OmiseGO is a financial technology based on the Ethereum blockchain, aimed at providing everyone in the world with a digital wallet that allows real-time peer-to-peer value exchange without the intervention of banks and governments. The technology is designed by Omise, an Asian company with more than 100 employees that has been offering corporate financial solutions in local markets such as Thailand and Japan for many years.
How To Buy OMG
So you’re interested in buying OMG? Currently, there is no way to buy OMG directly with fiat, so the best way to buy OMG is to first purchase Ethereum, transfer it to your chosen trading platform and change it to OMG. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for OMG/ETH and confirm.
3. On the OMG/ETH trading section you can now choose how much OMG you want to buy with your Ether. Once you have chosen your amount, press Buy OMG and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of OMG.
What is OmiseGO?
The OmiseGO network and framework for digital wallets will be live in the fourth quarter of 2017, with which Omise’s developers want to give everyone in the world the opportunity to have their own money at their disposal. In many places in the world, people do not have a bank account because of corruption or poverty. OmiseGO wants to change this, by means of an easily accessible and user-friendly payment solution which is secure, scalable and decentralised. The cryptocurrency on the OmiseGO (Ethereum) blockchain is called OMG.
The OmiseGo blockchain will replace the current OMG ERC-20 tokens on the Ethereum blockchain. Although OMG is a cryptocurrency strongly linked to the ETH blockchain, the technology will therefore run on its own OMG blockchain. In the base OmiseGo is a digital purse to be able to make payments between each other without the intervention of a third party or central authority. The parent organisation Omise – a large fintech company from Singapore – has “Unbank the Banked” as a slogan. This refers to the possibility of making international payment transactions possible for anyone who wants to, without excluding specific target groups because of poverty or corruption.
The technology behind the OmiseGO cryptocurrency will give everyone in the world the opportunity to use blockchain technology in a simple way, so that they can make secure and affordable (international) payments without anyone or anything being able to get in touch.
Watch the OmiseGO explanation in the video below:
OmiseGO: the current OMG value
The organisation behind the OMG token is Omise: a company that was founded in 2013 and specializes in business payment solutions. Omise operates in Thailand, Japan, Singapore and Indonesia. The company has a proven track record in financial innovation and was recognized by Forbes as a Fintech Rockstar in November 2016. The company distinguishes itself by focusing on problems that companies experience and offering solutions to them.
In 2015, the Omise Blockchain Lab was set up to investigate the possibilities of solving current problems in the world by blockchain technology. After a number of years of research and testing, the OmiseGO organisation has been established: a part of Omise it’s mission to build an accessible financial platform that allows real-time payments to be made. The first application that will run on the OmiseGO network is the OmiseGO wallet.
In July 2017 OmiseGO held a crowdfunding campaign in which OMG tokens were sold to investors of the first hour. Unlike most ICOs, the OMG was crowdsale private and limited: only by invitation could participate, and the total amount collected was 25 million dollars.
The OMG tokens issued during the crowdsale are ERC-20 tokens on the Ethereum blockchain. In the fourth quarter of 2017, however, Omise will launch its own OmiseGO Blockchain, which is based on the Ethereum technology.