What is OmiseGO (OMG)? Things to know about the latest OMG coin 2020

omisego-token

OmiseGO (OMG) was born with the aim of providing solutions for businesses and individuals to access decentralized financial platforms anytime, anywhere. So…

  • What is OmiseGO? What is OMG token?
  • Should I invest OMG token or not?
  • Buy and sell OMG tokens Where is the reputation?
  • OmiseGO Wallet Which should be used?

If you are looking to learn about OmiseGO and potential investment OMG token, this article is what you need to find

What are you waiting for, let’s start the article!

Maybe you are interested: What is Bitcoin? Bitcoin investment guide for beginners?

What is OmiseGO? What is OMG token?

OmiseGO is a scaling solution for Ethereum that focuses on Crypto-Fiat payments, transactions and currency conversion operations. It is developed by the company of the same name, OmiseGo, a subsidiary of Omise – specializing in providing solutions and online payment gateway services.

You may not know: What is Ethereum? Ethereum Basics for Beginners

OmiseGO also provides SDK white label for businesses using Omise’s payment service in OMG’s network.

What are the advantages of OmiseGO?

  • OmiseGo (OMG) uses PoA . method

Other than PoW of Bitcoin, the network requires expensive, high-performance miners to confirm transactions. OmiseGo (OMG) uses PoA method, the transaction confirmation will become faster and with lower cost but still ensure security.

With this White Label, OmiseGO will easily provide its financial and payment solutions to different businesses.

With the use of OmiseGO (OMG), users can access, manage and trade digital assets safely and securely on the Blockchain network.

  • Decentralized Exchange (DEX)

OmiseGO provides a decentralized exchange solution that allows transactions to be executed and managed on the DEX Chain.

  • Expand the network with the Layers mechanism

OmiseGO is designed with the Plasma structure, so the scalability and security are improved along with the transaction costs are reduced significantly.

  • High interoperability

Financial applications applying blockchain technology can all be integrated into the OmiseGO network and perform exchange transactions. Thereby in the future OmiseGO’s network has more possibilities to expand.

What is OMG token?

OmiseGO token symbol: OMG is the token in the network OmiseGO, which plays a key role in maintaining stability, security, and economic impetus for network participants.

Currently OMG token is an ERC-20 token operating on the Ethereum blockchain.

Maybe you don’t know: What is ERC20? Learn more about ERC20 tokens and ERC20 wallets

Basic parameters of OMG token

Token symbol OMG
Blockchain Ethereum
Token Standard ERC-20
Total supply of tokens 140,245,398 OMG
Total tokens in circulation 140,245,398 OMG

What is OMG token used for?

As the main token in the OmiseGO network, the OMG token is mainly used for the following purposes:

  • OMG is used as a payment currency.
  • Use OMG to participate in staking.
  • OMG is used to pay block rewards to staking participants.

Should I invest OmiseGO token (OMG) or not?

It is really difficult to answer the question of whether to invest a certain token. Because in the cryptocurrency market, prices fluctuate very strongly and almost do not follow any rules. However, below are some key factors for you to make your own investment decisions.

OMG was born with the purpose of becoming a means of payment. Considering at the present time, the need to use tokens or coins as a means of payment is real. However, it is not very popular. Just hope in the future there will be a breakthrough, the token in general is good OMG token in particular has a strong foothold in this field.

With such a potential market, OMG token will have to face many competitors. These can be mentioned as Bitcoin, Litecoin or even Ripple with XRP. Will the OMG token be able to compete with these competitors?

With many competitors, OmiseGO needs to increase the number of partners using its solution. Thereby increasing the demand for use OMG token, stimulating the price increase of OMG token.

You should do your own research and make your own judgment and investment decisions.

Where to buy and sell OmiseGO tokens (OMG)?

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy OMG, sell OMG has also become much simpler.

In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.

How to buy and sell OMG tokens in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy OMG For prestige, I think the best currently is the Bitmoon exchange.

See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

Prestigious international OMG token trading platform

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the floor name and transaction fee comparison table for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Exchanges Transaction fee
Houbi 0.070-0.20%
Okex 0.060 – 0.150%
Binance 0.015-0.100%

Mainly trading OMG Your account on international exchanges uses ETH, BTC, etc. to buy and sell.

OmiseGO wallet recommended

Depends on usage OMG token your wallet that you will choose for yourself the appropriate wallet.

Suitable for those who want to store OMG token long term and few transactions.

The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.

Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020

The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.

Maybe you are interested: What is Trust Wallet? How to create a Trust Wallet and use details

Do OMG is an ERC-20 token, so you can completely use the current popular supporting web platforms such as: MyEtherWallet nice MetaMask.

Maybe you are interested: What is MyEtherWallet? Instructions on how to create a MyEtherWallet wallet and how to use it

This wallet is suitable for those who often transact.

Some Reputable trading platform that you can refer to are: Bitmoon exchange, Huobi exchange, Binance exchange…

Conclude

This article has summarized the most basic information you need to know about OmiseGO . platform and OMG token. With this article, I hope that readers can grasp some of its investment potential.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

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