About OmiseGO (OMG)

Overview

OmiseGO, founded in 2013, is a real-time peer-to-peer (P2P) cryptocurrency exchange and payment platform on the Ethereum blockchain. Once completed, the network will be freely available to the public and completely permissionless. OmiseGO's primary objective is to "unbank the banked with Ethereum." Users do not require bank accounts which makes the platform accessible to more people including those in countries which lack the typical banking infrastructure. Financial transactions available on the network include payments, loyalty programs, remittances, and payroll deposits to name a few.

Technology

The OmiseGO blockchain constitutes a scalable decentralized exchange, liquidity provider mechanism, and asset-backed blockchain gateway. There are incentives for users who hold large quantities of tokens to gain more by securing the network and putting those tokens at stake. The distributed open protocol used on the platform enables different wallets to "talk" to each other. OmiseGO's token, the OMG, is useful for two reasons. The first is as an investment token, and the second is as a means of paying transaction fees on the network. With the transaction fee, it will be used to incentivize the miners who verify the transactions.

Future Focus

The OmiseGO White-label Wallet SDK is geared for its first release in 2018 and will allow a wide range of payment solutions to be made with ease. Users will be able to exchange crypto, fiat money, gift cards, etc. for other digital assets available on the exchange. The team has announced their new strategic partners, Global Brain, and Krungsri Bank. The OMG proof of stake public blockchain release is proposed for Q2 2018. Following this release, the team will be looking into developing a cash in/out touchpoint interface with the payment gateway and developing and introducing the Plasma network.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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