OmiseGo (OMG) is on the rise as major crypto exchanges show support for the $BOBA Airdrop scheduled to take place on November 19.
In the last 24 hours, OMG has gone up by about 19% continuing with the bullish trend that started on July 19, this year.
The OMG price currently is edging towards $20 and the market will potentially have a strong support level.
What Is OmiseGo ($OMG)?
The OmiseGo network is an Ethereum-based financial technology that enables real-time, peer-to-peer value exchange and payment.
This network aims at helping users to transfer their ETH and ERC20 tokens at a cheaper and faster rate than the methods being used currently.
The ETH and ERC20 tokens can also be used as a utility token for fees when making transactions on the OmiseGo network.
What Is $BOBA?
$BOBA is a new token launched by the OMG Foundation to support the Boba Network.
According to BOBA Network’s website, BOBA is:
“An Ethereum Virtual Machine (EVM) compatible Layer 2 Optimistic Rollup that helps Ethereum smart contracts scale while delivering a delightful user experience.”
It allows developers to build decentralized applications (Dapps) that can run web-scale code on server-less infrastructures like AWS Lambda, this helps create complex applications that could be nearly impossible on-chain.
The latest Airdrop announcement brought about publicity around this project and it’s a brilliant way to inspire community interaction on the project and also spread the word about it.
Why is $OMG soaring amid the $BOBA airdrop announcement?
The $BOBA Token Airdrop is now being supported by major exchanges like crypo.com and Huobi after the airdrop was announced.
Don’t forget, November 19 is our airdrop date! (Snapshot on the 12th)
We have great exchange partners like @upbitglobal and @FTX_Official, make sure that your exchange is one of them to receive the airdrop
Visit https://t.co/Sd3B1GTaxa for more
— Boba Network ($OMG) (@bobanetwork) November 3, 2021
The Airdrop is scheduled to take place on November 19 and to participate one must hold OMG token (s).
► Best OMG Wallets: https://www.coinbureau.com/analysis/best-omisego-wallets/
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Helpful Links
► Website: https://omisego.network/
► Whitepaper: https://cdn.omise.co/omg/whitepaper.pdf
► GitHub: https://github.com/omisego
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Socials
► Blog: https://blog.omisego.network/
► Twitter: https://twitter.com/omise_go
► Reddit: http://reddit.com/r/omise_go
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Project Overview
OmiseGO is a decentralized bank, exchange and asset-backed blockchain gateway.
The project is being backed by the Omise payment services company that is based in Thailand.
They want to provide those who are unbanked in South East Asia with a permissionless and scalable payment gateway.
Technology
OmiseGO was built on the Ethereum blockchain and it was one of the first projects to make use of the plasma architecture
This architecture allows for the development of decentralised payment applications – that’s dApps. External developers can also build more complicated payment mechanisms by leveraging the smart contract functionality of the Ethereum main chain.
Consensus is achieved through the use of a Proof-of-Stake mechanism. There will initially be a limit of 200 nodes on the network which can validate the transactions (there will be pools).
Token
The OMG token will provide the “fuel” to the network and is an ERC20 utility token.
Apart from being used as a transaction settlement token within the ecosystem, OMG will also be used by those validators to stake and secure the network.
OmiseGO initially sold these tokens in an ICO crowdsale that took place in June of 2017.
They were able to raise a total 25 million dollars in exchange for 65% of the supply of the tokens. These were sold at a price of one dollar per OMG.
Team, Partners & Development
Omise is the company behind the OmiseGO blockchain. This is a VC backed payment gateway that was launched back in 2013.
Both of the founders have extensive experience in the region with other entrepreneurial ventures.
The Omise company has also received a number of important investments from strategic partners. One.
There are also some pretty well known advisors on the project. These include 2 founders from the Ethereum project.
Trading & Wallets
OMG is traded on a number of exhanges including the likes of Bibox, Okex, Binance, Bittrex and so on.
Trading volume is well spread out across these exchanges so there should be no fear of market centralisation.
There is also pretty strong liquidity on each of these exchanges.
