Trade OMG - OMG Markets, Exchanges, Broker
OmiseGo (OMG) is a crypto currency and a project launched about a month ago by the startup Omise. The startup itself was founded in 2013 and operates in Japan, Thailand, Singapore and Indonesia.
Omise's main aim is to facilitate coordination between payment processors, gateways and financial institutions. Most recently, OmiseGo attracted attention as the share price has risen by over 1200% since July 15. Read more about the peculiarities and delimitations of the young crypto currency.
OMG - What is it about?
OmiseGo is designed for the use of eWallets. The project is based on the Ethereum blockchain and will activate its own blockchain in the fourth quarter of 2017. OMG is based on the "Be your own bank" approach. The application thus provides financial information. It evaluates the information and advises on financial decisions.
This includes information such as your own account balances, custody accounts, real estate and more. The OMG network, a peer-to-peer network, enables international transfers, the payment of salaries, but also trading in Fiat money and other crypto currencies. Basically, OMG is a decentralized payment network that combines fiat and crypto currencies. The OMG eWallet simultaneously functions as an administration portal for its own assets and as a gateway to decentralized trading. The trading engine is closely linked to the OMG blockchain.
The blockchain plays an important role at OMG. All assets are stored in the blockchain. In addition, all buy or sell instructions are saved on it. If a buy and sell pair has been confirmed by several computers in the network, a trade takes place. Fiat currencies are traded in Fiat tokens.
They require a clearing house. Clearing houses reduce transaction costs, ensure anonymity, bundle orders and minimize trading risk enormously. Although clearing houses are normally centralized, OMG wants to establish a decentralized clearing house via Ethereum Smart Contracts. This ensures liquidity in trading fiat currencies. Capital that is stored in the Smart Contracts is released again after a payment. In Fiat currency trading, the decentralized clearing house is a major advantage.
Differentiation from Ripple
OMG has great similarities to Ripple. Ripple is also a payment network. It has a gateway system, which allows users to trade assets on different blockchains. Also trading between Fiat currencies and Ripple is possible. OMG sees this as a problem because the PCs responsible for checking the gateways will always be the same at some point. This is a centralization of the testing instance, which OMG wants to avoid as far as possible.
A further difference is the independence from OMG when transactions are to be carried out that do not affect OMG's source and target assets. Ultimately, OMG is a public permissionless ledger, unlike Ripple. This means that the block chain is decentralized and functions publicly. No permission needs to be obtained from OMG for transactions.
OMG - The Unique Selling Point
Unlike other distributed trading platforms, OMG allows users to trade from other blockchains and even trade between many different blockchains without a gateway token. Furthermore, OMG wants to increase market security through decentralized market surveillance, which is made possible by the block chain.
In addition, trading via OMG increases market transparency. In this way, users can gain greater confidence in the market. In addition, users do not need their own bank account to use OMG. This should make it easier for people without access to conventional banking systems to enter the financial world. This is exactly the "Be your own bank" approach. In the long term, OMG could become a large lighting network that could be used to get transactions rolling on other blockchains.
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