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What is OmiseGO?

Cryptocurrency enthusiasts around the world have been showing a lot of love for OmiseGo lately. This may have something to do with how the token is abbreviated to OMG, which is fun. OmiseGO is an interesting, albeit ambitious project that aims to unbank the banked by using Ethereum-based financial technology. Now is as good a time as any to delve deeper into this project.

OmiseGO Is Not Exactly Reinventing The Wheel

OmiseGO is not the only project seeking to unbank the banked using cryptocurrency technology. A lot of startups have been doing the exact same thing, including some of the recent successful cryptocurrency ICO projects. There will be fierce competition in this particular industry, which is both good and bad at the same time. It puts a lot of pressure on all teams working toward this goal, yet very few if any of them may actually succeed. Whether or not OmiseGO will do so remains to be seen.

The project itself is set up in a rather interesting way. OmiseGO uses public Ethereum-based financial technology so it can be used in traditional digital wallets. The team aims to enable real-time P2P value exchanges and payment services. All of this will be done on a global scale, rather than through localized efforts. Furthermore, the project will focus on both fiat currencies and decentralized currencies such as Bitcoin, Ethereum, and others.

Bringing a new type of financial inclusion to the banked population is not easy. This is not due to a shortage of people, as there are nearly 6 billion banked individuals on the planet today. However, not everyone wishes to be included in this new financial system either. A lot of people value the concept of living off the grid and not relying on global financial services.

There is also a fundamental problem in the traditional financial world. Not only are services somewhat subject to privileges for the middle class, there is also a severe lack of communication and coordination between service providers. According to the OmiseGO team, using a decentralized exchange on a public blockchain may alleviate a lot of those concerns. In their mind, anyone should be able to access any type of financial transaction in a decentralized and affordable manner. Its entire ecosystem will also remain hooked into the Ethereum mainnet.

In addition, there is also an OmiseGo white label wallet SDK to be taken advantage of. This project should allow for convenient integration of payment solutions on the network in the future. Digital wallets have slowly been gaining traction all over the world, and this project is looking to capitalize on that momentum. It will also create new opportunities for wallet service providers to focus on exchanging decentralized currencies and fiat money through its network.

The popularity of OmiseGo is currently on the rise. Although it is possible this is merely the result of someone artificially pumping the OMG price, the token sees a fair amount of trading volume. Right now, one OMG is valued at $3.03, which is quite a high value considering there are nearly 100 million tokens in circulation. There are over 140 million tokens in total. It is an intriguing project to keep an eye on, although one should never be fooled by initial successes.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: bankingEthereumFinanceOmiseGO

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