You can store it in any ERC20 supported wallet which includes the likes of Ledger & Trezor.
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#OmiseGO #OMG #crypto #blockchain #Review #Ethereum #Binance #platform #dApp #trading #cryptocurrency #Plasma #scaling
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Time Stamps
1:16 Introduction
3:58 Plasma
5:31 OmiseGO Solution
7:36 eWallet Suite
8:37 OMG Token
10:26 Team & Partnerships
11:57 Development
13:45 Markets for OMG
15:00 Conclusion
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Helpful Links
► Omise Website: https://www.omise.co/
► OmiseGO Website: https://omisego.co/
► GitHub: https://github.com/omisego
► Developer Portal: https://developer.omisego.co/
► Whitepaper: https://cdn.omise.co/omg/whitepaper.pdf
► Plasma Whitepaper: https://www.plasma.io/plasma.pdf
► Ledger Proof of Stake: https://www.ledger.com/academy/blockchain/what-is-proof-of-stake/
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Socials
► Official Blog: https://omisego.co/blog
► Twitter: https://twitter.com/omise_go
► YouTube: https://www.youtube.com/channel/UC-NfGRxTkJfVbFgyJoOxzCQ
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Project Overview
OmiseGO is a project that’s focused on decentralized banking that enables real-time peer-to-peer transactions available across applications, geographies, and asset classes.
This project was developed on Ethereum’s blockchain and wants to become a high-value exchange and settlement platform. By doing so, OmiseGo hopes to provide users a way to perform international transactions through a decentralized method.
Technology
The primary tech behind OmiseGO is plasma. As it stands, on the Plasma network, the OmiseGo network can perform up to 4,000 transactions each second.
Through the Plasma child chain, fees on the OMG network are 90% less than what a user would pay using Ethereum’s blockchain.
OmiseGO’s eWallet Suite is an open-source development toolkit created by OmiseGo, which it offers to merchants, users, and businesses for free.
The suite is made up of many different tools and components that make it useful to enterprise users. This includes software development kits for Android, iOS, and Ruby.
Token
The OMG token is an ERC-20 token and when the OmiseGo mainnet launches, it will be Proof-of-Stake. Once the mainnet is available to everyone, validators on the platform will assist with settling plasma offchain transactions.
While OmiseGo has successfully performed a transaction on its mainnet, staking with the token is not yet available. However, OMG’s primary purpose is as a staking token.
Currently, the token ranks just inside the top 50 of all coins for market capitalization and has a total and circulating supply of a little over 140 million. Once the mainnet is launched and staking begins, there may be mild inflation from block rewards.
So, the OmiseGo ICO occurred in June of 2017, meeting its $25 million goal. During its coin offering, OmiseGo distributed 65% of its tokens to investors.
20% of the tokens were kept by Omise to cover expenses, 10% was sent over to the developers, and the remained 5% was set aside for a future airdrop for ETH holders.
Team, Partners & Development
Omise is based in Thailand and was established in 2017. The project was initially founded by Jun Hasegawa. Hasegawa brings over a decade and a half of experience in the mobile payments and e-commerce industry to Omise and OmiseGo. He is still the director of both OmiseGo and Omise.
There are also a number of high profile partnerships that have been established with OmiseGO. In 2019 it was announced that Nomura Holdings had made an undisclosed investment into Omise Holdings. Another relationship is that of Mass Vehicle Ledger or MVL.
Development on OmiseGo has been slow altough the mainnet launch appears to be around the corner. At the end of last year the first mainnet transaction was successfully completed on the platform.
Trading & Wallets
OMG has a pretty large range of exchange support and is listed on numerous different exchanges. The liquidity is also quite well spread out amoung these exchanges which means easier price discovery of OMG.
When it comes to storage, given that this is an ERC20 token, there are a large range of wallets that can be used – any that supports Ethereum. These include hardware wallets like Ledger and Trezor.
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#OmiseGO #OMG #crypto #Ethereum #Review #ERC20 #Plasma #Fintech #blockchain #cryptocurrency #Exchange
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