OmiseGo: what is it?
The blockchain of OmiseGo and its cryptocurrency have sparked user interest in their tech specs and beyond.
Who is behind OmiseGo?
OmiseGo was co-founded by Jun Hasegawa East Donnie Harinsut as an e-commerce company in the distant past 2013, registered as LLC in Singapore, while their main offices are located in Tokyo and Bangkok.
The project has received support from key players in the crypto sector such as Vitalik Buterin, Joseph Poon, Gavin Wood, Vlad Zamfir and Roger Ver.
OmiseGo made an initial parts offer (ICO) in 2017, raising about $ 25 million.
Which consent protocol do you use?
OmiseGo uses the consent protocol DPO (Delegation of proof of participation), similar to what we find on other blockchains like that of EOS.
The blockchain is built in a similar way to Ethereum and aims to facilitate it decentralization of payments East electronic wallets providing all the necessary structure, like Alipay and Venmo.
Validators must bet their GMOs in order to validate transactions as a node and also earn transaction fees, similar to what happens on the Bitcoin blockchain
If the nodes are malfunctioning or against the network itself, the OmiseGo team has designed a cut-off system that burns OMG tokens which has the malicious validator in play.
What is OmiseGo for?
OmiseGo is an infrastructure that allows consumers to exchange digital money directly with the merchant and therefore have a direct relationship without going through intermediaries.
To do this, we use the OmiseGo network and the OMG token, which in this case serves to establish a consensus between the nodes to secure the network but also to access the payment system and exchange services.
Among the main functions of OmiseGo we find:
- A decentralized exchange network, designed to evolve by securing the blockchain and allowing you to exchange any asset.
- The transactions are managed directly in chain by the nodes with a dynamic pricing system to be interoperable with Ethereum;
- A trading engine, which allows you to configure your orders which are managed on the basis of blocks: an order is executed only when there are enough confirmations and this makes the system similar to that of a non-depositary DEX ;
- A withdrawal system: with the SDK digital wallet software, you can liquidate your assets by withdrawing from ATM or using OTC (Over The Counter).
How active is this blockchain?
The project is currently being tested and other protocols such as Plasma architecture and works like that of MapReduce, although in the future new updates are planned for a mainnet launch with great fanfare.
How much is the OMG token worth?
The OMG token, which is an ERC20, is currently trading at $ 1.72 and is located at position 37 of CoinMarketCap, with a capitalization of more than $ 240 million.
Recently, the token is been registered on Coinbase and Coinbase Pro.
The OmiseGo post: what is it? first appeared on The 100Count.