Beginner's guide to OmiseGO

A Beginner’s Guide To OmiseGO

OmiseGO is a popular open payment platform built on Ethereum open-source public blockchain.

“Unbank the Banked” is the official slogan of OmiseGO and was created back in 2013 as a part of project from Omise which became a successful fintech company.

The motive was to serve as a payment gateway system that was created for the Southeast Asian markets.

OmiseGO’s ICO capped out at $25 million in June 2017.

Going from $0.81 to $20, it performed very well between June 2017 through December 2017.

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OmiseGO Introduction

OmiseGO was a project started by a Thai company, Omise. Often identified by its native currency, OMG, OmiseGO is an ERC20 token. ERC stands for Ethereum Request for Comments, whereas 20 is the proposal ID number.

Now, this means that OmiseGO is essentially a blockchain inside a blockchain technology as it piggybacks on the Ethereum network.

The Purpose

The purpose of OmiseGO was to create such powerful network that helps foreign workers to send money to their home in the developing countries having access to the banks.

With such a unique system, thousands of millions of individuals can change the digital currencies for fiat currencies.

For those who don’t know, fiat currency is issued and regulated by the governments.

OmiseGO additionally offers a means for anyone where they can not only pay but also exchange any digital asset.

For instance,

Anyone can use OmiseGO network to pay for the services using Bitcoin, Ethereum, Ripple, or their own country’s fiat currency for making purchases while traveling in any country in the world. All with very low fees!

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OmiseGO Announcement

OmiseGO, in an informal announcement in late 2017, said that the platform is already working with McDonald’s in Thailand and has plans for the expansion.

From the announcement –

“From a business angle, we’re launching OmiseGO to support Omise payments and all existing stakeholders, including our existing and future merchants, such as McDonald’s in other countries in Asia – McDonald’s Thailand is just the start. Through OmiseGO, all Omise merchants will be able to seamlessly accept payments in multiple currencies, including ETH or BTC or other cryptos, without needing to know what their client is paying in.”

Not only that, OmiseGO has solved many problems which bitcoin ran into, primarily the issue of blockchain scalability. The platform uses Plasma, a modification of the Ethereum network.

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How To Buy OMG?

In the first place, you will need to buy Bitcoin or Ethereum on Coinbase, and then transfer it over to your account at Binance or KuCoin.

That way, you can easily exchange it for OMG. As simple as that!

Conclusion

OmiseGO was the first Ethereum project that surpassed $1 billion in value like a pro. Sure, it tackles some ambitious developments and features. But it has also left many genuine supporters who are frustrated with the slow pace of the progress.

Omise’s experience in payment processing networks offers some unique advantages to OmiseGO that other digital currencies don’t possess.

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