The newly developed platform was created by fintech. And that company that was established out of Thailand is called Omise. They recently rose over $15 mill USD through their first ICO to create the token called MOG. The company gives user abilities similar to Stripe with the same type of functionalities. It's primarily used to receive payments, with the hopes of it becoming the Stripe of Asia.
Why OmiseGO (OMG) Vs. Bitcoin?
One of the main differences is that OmiseGo was developed on the Ethereum network - not the same technology as that of Bitcoin. They have the goal of being a decentralized platform that processes payments for retailers with the primary purpose of disrupting the more traditional payment methods and processors.
It's said to be the answer to the fundamental coordination issues that have arisen throughout the payment processors, financial institutions and other gateways. The main idea behind the platform is to give the user access to shared funds without the need for a bank account. Also, they are attempting to eliminate fees that happen when people try to process payments across borders. Often processing international payments can cost a tremendous amount in fees. Omise is seeking to remove that problem with the OmiseGo platform. They also want the platform to help providers get paid out as well. It's a promising approach in the cryptocurrency market.
What Makes OmiseGO Unique Vs. Other Cryptocurrencies?
One of the main reasons OmiseGo stands out is because it's backed by Omise. This is important because Omise is already a well-established company. It’s a respected company that a lot of people trust and has the capital to take Go to a new height in the payment processor/cryptocurrency industries.
To put it into perspective, Omise was founded back in 2013. It's a joint venture-backed company that processed payments out of Thailand, Singapore and Japan as well as Indonesia. The platform has a board of advisors that is made up of people from Ethereum like the creator – Vitalik Buterin and Joseph Poon. Poon is regarded as the computer scientist who co-wrote the influential Lightning Network white paper report and even the white paper for OmiseGO.
Why would these powerhouse giants help so much? Because the payment processing industry is massive; it's one of the largest on the planet that is moving into the realm of more than $3.6 trillion a year. Processors typically get a percentage for processing orders, so you can imagine how many hundreds of billions a year are getting paid out to processors.
You already know, have used and are quite familiar with the most massive payment processor, Visa. Other's include Mastercard, Alipay, and Wechat, just to name a few. They process billions every day on a global scale. The main issue with them all is that they operate on a close-talked system that makes communication between them impossible. Here's an example, if a customer has a PayPal account, he can't send money to his AliPay account. OmiseGo is looking to change the way processing payments work with the help of blockchain technology.
OmiseGo is a platform that, like Ethereum, allows it to make other projects build on top of it. It has the potential to be a very profitable system for investors who get in while it's still in the early stages of development.
There are millions of mainstream users on one of the largest economies in the world who would be able to make the transition from fiat money to ETH, BTC and the other cryptocurrencies with the help of a platform like OmiseGo.
Best OmiseGO Trading Strategies
The OMG platform is designed to run on a permissionless proof of stake network. This means that token holders would be able to put their holdings down for securing the system. In return, they'd receive OMG tokens. This would apply to all ETHER holders who have a balance of 0.1 eth or more in their wallet. They do this to help make the network more secure, stronger and attractive. It's possible for hundreds of thousands of ETHER holder to become validators on the PoS system used by Omise Go.
It looks like a great project for people of all levels to get behind. There is a large team, made up of some of the most important names in the industry. And it offers real-life applications for people all over the world. And even though the price has gone up since the ICO, there is still time to invest and grow your holdings exponentially.