Will OmiseGO (OMG) Be the Only Payment Processor You Ever Need?
There are two main problems with the payment processing industry at present: Fragmentation and Centralization. Even in this age of hyper-connectivity in business and life, it remains far more difficult than it should be for ordinary people to move money across borders smoothly, quickly and cheaply. Different countries have different regulatory frameworks and use different legacy networks, and the fact that many payment processors view each other as competitors means that the whole industry remains very siloed. On top of this, these payment processors are subject to inherent problems that come with centralization: security risks and the potential for abuse of power. One ambitious project based in Thailand wants to fix that. Today we’ll explore what makes OmiseGo (OMG) stand out from other projects attempting to solve payment processing problems, and show you the best way to add this promising token to your portfolio.
What is OmiseGo (OMG) and What Problem Does it Solve?
OmiseGo aims to be decentralized, universal payment processing system built on the Ethereum blockchain which allows people and businesses to send and receive payment in any currency. It would in effect replace legacy payment systems such as SWIFT and ACH, remittance processors like Western Union and even newer electronic payment processors like Stripe. In addition to addressing the fragmentation and centralization problems described above, the OmiseGo wants to help the world’s “unbanked” population — those who who have limited or no access to financial services.
The ambition of OMG project does not stop there; what is truly remarkable is that it is not simply focused around its native token, OMG. The ultimate vision of the OmiseGo network is launch its own mainnet, and allow users to send, receive and exchange any currency they want, crypto or fiat. This will be made possible through the means of their white label software development kit (SDK) which will allow any organization which issues some unit of value (such as a fiat currency, cryptocurrency or reward points) to create their own branded wallets which interact with the OMG network, which facilities the swapping of currencies by bonding ETH to the smart contract. What this will mean in simple terms is that if Dave wants Jim to send him dollars, but Jim only has Euros, Jim can just send the Euros anyway, and these Euros will be traded for ETH, which will in turn be traded for dollars, and then sent to Dave.
What Makes OmiseGo (OMG) Unique?
That’s a fair question, because there are more than a few crypto projects attempting to shake up to payment processing industry, so what makes OMG any different than the rest of them? In a word: Credibility.
Let’s start with the parent company of the OmiseGo project. OMG is not some disingenuous fly-by-night operation run by a bunch of people no one’s ever heard of. It’s parent company Omise is a hugely successfully fintech company doing real things. For years, Omise has made a name for itself facilitating cross-border payments in Southeast Asia, and is also a payment processor for Alipay. This credibility has helped OMG form partnerships with with the Bank of Thailand and McDonald’s Thailand.
The project’s team has been labeled “Fintech Rockstars” by Forbes Thailand, and their list of advisors includes major names in the cryptocurrency industry, including Vitalik Buterin himself, Etherum co-founder Gavin Wood, Roger Ver (Bitcoin.com CEO) Julian Zawitsowski (CEO of Golem), Joseph Poon (co-creator of the Lightening Network), and more.
Buterin and Poon in particular have lent their technical expertise to the project through Plasma, a scaling solution which, it is claimed, could support over a million transactions per second.
If OmiseGo successfully implements Plasma along with its other features…it could theoretically become the ultimate payment processing solution.
Token Performance & The Best Way to Buy OmiseGo (OMG) Before the Mainnet Launch
OMG’s price has had a pretty impressive history, first listing at $0.53 USD back in August 2017 and shooting up to nearly $13 a month later. As with all other cryptocurrencies, it experienced enormous growth in Q4 2017, hitting an all-time high of $26.14 on January 8th, 2018.
53 cents to 26 dollars in 5 months…that is staggering no matter how you slice it.
Of course, no altcoin has been immune to the fears of the crypto bear market, and OMG had experienced an enormous correction since Q1 2018. Currently it is hovering around $3.80 per token. Market downturn aside, this project has enormous potential, and OMG remains in the top 30 on CoinMarketCap.
Let’s face it, there are a lot of scams and bogus projects out there…but all the signs indicate OMG is the real deal, and that this project has a bright future in the long term. With the mainnet launch scheduled for Q4 and prices the lowest they’ve been in a year, now may be the best opportunity to buy OMG.
What are you waiting for?
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