What is OmiseGo?
OmiseGo is a cryptocurrency exchange platform that is built on top of Ethereum blockchain. The OmiseGo network allows for a decentralised economy that does not rely on any one central point of control. It allows scaling of finance and enables P2P transactions in real time. The native currency of OmiseGo is called OMG and it uses a proof-of-stake (PoS) algorithm .
OmiseGO is a network that allows transactions across asset classes, allowing users to manage and transact with their digital assets using the blockchain. The network is based on the Plasma architecture which has the potential to allow millions of transactions per second. The Plasma architecture is based on the Ethereum network and allows for unlimited scalability with faster transaction speed.
Features of OmiseGo
OmiseGO is building its own network called the OmiseGO blockchain which will not be owned by the OmiseGO company. It will be an open and permissionless network belonging to all those using it.
OmiseGO was started by Jun Hasegawa and Donnie Harinsut who are the founders of the already operating company Omise. It was founded in 2013, in Bangkok, Thailand. OmiseGO raised more than $25 million in its initial coin offering (ICO) in 2017.
Where to buy the OmiseGo token?
According to the official website of OmiseGo, the network does not sell OMG tokens. Therefore, it is only possible to acquire OMG tokens using a cryptocurrency trading platform. Some of the platforms do list the option to buy the token using fiat currency or using a different cryptocurrency that can be exchanged for OMG. The tokens are listed on platforms like Bianance, IDAX, Huobi, and Bittrex.
Since the OmiseGo network is based on the Ethereum network, the OMG token is an ERC20 token. As a result, the OMG tokens can be stored on Ethereum wallets for example, MyEtherWallet and Mist. There is also an option to use hardware wallets like Trezor or Ledger.
OMG tokens cannot be mined as it uses the proof-of-stake technology to verify transactions.
OmiseGo Price trends
On 29 May 2018, the market capitalisation of OMG tokens was $992,383,204 while the price of 1 OMG token was $9.77. At the beginning of January 2018, the price of 1 OMG token was around $20 following which it remained under $20 till mid of March. However, in April the price of the OMG token fell below $10 for initial weeks while it was up by few points in May.
Risks associated with investing in OmiseGo
It is recommended that a person wishing to acquire OMG tokens perform adequate research before making any purchases. Cryptocurrencies are subject to government regulations and are also extremely volatile in nature. Hence, it is quite risky to invest in cryptocurrencies. We would advise you to invest in mutual funds instead as they are a more reliable and secure mode of investment.
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