OmiseGO Coin: A Cryptocurrency for Seamless and Secure Payments on Ethereum
OmiseGO Coin (OMG) is a cryptocurrency that launched in 2017 as an ERC-20 token on the Ethereum blockchain. Its main function is as a payment network, with the ability to facilitate fast, cheap and secure transactions across different platforms and currencies. Its native token is OMG. OmiseGO Coin is developed by OmiseGO, a subsidiary of Omise, a leading payment gateway service provider in Southeast Asia. OmiseGO Coin is based on a novel scaling solution called Plasma, which uses a layer-2 architecture to create child chains that can process transactions off-chain, while still relying on the security and finality of the Ethereum root chain.
Coin Introduction and Features
One of the main features of OmiseGO Coin is its scalability. OmiseGO Coin can handle thousands of transactions per second (TPS) on its network, compared to the 10 to 14 TPS that Ethereum 1.0 can currently achieve. This allows OmiseGO Coin to support high-volume and low-value payments, such as micropayments, remittances, loyalty points and more. Moreover, OmiseGO Coin can reduce the transaction fees and congestion on the Ethereum network, by moving the transactions to its child chains.
Another feature of OmiseGO Coin is its interoperability. OmiseGO Coin can enable seamless and secure payments across different platforms and currencies, such as fiat, cryptocurrencies, stablecoins and tokens. This allows OmiseGO Coin to connect various payment systems and services, such as wallets, exchanges, banks, merchants and users. Furthermore, OmiseGO Coin can leverage the functionality and compatibility of Ethereum, which enables the integration and development of decentralized applications (DApps) and smart contracts on its network.
A third feature of OmiseGO Coin is its decentralization. OmiseGO Coin is a non-custodial and permissionless network, which means that anyone can join and use the network without the need for intermediaries or gatekeepers. This ensures that the network is open, inclusive and democratic. OmiseGO Coin has a decentralized project governance system, which allows the network to fund and approve proposals for the development and improvement of the project. The system works by allocating a portion of the transaction fees to a treasury fund, which is then distributed to the proposals that receive the most votes from the OMG token holders.
Market Analysis and Trends
OmiseGO Coin is one of the most established and liquid cryptocurrencies in the market, with a market capitalization of over $165 million and a daily trading volume of over $136 million1. OmiseGO Coin is widely accepted and supported by many platforms, merchants and services, such as PayPal, Coinbase, Binance, Travala, BitPay and more23. OmiseGO Coin also has one of the most active and vibrant communities in the crypto space, with over 300,000 followers on Twitter, over 70,000 subscribers on Reddit, and over 20,000 members on Telegram.
OmiseGO Coin has shown a bullish trend in the recent market analysis, as it has increased by over 20% in the last 24 hours and reached a new high of $1.18 USD1. OmiseGO Coin is expected to benefit from the bullish sentiment and momentum in the crypto market, especially as Ethereum and Bitcoin reach new highs and attract more attention and adoption. OmiseGO Coin is often seen as a complementary and alternative asset to Ethereum and Bitcoin, as it offers a scalable and interoperable payment network, while maintaining a high level of security and compatibility. OmiseGO Coin is also expected to benefit from the upcoming launch of OMG Network, which will rebrand and upgrade the network, as well as introduce new features and services.
Project Updates
OmiseGO Coin has announced several project updates and announcements for its coin project. Some of the recent ones are:
- OMG Network: OMG Network is the name of the upcoming rebrand and upgrade of OmiseGO Coin, which will implement several enhancements and improvements to the network, such as faster transaction confirmation, lower gas costs, higher security and better user experience. OMG Network will also introduce new features and services, such as staking, governance, DEX, DeFi and more. OMG Network is expected to launch in the first quarter of 2021.
- Plasma Dog: Plasma Dog is a name of a DApp game developed by OmiseGO, which showcases the capabilities and benefits of OmiseGO Coin and its Plasma scaling solution. Plasma Dog is a platformer game, where the player controls a dog that collects coins and avoids enemies. The game runs on the OmiseGO child chain, which allows the game to process transactions faster and cheaper than on the Ethereum main chain. The game also rewards the player with OMG tokens, which can be withdrawn to the Ethereum main chain or used for other purposes.
- Community Points: Community Points is a name of a collaboration project between OmiseGO and Reddit, which aims to create a decentralized reward system for Reddit users. Community Points are ERC-20 tokens that are minted and distributed by Reddit to its users based on their contributions and engagement on the platform. The tokens can be used to access premium features, tip other users, buy badges and more. The tokens are stored and managed by a Reddit-branded wallet, which is powered by the OmiseGO network. The project is currently in beta testing on the Rinkeby testnet, and is expected to launch on the Ethereum mainnet soon.
Analysis and Recommendations for Investments
OmiseGO Coin is a cryptocurrency that aims to provide a scalable and interoperable payment network for the Ethereum blockchain. OmiseGO Coin has the potential to become a leading payment solution that can facilitate fast, cheap and secure transactions across different platforms and currencies. OmiseGO Coin also has the potential to offer more functionality and compatibility to its users, thanks to its integration and development of DApps and smart contracts on its network. OmiseGO Coin is not only a digital currency, but also a digital asset that can store and transfer value across the world.
We recommend OmiseGO Coin to investors who are looking for a cryptocurrency that offers a scalable and interoperable payment network for the Ethereum blockchain. OmiseGO Coin has a proven track record, a loyal fan base, and a promising future. OmiseGO Coin has a positive outlook for both the short-term and the long-term, as it is expected to benefit from the bullish sentiment and momentum in the crypto market, as well as from the upcoming launch of OMG Network, Plasma Dog and Community Points. OmiseGO Coin is not only a cryptocurrency, but also a movement that strives to create a more open and fair digital world for everyone.
Outlook and Community Response
OmiseGO Coin has a positive outlook for both the short-term and the long-term, as it is expected to benefit from the bullish sentiment and momentum in the crypto market, as well as from the upcoming launch of OMG Network, Plasma Dog and Community Points. OmiseGO Coin has a loyal and supportive community, which is active and engaged on various social media platforms, such as Twitter, Reddit and Telegram. The community is also involved in the governance and development of the project, as they can vote and propose changes to the network parameters and the treasury fund allocation. The community is also enthusiastic and optimistic about the future of OmiseGO Coin, as they believe that OmiseGO Coin will become a leading payment solution that can compete with Ethereum and Bitcoin.