Omisego (OMG) – is among the most prominent altcoin in space creating ripples and disruption in the market OmiseGO Network (OMG), one of the pioneering blockchain projects that has been profoundly trenched into the Ethereum community since 2015, in a sign of growth, was yesterday successfully added to London Block Exchange (LBX) for trading.
The news was aired in a release issued by the exchange on its microblogging page that it is “excited to welcome OmiseGO (OMG) to our growing selection of Cryptocurrencies”.
The exchange in the release stated that even though many are wary about the liable risk of Cryptocurrency, LBX tries its best to add reputable and reliable altcoins like Omisego. Other coins added to the platforms includes Basic Attention Token, STATUS, Golem and 0x.
A Look Into London Block Exchange (LBX)
Founded in 1801 by Ben Dives, LBX is the UK’s first dedicated cryptocurrency exchange built to help consumers and institutions join the digital money revolution. The exchange was developed by experts to mitigate security and accessibility problems with better experience on smartphone and desktop app. Last year, the exchange launched a debit card that permits people to spend Cryptocurrencies across UK.
About Omisego (OMG)
OmiseGo is a Cryptocurrency with several subsidiary layers, including: SDK wallets, a decentralized exchange (DEX), a plasma architecture pioneering scalability solutions, and a decentralized cash in/cash out layer that makes it possible for OmiseGO SDK wallets to integrate with debit/credit cards.
A decentralized economy next generation network blockchain oriented enterprise that centers its cores on scalability, proof-of-stake, and open decentralized exchange solutions, OmiseGO, with its slogan; ‘Unbank the Banked’ seeks to provide better financial services for everyone by building a decentralized exchange, liquidity source mechanism, clearinghouse messaging system, and asset-backed blockchain gateway.
Users of traditional banking services, masses in developing countries and persons who do not have access to traditional banking infrastrsucture are among those targeted by this venture.
The network decentralizes market liquidity, harmonizes and implements orderbook, keeps custody of clearinghouse, and offers high-scalability payments to provide solutions across emerging eWallet payment networks.
By incorporating these traditionally placed business processes into a single corporation, OmiseGo affords eWallet providers an entire interchange process in a decentralized high performing open network.
OmiseGO Superb Initial Coin Offering (ICO)
OmiseGO completed its ICO in the second quarter of 2017, a process which saw $25 million raised in a short while, and $100 million turned down and has since then seen its token, the ‘OMG’ become the sixth highest market cap ERC20 cryptocurrency in the world valued at over $1 billion. OmiseGo, unlike most of the other decentralized exchange platforms allows for the decentralized exchange of other blockchains and between multiple blockchains without a trusted gateway token.
As such, it is possible for markets to substantially ease spreads and boost market surety via decentralizing custody and increased openness on market activity. These are achieved by using smart contracts, protocol tokens, making compulsory the correct market conducts of orderbook harmonization, a new construction of Ethereum bonded external implementation of clearinghouse activity, and obligations to historical exchange data to be used with Ethereum smart contracts.
Several benefits tied with the use of OmesiGO include:
Via the open source, white-label SDK, digital wallet service providers will be able to connect to the public OMG network, enabling users to transact digital assets. Crypto and fiat currencies inclusive.
Bonding to the Ethereum blockchain sets up a secure token custody, ultra-secure transaction validation, and decentralized exchange of all Ethereum assets.
The Plasma design consents to unlimited scalability with unparalleled transaction speed; millions, and possibly billions of transactions in the space of a second.
Financial applications like eWallets, can interact effortlessly with one another by the use of the OMG network. Users can also trade assets from different blockchains protocols like; Bitcoin, Ripple Consensus Network, IOTA, Openchain, and others.
OMG is not a property of any principal authority. It is controlled by a network of users and validators (stakers) who are users on the OmiseGo network. By way of staking, token owners can authorize transactions and receive fees. The token gains value as the network gains value.
The OmiseGO Wallet SDK
OmiseGO has a wallet SDK. The SDK guarantees simplification of the implementation of OmiseGO and it also offers post-integration sustenance “to get you to market faster and to help you stay ahead”. The wallet SDK is a white-label wallet, meaning companies are allowed to implement the wallet in different ways across a number of industries. With this wallet, users can trade fiat currencies at liberty along with decentralized currencies.
The wallet provides its users the right to use the Omise payment gateway which is a credit and virtual cash card, top-ups through direct debit and over the counter, and real-time payment. Via the SDK, companies are able to build embed custom apps with their own styles and designs. The SDK can also be used to effect payments or transfers, for instance, or to structure a loyalty and rewards points policy.
An additional and key feature of the OmiseGO wallet is that it employs an issued open protocol, making it stress-free for various wallets to link with one another thereby unlocking the full power of mobile commerce.
In the long run, the OmiseGO wallet SDK is designed to ensure maximum flexibility and workability to benefit its users.
The advisors of OmiseGO include the co-founders of Ethereum: Gavin Wood and Vitalik Buterin and it has the support of the Bank of Thailand. OmiseGO promises its users financial incorporation and interoperability by means of the public, decentralized OMG network, and it is making all move to live up to its billings and fulfil its promises.