✔️ Information reviewed and updated in February 2024 by Pedro Martínez González
When we want to invest or buy cryptocurrencies, a very common mistake is not being sufficiently informed about them. Today there are a large number of virtual currencies such as Omisego in the market so knowing them is very important. Thus, you can make more and better financial decisions.
Although OMG might remind us of the famous expression in English: “Oh my God”, it actually refers to a cryptocurrency, Omisego. Today we will talk about everything you need to know about OMG, we will tell you how it works, if you can mine it, its advantages, among other points to know.
✨What is Omisego?
Omisego defines itself as a Fintech, that is, a company that mixes technology with finance in a revolutionary concept. This platform was born as a payment platform which was developed under Blockchain technology. Along with the payment platform, its own cryptocurrency was also created.
This because of Omisego's objective is clear, to become the only true Peer-to-Peer currency exchange platform, that is, without clients or servers in its operation. The company presents itself as an option to solve the lack of coordination between payment processors, gateways, networks and financial institutions.
The digital infrastructure on which Omisego is built is one of the most robust and complete on the market. Here you find infrastructure for transfers, disbursements, asset management, etc. In a nutshell, is a decentralized payment network focused on cryptocurrencies and fiat money.
In public that Omisego focuses mainly on is those who do not have an account in traditional banking and who seek more benefits in the digital environment. It basically pursues one of the common purposes that Ethereum has, to get people out of the traditional bank.
✨Advantages of Omisego over other cryptocurrencies
- Decentralization 2.0: While the decentralization of cryptocurrencies makes its operation easier. This goes to the next level with Omisego, as here decentralization scales up to a payment platform that allows a large number of operations in a decentralized way.
- Fixed commissions: Exchange houses usually charge a variable commission depending on what is being exchanged, that is, on operations with fiduciary money. Omisego always charges a fixed commission regardless of the type of currency, whether it is fiat or virtual, that you are using.
- Speed: One of the main disadvantages of Bitcoin, for example, compared to other currencies, is the speed with which your transactions are processed. For OMG we found an optimized blockchain which allows making transactions faster. Thus, you do not have to wait long periods of time for the validation of the operation.
- Omise Go Wallet: In addition, Omisego offers its own Wallet, a purse or wallet which allows you to use your OMGs easily. Here you can not only store your tokens, you can also send and receive payments. As if that were not enough, this Wallet is totally free and safe.
We could divide the Omisego blockchain into two parts. The first is about its own Blockchain on which the platform is based, the second we find that it supports the Ethereum chain. This allows OMG to operate in a truly decentralized way.
One of the great advantages offered by the use of both its own Blockchain and Ethereum is in data storage. Instead of hosting the information of users and transactions in the Exchange, it is hosted in all the nodes that make up the blockchain.
To allow a quick exchange of information, Omisego operates a Peer-to-Peer network of computers. Here, each user is a node and in this network the clients and servers operate simultaneously with the rest of the nodes.. This helps to increase the speed of transactions and the capacity of the network.
Another of the technologies that we can find is the inclusion of a Wallet which allows to store the OMG tokens of this platform. What's more, A package of tools focused on the development of white label software was launched to offer more benefits to the users of the platform.
One of the most striking features of Omisego is the fact that the platform does not allow mining. This is because the company, in order to regulate volatility and value, has total control over the currencies. So far, close to 100 million OMG tokens have been released.
Yes, You can receive a kind of return on OMG if you store your tokens in your Wallet. All this is thanks to the fact that Omisego operates with the Proof of Stake (PoS) algorithm which generates a small commission for each transaction made on the network.
✨ How can I get token?
There are two options to be able to get OMG token, the first, as we already told you, is to generate a return in your wallet. Although this is proportional to the number of coins and is not very large, it can be a good option for passive generation.
The fastest, shortest and easiest way to get your Omisego cryptocurrencies is to buy them directly in an Exchange or Exchange House. A great advantage is that these coins are very popular so we can easily find them in different exchange houses around the world.
✨Is it really good?
It is said that when the river sounds it is because it carries water, that is why we can hear different statements about Omisego. First you should know that the intentions of this platform go beyond cryptocurrency, since it seeks to create a whole hub of online financial services.
In addition, lOmisego's alliances appear promising, at least in Asia. This is because recently, for example, McDonald's announced that it will accept this virtual currency as a form of payment in Indonesia. The arrival of new allies such as The Company Pizza is also expected, which helps to validate its good operation.