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OmiseGO, the OMG token and the evolution of the public financial system
Few weeks ago, I woke up clueless and started with my daily routine, doing the faucets, checking my dividends from Football Index and reading the news. While having a look on Coinbase to see is the Tezos faucet was debited, I noticed a new coin in my portfolio, OmiseGO. I said "OMG! What is this?".
Coinbase just paid me 1.5 OMG so ...thank you! Upon checking, OmiseGO is also available on Binance.I never heard about OmiseGO until today, so I opened my laptop and started the research and gathering of information. The first stop was on the official website to read about the project. OmiseGo an Ethereum-based proof-of-stake (PoS) platform that enables businesses and individuals to securely offer and access a wide range of financial services, and invest, exchange and spend digital assets anytime. The ultimate goal is to create an unstoppable financial infrastructure by creating an open, public financial system.
Controlled by parent company Omise, the OMG token is designed to make it simple to pay for online shopping or when eating out, by transforming the block-chain code into a bank account on your smartphone. OmiseGo token is aiming to facilitate moving funds between payment systems such as Visa or PayPal and decentralized block-chains like Ethereum, providing the solution to the fundamental coordination problem among payment processors, financial institutions, and gateways. The network uses the ERC-20 token OMG to powers the PoS consensus.
OmiseGo is token used by the Thailand-based company Omise, the online payment gateway developer fir Southeast Asia. They were founded in 2013 Omise and launched the OmiseGo in July 2017. Since the ICO, the platform has focused on creating the core components of the network including the White Label Wallet SDK, ODEX, and Plasma. Omise’s relationships in the financial payments industry have granted OmiseGo some significant exposure to the mainstream that other cryptocurrencies. If they will succeed widespread acceptance of cryptocurrency as currency by retailers and merchants, Omise will act as the PayPal of cryptocurrency, and the OMG could be used for sending/receiving money, making payments, buying gift cards, exchanging fiat currencies/cryptocurrencies, etc. The OmiseGo team has already been recognized as up and coming "Finetech Rockstars" by Forbes for their contributions to date.
OmiseGO network and ecosystem
The network is on of the fastest in the world, with transaction speeds of up to 4,000 TPS and the operational cost will be 90% cheaper than than Ethereum fees.The Proof of Authorit (PoA) is linked to ETH security protocols, ensuring that the funds are safe on Plasma. The OmiseGO Ecosystem includes a number of key components aiming to achieve friction-less transactions such as application layers used by businesses to build and connect applications. The descentralised exchange and the Peer2Peer payment layer are securely connected in real time.
OmiseGO was successfully integrated at Burger King Thailand, the video game company Hoard Exchange, and Shinhancard, South Korea’s largest credit and card issuer. The extras provided by OmiseGO include easy management of loyalty points and fiat money, plus tracking of digital assets in the same place. The payment from customers is received within seconds, being open 24/7.
The eWallet Suite contains a collection of tools and resources which creates the complete eWallet solution. The Web APIs connects with an existing application or SDK to build a new app from the ground up. Both server-level and mobile applications are supported in iOS, Android and Ruby. The toolkits for developers are used to create client applications connecting the eWallet on various platforms, while the SDK's allows easy customization, account creation, token issuance and activity logs.
The OMG supply is capped and the token is not minable. The total supply is 140,245,398 OMG and none will be created in the future. According to Etherscan, the token is currently held by 601,715 addresses. However, the top 100 accounts are owning more than 65% of the supply. Major OMG partners include SBI Investment, SMDV, SMBC, Golden Gate Ventures, Ascend Capital, East Ventures, Krungsri Finnovate, and Global Brain.
The all time high was in January 2018, when the token was valued at £20.89 ($25.62), while the all time low was in March 2020, at only £0.27 ($0.35).After the peak value, the price of OMG went downhill, getting stable close to £2 for a period and plunging to his all time low in March.
The all time low, was probably co-related with the Covid-19 pandemic and the BTC value drop. Since March 2020, the OMG price per unit recovered, and kept growing. Today's value is £1.43, and is expected to rise due to the introduction on Coinbase.
Forecast and conclusion
The OMG started to trend, doubling in value in May, and the Coinbase availability makes it more accessible for potential customers. If OMG will hold the momentum created by their addition to Coinbase, the upward trajectory will attract people looking to invest in something new. The long-term prospects is positive and probably the price will continue to surge. Even is some traders are predicting a price close to $1000 by 2025, I think this is exaggerated. However, the combination of technology, the ability to cut out the middleman, and strong networks bodes makes me believe in the project and I am confident that OmiseGO will be part of daily life soon.