What is OMG Network?
This blog post will cover:
- What is OMG Network?
- Where did OMG Network come from?
- What are the advantages of OMG Network?
- What are the disadvantages of OMG Network?
- How to buy OMG Network on SimpleSwap?
What is OMG Network?
OmiseGO is a combination of a blockchain, electronic wallet, and exchanger. The developers have combined all the possible functions in this project to make the transaction process more convenient. The platform simplifies the process of assets exchange between traditional systems, such as MasterCard or PayPal, and decentralized blockchains, such as Bitcoin. The main problem is that traditional systems are centralized and controlled by third parties. At the same time, cryptocurrencies and payment systems that were built on the blockchain remain insufficiently accessible for most of the people. OmiseGO project was created to solve these problems and make payments more convenient.
Where did OMG Network come from?
OmiseGo was established in 2013 in Thailand by Jun Hasegawa and Donnie Harinsuit. It was launched as a start-up to provide online payment solutions.
It was built on the Ethereum blockchain by a financial services company from Thailand called Omise. The OmiseGO (OMG) token was the first project based on the Ethereum blockchain which overcame a capitalization of $1 billion. In 2018, the token migrated to its own blockchain.
OmiseGo’s advisory team includes Vitalik Buterin and Gavin Wood, co-founders of Ethereum. Its Initial Coin Offering raised about $25 million.
What are the advantages of OMG Network?
- Popular technology. The creation of a universal decentralized platform for fiat and cryptocurrency exchange in real time is the main advantage of OmiseGO, that makes it stand out on the market. This technology will allow you to exchange any cash assets instantly, even without a bank account or payment card. In addition, transferring currency to OmiseGO networks will be much cheaper than through services like Western Union.
- Strong support. At the crowdfunding stage, OmiseGO was accompanied by the well-known blockchain company Bitcoin Suisse AG. Further, the project was supported by Vitalik Buterin, as well as developers from GOLEM, Bitcoin.com, and MakerDAO. Even the Thai Government has contributed to the development of OmiseGO.
- Big investors. In addition to the Shinhan Financial Group, OmiseGO partners are other well-known financial institutions: SMBC, GGV, AscendCapital, EastVentures, and others. They actively invest in the project and contribute to the integration of OmiseGO into the real economy.
What are the disadvantages of OMG Network?
- The team has changed the roadmap once. During the ICO period in January 2017, the developers indicated the deadline for launching the OmiseGO Network platform by the end of the year. After that, the road map was edited, and the deadline was postponed to the fourth quarter of 2018. This significantly affected the mood of investors, which led to a sharp decline in the exchange rate. No one has guarantees that the team will not change their plans again.
- The price of OMG is possibly being manipulated. Experienced traders have noticed that sometimes changes in OMG prices can be explained neither by the phase of the market, nor by the news background.
- The price of OMG is difficult to predict. Many traders refuse this coin due to the complexity of the price forecast.
How to buy OMG Network on SimpleSwap?
If you’re interested in OMG we suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select OMG in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. OmiseGO will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
After that you will receive your OMG!