federation, with the BRICS Business Council, we are member of the Russian Association of Cryptoindustry and Blockchain, member of the Fintech Association, and actively cooperate with the LATOKEN exchange.

In the last interview you said that “you plan to cover all countries of the world”. Did this goal remain on your agenda, or did you perhaps set new large-scale goals?

This goal has become even more relevant for us, as we have now included fiat currencies in our pool of means of payment. Recent studies show that cloud technologies, hybrid clouds, open APIs, Big Data, and artificial intelligence will produce a transformational impact on business and blockchain technologies will have a big effect on the business. Excluding artificial intelligence, Joys have solutions in all these areas of development, and this opens for us more potential than even we imagined six months ago.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

The Cofounder of the Infamous Cryptocurrency Exchange QuadrigaCX Turned Out to Be a Convicted Criminal

The digital assets exchange platform QuadrigaCX has recently become an epicenter of various scandals and controversies. We have already reported earlier about another cofounder of the exchange Gerald Cotten.

Cotten died in the age of 30, leaving his wife and the exchange employees with massive amounts of missing money and the total confusion in the financial situation on the platform, considering the fact that he mixed his own funds with the funds of Quadriga.

However, now the exchange has to deal with an even more serious issue. It is suspected that the second cofounder of QuadrigaCX, Michael Patryn changed his name to escape criminal prosecution.

According to the report made by Bloomberg, Michael Patryn might be the same person as Omar Dhanani, a person suspected of committing multiple offenses in the United States.

Allegedly, Dhanani changed his last and first name in 2003 and 2008 correspondingly, after being convicted in multiple crimes, including credit card scams, identity theft, burglary, larceny, and receiving a 18-month sentence in federal prison.

Michael Patryn denies all the accusations and claims that Omar and him are two completely different people.

However, he failed to provide any decent proof of his activities starting from the early 2000s. Patryn only mentioned that he worked for various crypto-related businesses during that time period.

The Canadian authorities are currently investigating the situation at the exchange QuadrigaCX, regarding both the financial troubles caused by Gerald Cotten and the accusations against Michael Patryn or Oman Dhanani.

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Japan Released New Rules In Crypto Margin Trading

Japan is a progressive country in terms of economy, as well as cryptocurrency regulation. This time Japanese financial authorities have released a new set of rules regarding crypto margin trading.

Margin trading is a strategy that allows a trader to buy more stocks than you can afford on money borrowed from a broker (similar to loan).

The Cabinet of Japan approved draft amendments to Japanese financial instruments and payment services laws on Friday. In fact, they will limit leverage in virtual currency margin trading at two to four times initial deposits. Such restrictions are a common practice in foreign exchange trading.

All crypto exchanges throughout the country are bound to get governmental registration. This type of registration will differ from that adopted in 2017, which was mostly focus on preventing money laundering. However, these rules make exchange operators be monitored in a way similar to securities traders to protect investors.

These crypto exchange operators will be classified into categories to differentiate those who involved in margin trading from those who issued ICO tokens. This will help to distinguish unsavory offerings that are similar to frauds or Ponzi schemes and protect investors from losing their money. The new rules will come into force in April 2020. All margin cryptocurrency exchange operators have to be registered within 18 months of that date.

Such a time limit is set to take down unregistered “quasi-operators” which conduct operations without governmental approval. A senior FSA official said:

“We intend to motivate operators to do what they can to become registered.”

We remind you

Japan’s Biggest Bank Is Not Going To Create Its Own Cryptocurrency: Fake News Is Not Confirmed

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American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA

According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.

Exchange Details and Current Situation

Riot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch.

The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.”

The SEC’s filing reads:

“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”

The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.

Rumours of Launching Before Official Statement

Back in March 2018, there were rumours based on facts that Riot Blockchain planned to launch crypto exchange since the company acquired Logical Brokerage Corp.. The public filing published at the same time stated that the company wanted to investigate futures brokerage operations and details of launching a digital currency exchange.

In November 2018, RiotX “entered into a Master Services Agreement with Shift Markets, Ltd. to provide RiotX with its crypto exchange platform. These services will enable RiotX to further execute its plans to launch a U.S. focused cryptocurrency exchange.

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Winklevoss’ Brothers Said “Crypto Doesn’t Need Rules”, What About Crypto Companies?

Winklevoss twins are one of the most influential crypto personalities in the modern world. They are multi-millionaires with their own exchange – Gemini – and own dollar-pegged Gemini coin. It is no secret that the brothers have supported crypto since the beginning of it, but now they promote crypto regulation which confronts with the idea of crypto as well as with their billboard slogans. What happened?

