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Omisego Review: 10 Things To Know In 2017

  • 9 September 2017
  • Dylan Dedi

Omisego is addressing a huge problem with cryptocurrencies- security and day to day use. Omisego wants to become the one stop wallet for all of your cryptocurrencies, your fiat money, as well as exchanges and payments made with currency. This will be a digital wallet, that you can carry on your phone or your desktop. Like TenX, it will make the transition for the rest of the world into blockchain technologies very easy. At current writing, it is a top 15 coin on www.coinmarketcap.com, with a market cap of $816 million. Many people in the past few months have been talking about this coin.

1. Omisego is a big believer in Ethereum 

It’s hard not to like Ethereum when half of your advisory staff are the founders of Ethereum (Vitalk Buterin and Gavin Wood). In fact, almost the entire team is from the Ethereum Foundation. Omise, back in 2015, even donated $100,000 to the Devgrants program run by the Ethereum Foundation. Omisego has its own blockchain but has made it work very closely with the Ethereum main net. Essentially, Omisego could not operate without Ethereum. It is bonded to the Ethereum blockchain. Even though Omigeso is its own blockchain and has its own native currency (OMG), the exchange that the digital wallet will use will be tied into the consensus that bonds to Ethereum. Sounds confusing? It is. You can read more about it in the white paper.

2. The Wallet

If you’re currently invested in crypto currencies now, you’ll understand why it is so important to have a seamless, easy functioning wallet. Currently, you need to download each coin’s personal wallet to store your coin.

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Wallets have very long, confusing addresses used to send and receive coin from the wallet. One mistake and you lose your coin forever. It’s scary sometimes to even take your crypto off the exchange! Omisego’s wallet will be simple enough that anyone can use it. It will handle digital currencies, assets, as well as fiat currencies to easily keep all of your money in one place.  

3. International attention

Omisego was built off of the company Omise. Omise is a payment platform already being used widely throughout Southeast Asia. One of the hottest topics in today’s crypto markets how connected your idea works across the globe. And East/West tends to be the biggest disconnect. Omisego already has a solid foundation in the East and has already brought much hype and attention to the West. You can see from how big the English speaking Omisego communities are (Reddit, slack), as well as the numbers of tokens bought on Western exchanges. It is easily the most developed wallet globally.

4. Joseph Poon

Source: BitCoinBoy

Joseph Poon is on Omisego’s board. He is already a co-author of the Lightning Network. This is a network being adopted by many block chains and blockchain applications, as it speeds up transactions times to “lightning speeds.” Poon and Buterin are also working on www.plasma.io, a new concept that will upgrade smart contract scalability.

5. Proof of Stake

Proof of Stake is a new concept where mining isn’t necessary, in the traditional sense. It is said to be over 1000 times more cost effective and leaves much less at risk. Omisego started its project off with Proof of Stake, as many new blockchain protocols are now. Instead of miners competing to mine each block, each block is “forged” by a chosen delegate. Delegates are chosen depending on the value of each block, and normally users with the most amount of that coin are the chosen as the delegates. A number of coins of Omisego and all PoS are pre determined and slowly released as each block is created.

6. “Unbank the Banks”

Omisgeo wants its users to become their own bank. As much of the blockchain philosophy goes, decentralization will take away the power of centralized institutions. In this case, Omisego’s digital wallet will take away the power of centralized banks. Why trust somebody else with your money when you have a tool powerful enough to allow yourself to safely store it all away?  

7. Omisego will airdrop 5% of all OMG

Sometime in August or September, OMG will be airdropped into every wallet that holds ETH. Each will receive 5% OMG proportionate to their Ethereum wealth. Omisego had separated 5% of all OMG tokens for this event, as a way to give back to the Ethereum community. Most ICOs this past summer only accepted Ethereum, which ended up taking a lot of money out of the token, without giving much back. Omisego is doing something that has never been done before, as a thank you to Ethereum and as a way to get everybody involved in OMG. You can read more about it here.

8. First plasma.io project

Source: steemnews.online

The Plasma Project is a creation by Vitalik Buterin (founder of Etherum) and Joseph Poon (the Lightning Network) that will significantly increase a smart contract’s scalability. It is meant to work specifically with Ethereum based projects. You can read more about it here.

9. Omisego can take on institutions like the Western Union

Along with storing your money safely, you will also be able to transfer your money to another wallet almost instantly, with negligible transaction fees. No need to show up to a brick and mortar store to pick up your money; and no need to wait 1-3 business days for the transaction to go through. Blockchain technology can happen at lightning speeds (hello Lightning Network!) that will leapfrog our economical technologies into the future.

10. Omisego is growing rapidly in value

August 1st, OMG was worth about $1.39/OMG. Today, it’s worth around $8/OMG. And the trend line and has just been steadily going upwards. With many new updates coming in the future, including the airdrop, there doesn’t seem to be much holding OMG back from increasing even more. Investors truly believe in the coin, this is seen mainly as a long term hold.

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