This is a financial technology which has been created by the OmiseGO (OMG) Company for use in the mainstream digital wallet. This technology permits payments and exchange of both fiat and decentralized currencies in real time irrespective of jurisdictions and organizational silos. In other words, OMG coins aim to make the process of currency exchange cheaper and efficient so that the best currency can rise to the top via a state of fair competition.
How does OMG work?
In the OMG ecosystem, there are two major products namely the wallet and the blockchain. The blockchain is a digital ledger where all the transactions carried out through cryptocurrencies are recorded. On the other hand, the wallet is an electronic device that allows you to transact using the cryptocurrencies. Therefore OMG permits decentralized exchanges of cryptocurrencies on the public blockchain at a larger volume and low cost. The OMG network is linked to the primary system known as the Ethereum network. Everyone can access this system and conduct the financial transactions. Some of the transactions that you can perform through OMG include payroll deposits, payments, remittance, loyalty programs and all trading activities on demand. Additionally, this platform also allows you to participate in the world of cryptocurrency fully. This means that you can easily switch between using the fiat currencies to using the decentralized currencies like BTC and ETH.
OMG video explanation
Features of OMG
In both blockchain and the wallet, OMG emphasizes on the following features
- Security. OMG provides a secure custody for both decentralized fiat tokens and the decentralized currencies. Additionally, devaluation of your local currency is also guaranteed because OMG coins maintain its value across array jurisdictions.
- Accessibility. With the OMG coins, no bank account that is required to access the exchange. However, the access of your cryptocurrencies is guaranteed from anywhere at any time.
- Scalability. Prompt settlement of your transactions at low cost is also another key feature of the OMG platform.
This company was established in 2013. Previously, this firm operated in Japan, Thailand, Indonesia, and Singapore before spreading out to other parts of the world. The key investors in OMG are SMBC, SBI investment, SMDV, Ascend Capital, east ventures and the Golden Gate Ventures. This company is led by CEO, the founder Jun Hasegawa, COO, and the co-founder Donnie Harinsut. Additionally, this firm has a list of advisers which include Vitalik Buterin[ founder of Ethereum ] Zawistowski [ founder of Golem] and Doctor Gavin Woods [ co-founder of Ethereum ] among other cryptocurrency stakeholders.