Buy OmiseGo (OMG)
What is OmiseGo?
In 2017, a new project was launched called OmiseGo. After that, the company entered the ICO and carried out a kind of marketing move among the participants of the Ethereum network, on the basis of which the new system is based.
OmiseGo (OMG) is a token-based digital currency, backed by decentralized Plasma and a digital wallet.
OmiseGo is not only a cryptocurrency, like Dogecoin, but a whole project that produces a decentralized exchange of cryptocurrencies and fiat money, not subject to external regulation. Users are given the opportunity to change one crypt for another, as well as exchange electronic means of payment for national currencies, pay for purchases online, with conversion.
The ICO of the coin, posted in June 2017, was sold out before it even went live. One of the reasons why OmiseGo got so much attention at launch was the fact that it was the first project to be supported by Ethereum to provide a grant to build it.
OmiseGo was developed in partnership with Omise, a major provider of Asian payments. OmiseGo's technology revolves around providing ultra-fast payments and e-wallet linking for various types of fiat and digital currencies.
Founding of the OmiseGo project
OmiseGo is a blockchain project from the Asian company Omise, launched in mid-2017. Founded in 2013, the company specializes in electronic financial payments.
The company also has an audience of private clients for whom there is an application designed for fast money transfers.
OmiseGo is a project of the Omise company, which is designed to conduct exchanges and transactions with both cryptocurrencies and fiat currencies. During the ICO, the company raised about 20 million. After the founder of Ether and one of the leading developers of ETH expressed support for the startup, the project's reputation went up.
How does OmiseGo work?
The OMG network uses a modified version of the Plasma system, which is a scalable product for Ethereum that transfers every block in the Plasma chain to the Ethereum chain. Plasma is primarily used to deposit funds from Ethereum into the OMG network, make transactions on the OMG network, and return funds back to Ethereum.
Plasma is essentially an off-chain solution that seeks to significantly improve the overall performance of the Ethereum network by creating a tree structure from many smaller chains. These chains will make it easier for the main chain to process more transactions per second.
OMG uses a Proof-of-Stake (PoS) consensus algorithm that allows users to stake their tokens (deposit them in a smart contract) and receive transaction fees and block rewards to validate the blockchain. Refunds through transaction fees are split in proportion to the amount of OMG the user makes.
Cryptocoins of the OMG network
Cryptocoins are a digital asset conceived to be used as a medium of exchange that uses cryptography to secure transactions, control emissions, and confirm the transfer of funds. In short, crypto coins are a decentralized digital currency.
OmiseGo is the proprietary cryptocurrency of the OMG Network, built on top of the Ethereum blockchain, which lowers transaction fees by processing them and speeds up transaction times. The project provides a scalable and secure system for decentralized applications and cryptographic transactions.
According to the original project document, OMG was designed as a way to facilitate payments on the Omise platform in a more scalable manner using the Ethereum network.
OMG's initial coin offering in 2017 raised $ 25 million. Most of the tools were used by the development team between the development of network applications and applications for end users. The rest went to pay for normal business expenses. Tokens were distributed both publicly and privately.
OMG hit an all-time low of $ 0.3197 in July 2017 shortly after the ICO. As a way to promote OMG, the development team decided to channel 5% of the total OMG supply to all Ethereum token holders. This proved to be successful. The following month, OMG shares soared more than 2,000% to $ 7.34.
In early 2018, the crypto boom led to a sharp rise in the value of the coin. OmiseGo's price peaked at an all-time high of $ 28.35 in January 2018. But this growth was followed by a strong drop. By the end of 2018, the cost dropped to $ 1.42. OmiseGo was unable to keep this price even - by mid-December 2019, it fell to below $ 0.6.
The end of 2020 and the beginning of 2021 were marked by the rise of the entire crypto market. The OMG cryptocurrency also grew: by the end of 2020, it was worth about $ 2.43.
How to Invest in OmiseGo?
OmiseGo is operated and traded on many popular cryptocurrency exchanges. You can buy OmiseGo by opening your crypto wallet.
Today, hundreds of cryptocurrency wallets have been developed, which differ in the type of storage, degree of security, usability and other parameters. By storage type, wallets are classified into cold and hot. Cold wallets store digital money without an internet connection. These include hardware and paper wallets. With constant access to the Internet, digital money is stored in hot wallets. These include online wallets, desktop wallets, or local wallets.
However, it is easier and more convenient for beginners to invest in another way. You can buy OmiseGo in Kenya by registering on the online trading platform.
The registration process does not take much time and is easy for users. After registering on the platform, you can open a trial test demo account, where you can try yourself in investing and undergo training.
You don't have to spend millions to invest in OmiseGo in Kenya. Any project of this kind contains certain risks, so invest only those amounts, the loss of which cannot overwhelm your family budget.
CFD trading through the platform
Trading CFDs on crypto coins is a new phenomenon and has appeared quite recently. The high interest in CFD trading has been caused by the fact that traders can trade without having to buy crypto coins, like Cosmos that is, virtually without it.
Through the trading platform, one can trade a contract for difference (CFD) on a specific cryptocurrency and speculate on the price difference.
Profit depends on the forecast of changes in the exchange rate. If the forecast is correct, the profit will be equal to the amount of the change in the value of the asset, as well as the interest paid to the broker. The loss is calculated in the same way.
Thanks to the leverage provided for trading accounts, the client has the opportunity to hold cryptocurrency CFD positions in terms of volume that exceed those originally available in traditional currencies.
How do I get OMG?
OMG uses a Proof-of-Stake consensus algorithm, so traditional mining is not provided. PoS mining is done by proof of coin ownership. The more coins you have, the faster you can take part in the creation of a new crypto block and then receive a reward for this.
Why Buy OMG?
The idea of the project is very promising and in demand in the world, since today there is no universal decentralized platform for the exchange of digital and fiat assets. Therefore, the increased interest that the OMG crypto-coin attracted to itself can be considered quite justified.
The company has many reputable partners behind its back, including the creators of Ethereum. This increases the credibility of the project. As soon as the team begins to release new working technical solutions to the market, the value of the cryptocurrency has every chance to go up.
In general, the project looks viable, and the developers are showing positive shifts in their work, which not every blockchain project can boast of.
Therefore, it is worth buying OmiseGo and starting investing in a promising cryptocurrency.
Benefits of Investing in OmiseGo
The increase in investment interest, both among ordinary people and among companies, pushes cryptocurrency quotes up. Experts predict the massive distribution of cryptocurrencies along with the Internet. So, what are the benefits of investing in OmiseGo:
- The minimum amount of money to enter the cryptocurrency market.
- Liquidity. Selling cryptocurrency can be as fast as buying. Therefore, if an investor needs cash, he can get it back almost instantly, unlike selling gold or stocks. Crypto investment is a dynamic thing.
- Ease of entering the market. Traditional investment methods require the involvement of intermediaries. Cryptocoins can be bought quickly, it only takes a couple of minutes.
- Minimum costs. There is no costly intermediary infrastructure in the cryptocurrency market like there is in the securities market. Application algorithms provide an optimal purchase rate and low commissions.
The prospects for the OmiseGo cryptocurrency are good and the only question is how quickly the developers will be able to bring their ideas to life.
The price of the token will depend primarily on the general market trend and, secondly, on the development of the platform and the attraction of large players to the partner network.
At the moment, the development team is doing well, which means they need to catch the moment of high market volatility, follow the news from OmiseGo and invest in OmiseGo.