Omisego (OMG) is a digital currency and platform that promises to unbanked the bank. According to the main pitch page for the token, OMG enables financial inclusion and interoperability. All this is done via a public, decentralized network. But how good is this token? And what does it bring to the table that no other currency in the crypto space hasn’t delivered already? The answers lie in the very structure of the coin itself so let’s take a look.
OMG is a platform and token that is built on the principle of access. Deploying an open source white label SDK, developers have created a platform that offers digital wallet capabilities. Through this digital wallet, users are able to connect to the platform’s public OMG network and transfer not just digital currencies, but also the transacting of fiat currencies. This dual-purpose deployment is one of the key areas that sets Omisego apart from most platforms that vie to deliver at this level.
And deliver developers have, especially when it comes to security. Omisego is bonded to the Ethereum blockchain, guaranteeing a level of security that is one of the highest in the cryptocurrency space. Developers have created what is called a secure token custody that operates over a fully decentralized exchange. This exchange is predicated on the full complement of all Ethereum assets and provides one of the highest level of secure transaction validation. This is the sort of validation that has been a long time coming to the digital currency space. Other coins like Bitcoin (BTC) have led the way in delivering smart delivery but it really wasn’t until Ethereum came onto the scene that users of digoital tokens got the ability to scale their use alongside scaled security.
This brings us to the scalability that is a very important part of what Omisego actually delivers. The platform uses a plasma architecture that creates an almost unlimited scalability scenario. The unmatched level of scalability has translated into blazing fast transaction speeds. At the current stage of deployment, OMG is capable of delivering millions of transactions per second. Developers have suggested that potentially this could reach in the billions.
Whilst users will have to wait a little bit it seems for billions of transactions per seconds, they are at least getting the promised interoperability that is part of the hallmark of how OMG works. Thanks to a fully scaled and integrated digital wallets that reside on the platform, users are able to plug in a plethora of financial transactions across a broad range of independent platforms and sub-platforms. So for example, developers have promised that users of the OMG network will be able to trade assets across a diverse set of platforms, including Bitcoin, which of course, is a different set of protocols operating on the blockchain. This level of flexibility as it relates to asset-trading has opened the door for even fiat currencies to change hands on the network. This latter point is also very important for the future of digital currencies since it will take a while for fiat currencies to disappear altogether. This parallel running of digital currencies with traditional currency is the bridge that many in the public space need to effectively and confidently make the transition into this brave new world of money and currency.
Of course none of this makes sense or is sustainable unless there is strong governance. In this regard OMG ticks the boxes well, ensuring through its structure that no central authority has ultimate control over the currency or the platform. Using a combination of staking and token validation, OMG retains its status as a fully decentralized currency.
Traders and investors have bought into the upside of the token too. Currently OMG is trading at around $8.47 and has a market cap of around $864M.