Crypto Needs Or Doesn’t Need Rules

The twins are known for deconstructing the stereotypes and the myths that surround crypto in the public. They want to change the image of crypto that has been plagued with scams, hacks, frauds. However, their billboard slogan “Crypto Needs Rules” was criticized by Bitcoin users as the main meaning of crypto is to transfer money or digital assets without having to trust anyone.

Source: Bitcoinist

Cameron Winklevoss said that some people wondered why Gemini believes that the crypto revolution needs rules. He responded:

“Crypto doesn’t need rules, but the companies built on top of it do.”

Cameron also cited a part of report regarding to the defunct QuadrigaCX exchange which lost millions of dollars.

In order to prevent cases like QuadrigaCX and Mt.Gox, the latter’s CEO was sentenced to 2 years and six months in prison, the companies that provide custodial services of customers assets should be regulated. Furthermore, Winklevoss pointed out that these cases as well as other incidents could have been preventable if there was a proper management of the company, in particular, “proper rules and thoughtful regulation”.

We remind you

The Gemini Dollar of Winklevoss Brothers Is Officially Approved

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TOP 5 Most Convenient Applications To Use And Work With Cryptocurrency

Cryptocurrency is one of the most promising and growing industries in our modern world. It is becoming more and more valuable to our society, as well as to the nations’ economies and banking systems, since people prefer more convenient ways of trading and transferring money. We therefore offer you to look at top 5 apps that the most convenient in using and working with crypto.

1. Keymano

Keymano is a top wallet that provides a customer with a myriad of opportunities. It’s very convenient, fast and secure. Managing crypto or fiat money through Keymano wallet is easy. Using Keymano wallet anyone can sell, buy or send crypto on the go. It is user-friendly and straightforward.

Connect Keymano Card and Wallet to get even more functions. This Card allows you to make payments online and in-store. Moreover, the user can withdraw cash at any ATM terminal.

Keymano is a fully-featured product which not only simplifies managing crypto but also creates more ways to use it. With Keymano any transaction (from buying coffee to money exchange) is simple and always available in any part of the whole world. Having Keymano you can:

  • pay with crypto in any part of the world;
  • pay with BTC, ETH, etc;
  • manage multiple currencies in one App;
  • pay online or in-store using Keymano Card.

2. 365Сash

365Cash is a platform that provides services to users in different countries by organizing P2P transfers of digital assets. By the time of publication, the platform overcomes 850,000 cryptocurrency swaps. Such a big number extols this platform over others on the market. The service also possesses the following features:

  • Its own large ecosystem which uses nodes for cryptocurrencies and works automatically.
  • The most favorable rates for customers. The service earns on the difference in sales rates due to a large flow of customers and hedging the risks of cryptocurrency fluctuations.
  • Fully automatic system of receiving and paying funds to customers using the most popular payment system in Russia – Qiwi.
  • In future, it is planned to expand the pool of available cryptocurrencies.

3. Quppy 

Quppy is multicurrency payment system with unique cross-platform applications.The wallet provides users the ability to share crypto assets via different accounts inside one single wallet as far as within a decentralized storage system. By the end of the month, users will be able to withdraw money in euro. The platform also have some interesting features:

  • Sharing all your crypto assets through various accounts on one single platform.
  • Superior security for users based on blockchain technology.
  • Fast cryptocurrency exchange and instant transactions;
  • Multicurrency support including Bitcoin, Bitcoin Cash, Litecoin, etc.
  • Integration of Nexo – a service of the world’s fastest instant credit.

4. Chatex

Chatex is a platform that makes transfers, exchanging or paying for goods much more easier for every customer. Cryptobanking facilitates access to the use of cryptocurrency for those who have never had a cryptocurrency wallet and who do not want to understand difficult passwords, 12 words, etc. The service eliminates the possibility of loss of big passwords or phones, since it allows you to regain access during a personal appearance to the certification center. Unique feature are:

  • The wallet is protected by an additional PIN-code and in exchange transactions between people.
  • Instant internal transfers without commissions. Instant purchase with any VISA/MC.
  • Respond quickly to digital assets management requests from your smartphone.

5. Waves

Waves is revolutionary mobile app which enables users to connect to the network and make transactions. It is a comprehensive, all-in-one app for mobile devices with an absolutely unique feature set that includes a crypto wallet, the Waves DEX, and fiat gateway. The biggest advantages of the platform are:

  • All traffic is encrypted, hence privacy and security are fully provided. Private keys never leave users’ smartphone and are never exposed to the web.
  • Supporting Face ID, Touch ID and Fingerprint scanning.
  • Trading on DEX, with the great tools and charts, it provides access to fiat and crypto gateways, so the customer can deposit, store, trade and withdraw other assets.
  • The customer can send tokens to one’s address book contacts, lease one’s WAVES, receive warnings about suspicious tokens and burn any spam assets he/she doesn’t want.

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