OmiseGO is a decentralized application (dApp) built on the Ethereum blockchain that acts as a decentralized network. Its primary purpose is to provide payment facilitators and support decentralized exchange platforms (DEXs). The network provides access to digital assets, supports decentralized cryptocurrency trading, and serves as a method of payment for Ethereum distributed ledger transactions.
The Idea Behind the OmiseGo Cryptocurrency Project
OmiseGO is a division of Omise, a market leader in East and Southeast Asia for online payment. The OmiseGo cryptocurrency project, commonly known as OMG Coin, aims to promote financial inclusion, i.e. to address online payment interoperability issues by utilizing blockchain technology.
The coin was popularized by the project’s developers under the tagline “Unbank the banked”, which refers to their attempts to decentralize the payment process and remove the need for banking institutions as intermediaries in the transactions of funds. Vitalik Buterin and Gavin Wood, co-founders of Ethereum, serve as consultants to the project, while Joseph Poon (developer of the Lightning Network and Plasma) authored the OmiseGO whitepaper and oversaw the development of the OmiseGO blockchain.
What Is OMG Network?
After the rebranding and change of ownership in 2020, OmiseGo became OMG Network (Foundation). The OMG Network Plasma platform, like Ethereum, makes use of smart contracts. Because the OMG network only sends fully completed transactions to the public blockchain, the platform saves both computer resources and expenses. It also speeds up transactions and saves the time it takes for a transaction to be validated on the blockchain, which is a substantial benefit.
Due to the fact that OMG coins are stored on the Ethereum blockchain, in the event that the OMG network becomes unavailable, users can withdraw their digital assets by directly accessing the chain’s core sequence. This makes the OMG network trustless.
In August 2021, the Boba Network’s mainnet beta technological solution was officially launched by Enya, a renowned developer of decentralized infrastructure solutions. Boba Network is an Ethereum Layer 2 Optimistic Rollup scaling solution that decreases gas fees, increases transaction speed, and expands the functionality of smart contracts. The OMG network was renamed OMG Foundation following its merger within the new Etehreum scaling solution.
Where to Buy OMG?
OMG tokens are highly dynamic in nature, and they can be acquired or traded on more than 200 different exchanges, including Binance and Coinbase Pro. OmiseGo (OMG)/Tether (USDT), OmiseGo (OMG)/Bitcoin (BTC), and OmiseGo (OMG)/Ethereum (ETH) are some of the most popular trade pairings in the OMG ecosystem.
How to Buy OMG?
Purchasing OMG tokens is really straightforward and does not differ much from the way you buy any other cryptocurrency on popular crypto exchanges.
To begin with, you need to open a crypto wallet via any of the cryptocurrency exchanges that have listed OMG for trade.
Next, you need to allow for two-factor authentication and confirm the authenticity of your account.
Following this step, you need to click on the dedicated button for buying crypto and select your chosen form of payment. From the dropdown menu on the right, you can locate the coin you want to buy, the currency in which you want to pay, and the amount you want to spend. Then you need to check your electronic purchasing invoice again before submitting it by hitting the ‘Confirm’ button.
And – you’re all finished! Now, you may consider yourself the owner of OMG coins in the amount you’ve paid for in USD, EUR, GBP, or any other fiat currency, depending on the respective exchange regulations.
The Best OmiseGo Wallets for Storing Your OMG Tokens
The fact that OMG is an ERC20 token implies that it may be stored in any cryptocurrency wallet that supports the ERC20 standard. OMG token can be safely kept in cold storage (hardware) wallets, desktop wallets, mobile wallets, or web wallets.
Ledger Nano S
Due to its ability to provide a form of cold storage, hardware wallets allow you to store coins offline for extended periods of time. The Ledger Nano S is one of the most popular hardware wallets out there. It accepts a wide range of digital currencies, including OmiseGo.
This wallet allows you to store your private keys on a physical device rather than on the internet, which makes it a highly convenient and safe solution for storing your digital assets offline. However, please note that you must acquire this hardware cryptocurrency wallet in order to use it as a storage device for your cryptocurrency.
MyEtherWallet (MEW) is an online wallet that supports the storage of all ERC-20 tokens, including OmiseGo (OMG), as well as the storage of other cryptocurrencies in addition to its native Ether (ETH) currency. MyEtherWallet does not use private keys to protect your digital possessions. Rather, it creates wallet entries that you may save to your desktop, similar to the files created by many desktop programs.
Trezor Model One
Trezor Model One is the first hardware wallet that appeared as a cryptocurrency storing solution on the crypto market. The Trezor Model One wallet, which resembles a keychain, relies on PIN numbers and passwords as its primary line of protection. It supports over 1000 coins and ERC20 tokens, including Bitcoin (BTC), OmiseGo (OMG), Ethereum(ETH), Bitcoin Cash (BCH), Dash (DASH), Litecoin (LTC), Stellar (XLM), Zcash (ZCH), etc.
However, there are several cryptocurrencies that are not supported by this hardware wallet. These include Ripple (XRP), Monero (XMR), and Cardano (ADA).
Exodus is a lightweight, multipurpose desktop wallet to store OMG tokens. It not only accepts OMG altcoins, but it also accepts a large number of other currencies and tokens, such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLM), Dash (DASH), Litecoin (LTC), and Ripple (XRP), to name a few. Moreover, it’s a handy way to store several cryptocurrencies in a single wallet, regardless of whether you’re using Windows, Mac OSX, or Linux operative systems.
This digital wallet is one of the few coin storage systems that provide some kind of customer assistance. Because the creators of this cryptocurrency wallet generate money by collecting fees on transactions made via the built-in exchange, they provide email support to their clients.
This user-friendly mobile and desktop cryptocurrency wallet is compatible with the Ethereum network’s ERC20 and ERC223 tokens. It also functions as a hybrid decentralized exchange that enables the most efficient instantaneous transactions which are both fast and secure.
This multi-crypto wallet also supports the most valuable coins on the market – Bitcoin (BTC) and Ethereum (ETH). It’s compatible with both Android and iOS portable devices, and it can also be used with the Linux, Windows, and OSX desktop operating systems.
A Few Words Before You Go…
The OmiseGO (OMG) development team is hard at work creating a decentralized ledger that takes electronic payments in both fiat and cryptocurrency. The goal of the OmiseGo cryptocurrency project is to enable global exchanges at a lesser cost than methods of payment which include bank account transactions, checks, credit cards, or cash.
In light of the ongoing refinement of the OmiseGo idea, it is probable that the OMG token will be integrated into a wide range of cryptocurrency and fiat currency-based financial services in the not too distant future.