OmiseGo Project Overview
By Corey Hoffman
By trying to overcome many of the obstacles the blockchain industry has, Omisego has been able to separate themselves as leaders of the sector. While some experts believe the company’s focus may be too broad, others believe the company’s diverse path is beginning to favor them. As Omisego sets its sights on changing the way cryptocurrencies are bought and sold, the company is able to differentiate themselves from other similar companies in the following ways:
Omisego offers a unique exchange compatibility in which all the transactions are decentralized and stored on the blockchain. Therefore, differentiating themselves from the hundreds of centralized exchanges that currently exist today. Keeping their transactions decentralized makes Omisego impossible to hack. Hacking has been a major concern within the blockchain industry and has forced speculative investors to think twice when evaluating specific projects or currencies.
Almost every exchange platform allows its users to make transactions between fiat and different cryptocurrencies as many times as they like. During this process, users are charged with small fees that can add up to a significant amount of profit that is lost over time. Not only do users have to pay a fee when converting their different coins, (ex. Bitcoin (BTC) into Ethereum (ETH)), but they also have to pay additional fees when transferring cryptocurrencies onto a different exchange. This is widely considered to be one of the most difficult barriers to overcome when trying to convince new investors to enter into the cryptocurrency market. Omisego has been able to separate themselves within the market by aiming to provide users with a platform that is agnostic. This means the amount of transaction fees between different currencies are limited and cheaper.
Although Omisego is in the beginning stages of being recognized as a blockchain leader, the company has been able to secure worthy partnerships in recent months. On September 25, 2017 it was announced by Omise (the parent company of Omisego) that they had been selected by Mcdonald’s Thailand to be their exclusive digital payment method. When using the Omisego platform, all Omise partners will be able to accept payments in multiple currencies, including BTC or any other cryptos. An official statement of the partnership was published through Omise’s website, in which Hester Chew, Chairman of Executive Committee & Chief Executive of McThai Co., Ltd. explained, “We continue to raise the bar for our customers with convenience for web and mobile ordering as Omise consolidates the payment by all card issuers with ease.” Not only was this day significant for the company, but the Omisego coin itself (OMG) nearly doubled in value within a few short weeks. Further, on September 28, 2017 Omise announced an additional partnership with a Thailand Bank Krungsri Finnovative in order to enhance their financial innovation. In more recent months, Omise has partnered with Status, who has announced they will be integrating the Omisego platform into their wallet release. The fate of Omisego’s success heavily relies on the release of the wallet which is set for September 21, 2018.
The Omisego coin itself can be traded on many of the most frequently used exchanges on the market today. Bittrex, Binance, Bitfinex, and Bitforex are just a few of the most popular exchanges the coin is being bought and sold on. Currently the price of OMG (as of July 27, 2018) is $6.83. Although traders have seen an enormous increase since inception, where it opened at a mere $.42, the all-time high of OMG was just short of $26. This all-time high was obtained last January, but quickly followed the overall path of the Crypto market as it slowly has come back to under $10. Day traders as well as long term holders of Omisego are hoping to see an increase in price, as the company gets closer to their wallet release in September.
Although the company has come a long way from their $25M ICO, users still have their doubts about where the company is headed due to their recently quiet communication with the public. The crypto community relies heavily on transparent communication from companies and their products, therefore it is imperative that Omisego reestablishes the comforting relationship it once had with its users. The months leading up to 2019 can potentially be the deciding factor determining if the company will be successful or not. Jun Hasegawa and Donnie Harinsut the founders of Omisego, are confident they can exceed all expectations and solidify the company as a dominant leader in the crypto market.