OmiseGO is an open-source blockchain platform whose main slogan is “Unbank the Banked”. OmiseGO is expected to become a direct competitor to traditional banking institutions. According to the developers, the platform will provide services even for those who are in places without traditional financial infrastructure. Demand for reliable OMG coin wallets is only increasing.
What is OmiseGo (OMG)?
In today’s financial system, there are many obstacles to the free movement of funds. Exchanges have a limited set of trading pairs. To transfer money from one currency to another, people have to register on several exchanges and pay a hefty fee for each transfer. The OmiseGo (OMG) platform is here to put an end to that.
OmiseGo (OMG) is a one-level payment system. It converts currencies on the fly at the current exchange rate with minimal fees. For example, a user has some funds in different cryptocurrencies or fiat currencies (euros, Japanese yen, etc.) on his or her balance. He or she wants to make a purchase for the full amount of that money. Naturally, the amount of the purchase must be in one currency, for example, U.S. dollars.
What do people usually do? They start looking through exchanges` profitable rates to exchange their currencies into dollars. Then they register with all these services and confirm the registrations. For each exchange, they pay a commission. It is a painful way.
The OmiseGo platform saves people from unnecessary gestures. It transfers the funds into the desired currency and sends it to the seller or the recipient. Sapien Wallet is the best OMG coin wallet. Our wallet does not use servers to store seed phrases or transaction information, all cryptocurrency transactions remain under your control. Anytime you want to sell or buy OMG, you can be sure that no one else can track the transactions. You are the sole owner of the seed phrase.
Development history of the OmiseGo
Omise has been operating since 2013 in the Asian market. Its offices are located in Japan, Thailand, Indonesia, and Singapore. OmiseGo is not its first project. Until 2017, it provided domestic and international money transfer services. Then it has gone further, wanting to combine cryptocurrencies and fiat on one platform.
The success of the OmiseGo network owes a lot to the experts working on it. The list of advisors includes such well-known names in the cryptocurrency market as Vitalik Buterin and Joseph Poon. How the company managed to attract such specialists remains a mystery, but their participation in the project speaks of its seriousness and causes trust. OmiseGo’s investment fundraising was done with ICO in the summer of 2017.
If you need an OmiseGo wallet to store your OMG tokens, Sapien Wallet provides a secure system that makes it easy to buy and store not only OMG coins but all cryptocurrencies, for example, Bitcoin, Ethereum, Tron, Litecoin. Sapien Wallet is a multi-currency wallet that supports all major cryptocurrencies.
Technical features of the OmiseGo
The OmiseGo platform is based on two components: the blockchain and the wallet. Blockchain is needed to confirm transactions. The wallet is needed for storing and exchanging funds. But as part of the project, they are offering customers features that no one else has offered before.
OmiseGo cryptocurrency provides the ability to exchange any asset regardless of its type or even blockchain. In fact, it’s about combining financial systems. This is done through the official Wallet SDK, which makes it easy to create new wallets, integrate them with various payment systems, and even embed them in online stores.
Also, an important factor in the platform is the decentralized exchange (DEX), which acts as a highly liquid market, taking into account the difference in rates between the underlying assets. DEX is responsible for the conversion of one currency to another. OmiseGo has developed a special settlement system for DEX, which facilitates the trading of various assets.
Today many people are interested in how to mine OmiseGo (OMG). Unlike other cryptocurrencies (such as Ethereum), OmiseGo uses the Proof of Stake (POS) system. This means that OmiseGo cannot be mined.
Moreover, OmiseGo tokens are not a cryptocurrency in the traditional sense like Bitcoin. They are stocks. Therefore, they were issued once and distributed in the ratio:
- 65.1% sold at the ICO in July 2017.
- 9.9% distributed to developers and project employees.
- 5% transferred to Airdrop.
- 20% set aside in reserve.
In September 2017, 5% was distributed to members of the Ethereum network as a promotion. Profits, consisting of transaction fees, are distributing to token holders. Many young cryptocurrencies are abandoning mining and OmiseGo was no exception.
Where to store OMG tokens?
OMG token has good liquidity, it can be easily exchanged. OMG is available both on major exchanges, which require mandatory customer registration, and at small exchanges offering instant conversion without unnecessary questions. The question of how to create an OmiseGo wallet is very popular. It is better to store this cryptocurrency in non-custodial wallets. Advantages of non-custodial Sapien wallet:
- Non-custodial multi-currency crypto wallet
- User-friendly interface
- Built-in rating system
- Possibility of in-app correspondence
- Low cryptocurrency exchange fees
- Ability to buy and withdraw cryptocurrencies using Visa and Mastercard
- Fully decentralized cryptocurrency wallet
Sapien wallet accepts a lot of different cryptocurrencies. It does not contain any hidden information. In the long term, it is better to store coins in a non-custodial OmiseGo wallet. Sapien Wallet is the best example of an OMG coin wallet.