OmiseGO (OMG) has come into 2018 strong and well positioned for growth. The token saw massive gains in December 2017 and January 2018 but suffered losses along with the entire cryptocurrency market. OMG has recently relaunched their open source eWallet and investors are hopeful to see the price break its current $11 range. The current market cap of the token is right around $1 billion according to CoinMarketCap.
What’s so special about OmiseGO?
The company is building a decentralized exchange that will also function as a liquidity provider and asset-backed blockchain gateway. OmiseGO is not owned by any single party, but distributed amongst a network of validators that confirm transactions on the blockchain. The protocol token mechanism creates a proof of stake blockchain and enables participants to enforce market activity. Transaction fees are then paid out to validators that enforce contact states.
OMG provides a revolutionary value transfer service that has the ability to operate across currencies and asset types without borders. Anyone using the company’s application can conduct peer to peer transactions in real time. OMG is integrated with Ethereum Plasma which allows for the token to scale using smart contract optimization on the Ethereum blockchain. This technology gives OmiseGO the scalability needed to compete with other payment processing services from Visa to Venmo.
OMG, like most digital currencies, has experienced a rough start to 2018 but that isn’t stopping the company from laying the necessary ground work to take over payments in Asia. The company receiving support from the Bank of Thailand and Vitalik Buterin. Furthermore, OmiseGO is expected to roll out a payment solution for the Thai government this year.
Collaboration and education among stakeholders are the keys to facilitate the development of cross-border payments and remittances. @JUN_Omise @omise_go #SMEs #BangkokFinTechFair2018 #แบงก์ชาติ pic.twitter.com/0ziSumFu73
— Bank of Thailand (@bankofthailand) March 20, 2018