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What is OmiseGO (OMG)? A step-by-step guide
Built on the Ethereum platform, OmiseGO’s vision is to become the No. 1 peer-to-peer cryptocurrency exchange platform. OmiseGO is much more than an altcoin. It’s designed to be a financial platform, with the intent of disrupting current financial institutions and methodologies. It’s all built on top of Ethereum, one of the most popular decentralized application platforms on the market today.
What is OmiseGO?
|Icon||Symbol||Initial release date||Algorithm type||Max. supply|
|OMG||2013||N/A||~140 million OMG|
OmiseGO describes itself as “the answer to a fundamental coordination problem among payment processors, gateways and financial institutions”. The goal of the platform is not so much to be a cryptocurrency such as bitcoin or Dogecoin but rather to offer users an alternative to online exchanges.
The problem with current exchanges is that in order to buy a cryptocurrency like bitcoin, it’s always necessary to start from a fiat currency, for example USD. There are very few options and little variety available in exchanges, especially when it comes to converting one cryptocurrency to another.
Quick guide: How to buy OMG
- Go to the Coinswitch website.
- Select your payment currency in the “You Send” box.
- Select your desired cryptocurrency in the “You Get” box.
- Click “View All Offers”.
- Select the offer that’s best for you.
- Enter your cryptocurrency wallet address.
- Click “next”.
- Follow the steps Coinswitch provides to complete your purchase.
This is our quick guide to just one way to buy OMG. Compare some other options in the table below.
As of September 2017, OmiseGO’s exact operational method remains unclear. However, the vision as described by the developers is to bring together service providers and help them bridge the gaps between them by using the OmiseGO currency agnostic blockchain.
For this reason, OmiseGO is not a platform that can be used on its own. It requires other service providers to plug into it for users to reap its benefits. If it sees widespread adoption, most users might not even know that they’re using OmiseGO’s platform as they go about using their own cryptocurrency’s platform.
What to watch out for
OmiseGO is a very young platform, still in its early stages both in terms of development and adoption as of September 2017, so not a lot is known about it other than a general, bird’s eye view of its team’s vision.
What’s next for OmiseGO?
The future of OmiseGO is unpredictable, and a lot remains to be seen. This is both a good thing, as the community has a lot of power over where the platform will go next, and a bad thing, since potential purchasers might be wary of putting money into the coin.
Market and cryptocurrency experts seem confident that OmiseGO has good things in its future, but nothing is guaranteed.
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