Maybe you haven't heard about it yet, or skipped over it's OMG abbreviation in the cryptocurrency list because you assumed it was a shitcoin, but let me tell you about OmiseGO, a new blockchain and cryptocurrency that has been flying under the radar without many people noticing it. Nevertheless, since the moment it has been tradeable on Bittrex on June 16th it has risen from a little over 20000 satoshi's to 110000 satoshi's in less than a month. That is about a 550% increase in one month! And I am convinced it won't stop there.
WHAT IS OMISEGO
OmiseGO is a blockchain and cryptocurrency currently being developed by the dev team of Omise. Omise is an existing payment gateway and multimillion dollar company from SE Asia and has existed since 2013. OmiseGO is the next step in their development, in the hopes of bringing blockchain to the masses.
OmiseGO is based on the Ethereum blockchain and will strive to be multiple things, but most importantly (IMO) is that it will be a Decentralized Exchange and a remittance platform. Their slogan is 'Unbank the banked'. They are aiming at providing easy, customer friendly ways for ordinary people to bank on their mobile devices (or desktop) without having to go through banks. They will not just offer cryptocurrency solutions, but integrate FIAT trading into the platform as well. Holders of OMG tokens will receive dividends as well as voting rights on the platform.
WHY ALL THE EXCITEMENT?
Whilst the idea of a Decentralized Exchange is great, it's not a new one and more parties are currently developing their version of it. What seperates OmiseGO from it's competition is the fact it has so many things going for it besides just the great idea. Not only will the OmiseGO platform offer more features than competing technologies, it is also backed by a multimillion dollar company that already has an existing customer base. Not just that, Omise recently acquired one of Thailand's largest payment processors. Should they base their platforms on the OmiseGO technology, this means there will be a userbase in the millions ready to use this technology.
The biggest draw OmiseGO seems to have, however, is that it's being backed by some really big names in Cryptocurrency. On the board of advisors are:
- Joseph Poon, co-author of the Lightning Network
- Vitalik Buterin, founder of Ethereum
- Gavin Wood, co-founder of Ethereum
- Roger Ver, Bitcoin.com
..amongst many more excellent choices. OMG indeed. Of course being backed by Vitalik Buterin is huge. It is likely that OmiseGO will be one of the bigger, if not the biggest, Ethereum-based Decentralized Exchange. With a dreamteam, more than enough financial backing and a ready-to-use customer base OmiseGO seems like a winning formula. No wonder then, that as people are finding out about it, the price is skyrocketing. At this moment the price sits at a little over 100K satoshi's and a market cap of $340 million, indicating there is still lots of growth to be had.
Furthermore, OMG seems to have a great feel for the community and seems focused on the ideals of cryptocurrency. The fact they capped their ICO distribution due to overwhelming demand, or the fact they are air-dropping 5% of all OMG tokens to ETH holders, shows some of that.
OmiseGO has a great website at https://omg.omise.co/
Give it a look, do your research and judge for yourself. My advise: Get in before the masses find out. It's going places, and soon. OMG is trading on multiple exchanges, Bittrex included.
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