OmiseGO is a Thai company that was started up on July 15, 2017 by developers Hasegawa and Donnie Harinsut. OmiseGO was built on the foundation of their previous company, Omise, that had been founded earlier in 2013.
The company was inspired by the Ethereum blockchain and aims at becoming the world’s first peer-to-peer cryptocurrency trading platform. OmiseGO was created to be a completely decentralized network that could revolutionize the way financial institutions operate.
OmiseGO has been defined as, “The answer to a fundamental coordination problem between payment processors, gateways and financial institutions.”
It intends to become a better alternative when compared to today’s trading platforms, as opposed to creating their own, new form of virtual currency.
OmiseGO’s Features
OmiseGO’s mission is to revolutionize the way that cryptocurrencies are bought and sold. This is because the process is often too complicated or too expensive for newer users.
To begin, when an investor wants to buy a cryptocurrency, they must first start by using a fiat currency such as the Euro or the Dollar, and this exchange often comes with steep transaction fees. And then, when the investor wishes to trade the cryptocurrency for another, there are even more costs and fees to support the exchange.
OmiseGO plans to remove all the unnecessary constraints by linking it to other platforms and having all cryptocurrencies available in one wallet. And, by using the blockchain, these exchanges can be made faster and safer.
Two features that distinguish OmiseGO from other exchange platforms:
- With traditional trading platforms, users are forced to go from using fiat currency to buy a cryptocurrency and then must go through different platforms to be able to exchanges the cryptocurrency for another. OmiseGO will simplify the entire process by allowing users to exchange one currency for one cryptocurrency, or one cryptocurrency for another cryptocurrency. In either case, fees will only be charged once as there is only one conversion.
- OmiseGO is a decentralized exchange platform. This means that transactions are recorded on the OmiseGO Blockchain, while most other exchanges are logged on a central server, making them vulnerable to hacking.
What Does 2018 Have in Store for OmiseGO?
Although OmiseGO sees itself as a trading platform, they still have what are known as “OMG” tokens, which are considered quite valuable tokens. So far, they have already demonstrated their earning potential throughout 2017. In August 2017, a single OMG coin was worth $1.30, then by September, its value had grown significantly to $12.33. Then, it averaged out around $10 before climbing up to its present value of $19.29.
This is a good sign that OmiseGO has the potential to see a boom this year. Moreover, even though the company is still quite young, experts believe that they have a considerable value to bring to the industry and that a wider adoption of the trading platform would be a welcomed changed.
However, when it comes to cryptocurrencies, nothing is ever guaranteed.
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