OmiseGo is a blockchain based on Ethereum’s financial technology. OmiseGo provides two main services: cryptocurrency exchanges and digital payments. The company assures us that technology works under the imposed regulations. Its tokens are called OMG. The project is supported by the founders of Ethereum blockchain: Vitalik Buterin and Gavin Wood. OmiseGo’s principles are: accessibility, scalability and security.
The purpose of this project is to reduce the costs of transactions and exchanges, no matter if you are dealing with fiat currency or digital coins.
The functionality of OmiseGo blockchain
The main functions of OmiseGo blockchain are the advanced technology for exchanges and the wallet. OmiseGo is a decentralized platform. You do not need an intermediate to help with your transactions. That means, additionally, that your payments or exchanges will be proceeded fast and with very low fees.
Anyone is able to get in touch with OmiseGo’s platform. Even if the network is attached to Ethereum’s main blockchain, you do not have to worry about the inconveniences produced by the price ranging, which is the best blockchain. OmiseGo comes with something different than Ethereum cryptocurrency.
The platform has launched the OmiseGo White-label Wallet in the fourth quarter of year 2017. It allows users make transactions all over the world at low costs and exchange the most popular cryptocurrencies into OMG tokens.
The OmiseGo blockchain wants to strengthen the competition of cryptocurrencies on the marketplace. The system is built so that the best digital currencies will win. The network technology eliminates the barriers between transactions and personal wallet facilities. Due to this, OmiseGo lets cryptocurrencies compete on the marketplace. The best of digital coins will rise to the top.
The Advantages of OmiseGo blockchain
– You do not need a bank account to exchange the cryptocurrencies, as it has an official license;
– Another characteristic of OmiseGo blockchain is scalability. Instant transactions and low fees are guaranteed;
– OmiseGo assure users about their high security platform. The blockchain is decentralized so that users can create and customize their own tokens. Also, you can personalize how to use and store them;
– It has its own wallet that lets users operate the transactions faster. You can even personalize the wallet’s interface by choosing a unique design.
The Disadvantage of OmiseGo blockchain
– It can be confusing for beginner users the fact that OmiseGo platform corelate with Etherum blockchain. We can’t assure you about the full blockchain security, because there aren’t yet so many historical records.
OmiseGo is a new blockchain based on Ethereum’s technology, that provides digital payment services. Their purpose is to encourage all the cryptocurrencies to compete in becoming the best one. The blockchain is one of the most promising platforms that assures users an advanced technology.
However, this cryptocurrency is still developing and creating its own notoriety with the help of Ethereum blockchain.