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How OmiseGO Works, Its Benefits & Blockchain Capabilities

The general interest of blockchain projects and crypto has increased significantly over the recent years. Unlike when the currencies were first introduced, coins are being launched year after year. This makes it even harder to decide the right platform to invest your money. Many trials have been made out there but the OmiseGO seems like a promising crypto as compared to its predecessors.

OmiseGO is one of the most popular currencies which is used for online digital transactions. It works towards enabling the users to make use of real time exchange of values and payment schemes. This is done across different frameworks of the organizations all over the world. In that case, it incorporates both the mainstream and decentralized units of finances to promote the inclusive finances of certain organizations.

This article therefore will feature the history and founders of OmiseGO, market performance, uses and what makes it out stand among other cryptos. This is to ensure that you have a better understanding of the OmiseGO as a whole. I hope by the end of this article you will be able to state for a fact that you have credible knowledge it.

History and Founders of OmiseGO

I must admit, this currency has undergone a fair share of hard patches but it is still able to stand strong among the top leagues. The cryptocurrency was first founded by a company named Omise. The idea of this crypto started as a Startup of Donnie Harinsut and Jun Hasegawa. The Omise Company was founded in 2013 in Thailand. The coin was able to raise up to $25 million on its ICO which was quite impressive for a starting cryptocurrency. Some of the co-advisers of this cryptocurrency group include; Vitalik Buterin, who is the co-founder of Ethereum and also Gavin Wood.

In addition to having some of the big people in the cryptocurrency advising the company on its way forward, they also have the support of the Thailand Bank and the Ministry of Finance which is a good way to start and maintain a spot in the Hall of Fame. In August, the company announced partnership with McDonalds which helped the company to raise the coin value up to $13.

The sole purpose of this blockchain is to help the fundamental coordination glitches between financial institutions, payment processors and their respective gateways. In the current times, to receive or send money, normal vendors and merchants always go through hard times just to get the money from one merchant to another which may take around thirty or so days.

Many people in Asia as well as a population of about 2 billion people worldwide do not have banks. By this I mean that they do not have access to any bank account either in their daily lives or remotely. Such people have to go through heavy fees in order to receive or send money. Asia for instance, more people are connected to the internet than those who are banked. OmiseGO, in this case, aims to provide the unbanked individuals across the world with a lasting solution. In this case, such people can send or receive money in a less material form. In that, they can send or receive any currency or asset with lower transaction fees.

The OmiseGO aims to provide a shorter version of this by creating next-gen transfers across assets and currency types. This is aimed at putting the currency among the top contenders. With the support team and the investors backing the company, I bet this crypto coin will be able to make an impact in the crypto world.

Understanding OmiseGO

OmiseGO is basically a token which has been proposed by the Omise as a blockchain that allows for real time as well as multiple direct transfers from both fiat and digital currencies. This payment management program integrates all the services provided by blockchain technology to take the whole phase of technology to another level.

With that in mind, OmiseGO offers the following features:

  • Financial technology which is Ethereum based
  • User friendly platform where bank accounts are not necessarily needed to make transactions. There are other options available.
  • Affordable transaction fees. OmiseGO offers fast and effective transactions at a very low cost
  • Allows for transfers between fiat and digital currencies

Benefits of OmiseGO

When conducting online transactions, there are benefits that come with each particular algorithm. The benefits associated with the algorithm for OmiseGO are as follows;

Security and Scalability

OmiseGO is one of the most flexible cryptos I know, if I put in consideration the amount of money it can transact through the web. In addition to that, despite the size of the amount being sent or received, users are guaranteed of secure and efficient money transfer procedures. Thanks to the variety of algorithms put in place to mask the transactions being processed effectively. This builds confidence in the user base because they do not have to worry about loss of information during the transactions.

The Blockchain Capabilities

This type of Blockchain currency depicts a decentralized system of exchange. In that, OmiseGO provides liquidity besides an open source messaging network that ensures that all the transactions made remain public just within the system. The whole artistry behind this cryptocurrency is dynamic.

It helps the users to successfully construct personalized blockchain links which make the whole experience rotate around you alone. This personalized experience determines certain effective ways users can use to make transactions in the blockchain. These nodes which are interlinked provide ultimate protection on the valuable information shared during transactions hence increasing the overall value of this blockchain.

Generally, OmiseGO has made online transactions way easier even from foreign countries. The decentralized currencies make it even better because they offer extra security to the transfers made. This will contribute immensely to the growth of this cryptocurrency. The end results in a crypto that can solve the problems that the predecessors could not. All in all, we still expect more from this currency in the near future.

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Collins Valentin

Collins is a blockchain enthusiast, who spends his time between documenting the blockchain revolution in Africa, and writing the latest on the cryptocurrency space. Collins contributes guests posts to BlockPublisher. Email: editor.news@blockpublisher.com

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