There are many cryptocurrency platforms out there purporting they are centralized but not of them live to the word. On the contrary, OmiseGO (OMG) is sticking to the rules of a decentralized outfit and the project is doing an awesome job behind the scenes. Since its launch, the network has been transforming decentralized trading despite being an ERC20 token.
OmiseGO has over a short period proved that proof-of-stake is possible despite riding on the Ethereum smart contract driven ecosystem. Despite the massive scaling anticipated on the Ethereum protocol in the coming years, OmiseGO might soon go it alone and migrate from the “incubator” ecosystem.
What makes OmiseGO Tick?
With many analysts equating OmiseGO with Ripple, the former offers a better value proposition than what Ripple does in the provision of payment services. With the issue of Ripple decentralization not clear, OmiseGO has taken the lead by bringing onboard its state-of-the-art decentralized exchange; DEX the revolutionary cross-chain transaction enabler.
OmiseGO (OMG) has been able to pool together the fragmented online payment processing players in to a single entity. This will give those with no banking facility access to enjoy the benefits of decentralization. The platform is set to lower local and international transactions costs significantly and move the masses from the intimidating banking halls to smartphones.
Bureaucracy with existing payment processors like PayPal and Venmo are set to shed part of their fan base due to their centralized nature. SWIFT and partner banking institutions on the other hand has left huge gaps in the financial sector that required the efforts of blockchain based systems and OmiseGO fits the bill.
To fill the existing gaps and meet the modern consumer expectations, OmiseGO has gone beyond the DEX and introduced a software development kit (SDK) that enables financial systems integrate and or build applications on OmiseGO ecosystem for enhanced efficiency, speed and transparency in a secure environment.
Team behind OmiseGO Project
According to the Forbes Magazine, the OmiseGO project is backed by “Fintech Rocksters” with Jun Hasegawe at the helm. However, the team does not work as a single finality entity; it is backed by an advisory team comprised of Vtalin Buterin, Joseph Poon and Gavin Wood among others. This is no doubt an experienced team that any investor can trust.
Already OmiseGO has contributed $100,000 to DEVGREANTS program which is an arm of the Ethereum foundation to show their commitment to the projects development and actualization. This is a huge investment and has increased investor confidence on the platform and its future is bright.
OmiseGO Incentive Program
In order to achieve its vision of a world where financial systems are interconnected and make OmiseGO a global DEX of the future, the utility and potential of the native OmiseGO token; OMG is very critical. To give OMG unrivaled usability network participants are rewarded with the token after transaction validation. This keeps the token in circulation thus gaining more value and worth.
The more transactions processed, the more token holders will participate in the process. This ensures more tokens are distributed to the OMG holder community and the network value goes up. Over the last two years, the incentive program appears to have drawn a lot of attention to the platform which has translated into OMG price growth.
OmiseGO’s (OMG) Current Performance
With the market on its way to normalization, OMG appears to be enjoying the free ride up after gaining 7.34% against the dollar, 6.98% to BTC and 4.16% to ETH. However, this is not a performance to write home about given the token traded at a high of $24.08 mid-January. The drop is not an isolated case given that the trends have been experience across the crypto verse.
The coin roller coaster performance is a sign of being oversold soon after the OmiseGO and Status collaboration was announced in July. Status (SNT) seeks to utilize mobile chat and social media platform through tokenization and OmiseGO (OMG) can be a good partner on the payment back-end.
Once the coin is fully decentralized, its coat will be cut out. The platform is still in beta and there is a lot of potential in the future. There is a lot to look forward to as the developer team works behind the scenes to meet the consumer ever growing demands in the currency processing and payment arena.