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.

Contents:
(please, click the topic to scroll down to it)

  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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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

We remind you

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

We remind you

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Cryptocurrency Prices Today, January 17: Cryptocurrencies Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 0.8% over the past 24 hours. The price at the time of writing is $3582 per coin.

Some cryptocurrencies slightly decreased, others added in price a little:

Bitcoin Cash lost 2.6% over the past 24 hours and costs $126 per coin;

Ripple dropped by 1.1% and is $0.32 in rate;

EOS added 0.34%, and its price is $2.44;

Litecoin decreased by 2.66%, and its value is $30;

Cardano grew by 1.3%, and its cost is $0.044;

Stellar fell by 1.73% and costs $0.10;

IOTA lost 3.42%, and its value is $0.29;

Dash dropped by 0.52,% and its price is $71;

Monero became more expensive by 1.21% and costs $45.

Over the past 24 hours, Ethereum lost 2.17%. The exchange rate of the coin is $121.

The total market capitalization rose to $121 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, it is $63 billion.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

We remind you:

Cryptopia Got Hacked, Crypto Exchange Is Suffering “Significant Losses”

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by ZB.com and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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