What is OmiseGO (OMG)?

May 22, 2018 at 18:00

Coin overview

OmiseGO is a decentralized payments network on top of Ethereum which aims to solve two main issues:

  • To serve as platform that will provide a venue for the unbanked to get financial services.
  • To address cross-network transaction issues in traditional payment systems and even similar blockchain-based platforms that impose hefty fees.

It targets individuals and merchants and electronic payment providers as it provides banking services including payments, remittances, payroll deposit, B2B commerce, supply-chain finance, and possibly, airline miles and loyalty programs.

Claiming to be currency agnostic, any user can send and receive money in any currency or cryptocurrency at a lower cost on the OmiseGo platform. This means it will process any transaction—whether in fiat money or digital currency—by having a single, direct conversion fee. Also, it does not require using an OmiseGo wallet to do transactions.

OmiseGO also ensures transactions are secured since all data are stored on the blockchain. This frees users from possible data security risks or hacking and from higher cost of maintaining a single server.

OmiseGO’s token is OMG is based on ERC 20. It uses a proof-of-stake (PoS) algorithm wherein OMG holders earn tokens for validating transactions. Only those having OMG tokens have the right to confirm transactions and the amount of coins kept in a wallet would mean a proportional fee as reward.

Behind the platform is Omise, a venture-backed fintech company founded in 2013, which operates in Thailand, Japan, Singapore, and Indonesia. It is led by CEO and founder Jun Hasegawa and COO and Co-Founder Donnie Harinsut, and lists high-profile advisors like Ethereum founder Vitalik Buterin and Ethereum co-founder Gavin Wood.

Where to buy?

OMG is available in various exchanges such as Binance, IDAX, Huobi, B2BX, Ethfinex, OKEx, Upbit, C2CX, CoinTiger, Bithumb, CoinEx Market, Bittrex, Coinbene, Coinone, TOPBTC, among others.

Is it mineable?

OMG has a total supply of 140,245,398 with a current circulating supply of 102,042,552 tokens.