OmiseGo (OMG) cryptocurrency is a token that was originally based on the Ethereum blockchain. However, in 2018 it has switched to her blockchain. The main adviser to the OmiseGo project is Vitaly Buterin, the founder of Ethereum. The OMG project offers its users a range of services that can save the population from using banks to make payments.
OmiseGo cryptocurrency works using the Proof of Stake consensus algorithm. To get OMG coins, you need to have a certain amount of coins in your wallet. The more coins you have in your wallet, the more cryptocurrencies you will receive.
OmiseGo is a very interesting and promising project. Since launch, the cost of the OmiseGo cryptocurrency has grown from 53 cents to $1.52. Let’s look at the history of OmiseGo (OMG) cryptocurrency, its prices, and try to predict the future situation with Changelly!
OmiseGo Fundamental Value
OmiseGO (OMG) is a scalable financial solution based on Ethereum that allows for transparent payments in real-time. Among the main features:
White-label SDK. Creating applications on OmiseGO makes it possible to conduct transactions between different types of cryptocurrencies, as well as fiat, earn game credits, loyalty points, etc.
Digital asset management. The OMG network can be used to work with digital currencies securely stored in the blockchain. It helps to view balance, manage, and conduct transactions.
Decentralized exchange. The platform offers a decentralized exchange algorithm that ensures compatibility between different chains. The network is scalable and secures thanks to the Proof-of-Stake consensus.
The main landmark of the project is aimed at two types of clients:
Individuals. They can perform banking operations through the network, save on transaction costs when sending and receiving money. The technology is able to freely replace banks or another third-party institution.
Electronic Payment Providers (EPP). They can offer their users more convenient and profitable ways to transfer money between networks.
The history of OMG cryptocurrency begins with the creation of OmiseGO Corporation in 2013. Its founder is Jin Hasegawa. The main objective of the company at that time was to provide its financial services to various corporations. OmiseGO spread mainly to Asian countries (Japan, Singapore, Indonesia, and Thailand), where it quickly gained a remarkable reputation among both large and small businesses.
Then developers decided to create their own digital platform with a tokenized system. The result was the emergence of the ERC-20 OMG token in 2015, which was based on the Ethereum system. Then Vitalik Buterin gladly provided the Ethereum platform to the founders of OmiseGO and even became one of the advisers for this Blockchain project. This significantly affected OmiseGO’s reputation. Investor confidence in OMG has greatly increased.
In 2016, the OmiseGO team decided to conduct ICO in order to raise the necessary part of the funds to implement their plans. The result of the ICO OmiseGO was a collection of investments of 19 million US dollars from the declared 25 million.
The developers decided to distribute the shares of their company as follows:
65.1% sold during the ICO;
5% for the free distribution of Airdrop, which was carried out for users who had ETH tokens on their accounts;
20% given to the company reserve for unforeseen expenses;
9.9% for the team and key members who contributed to the launch of OmiseGO. These tokens were blocked for 1 year.
The official launch of the OmiseGO cryptocurrency can be considered July 6, 2017. Initially, the developers understood that their system should not be based on a foreign platform (then it worked on Ethereum), but on its own Blockchain. That is why at the beginning of 2017 they started developing their own code, and by the end of 2017, they successfully completed their idea and launched their own network, which, in the end, further increased investor confidence in the project and the overall capitalization of the company.
OmiseGo Price History
The history of the growth rate shows that the OMG coin in mid-2017 was very cheap. Immediately after the completion of the ICO, the coin appeared on Asian exchanges and was trading at a price of 50 cents. By mid-July, its value tripled, and market capitalization rose to almost $150 million.
By the fall, cryptocurrency significantly strengthened its position in the market and even entered the TOP-20 of the world rating. In September, OMG value rose to $12.8, and capitalization surpassed the 1 billion thresholds.
According to experts, such an overwhelming success was largely due to the fact that OmiseGO was actively supported by the Ethereum team. Vitalik Buterin himself became the official advisor of the project, which immediately increased OMG’s reputation in the eyes of traders. In addition, the coin appeared on the Binance exchange listing.
And those who timely invested their capital in this asset were able to earn more than 3800% in a fairly short period of time.
However, October and November were unsuccessful for OmiseGO. At this time, many other cryptocurrencies (ZenCash, Stellar and, of course, Bitcoin) were experiencing a peak, and OmiseGO was simply lost against their background.
In addition, users interested in the development of the project did not see the sensible OmiseGO roadmap promised by the developers. As they did not wait for the launch of a full-fledged platform, announced for the fourth quarter of 2017.
Not justifying the trading expectations, the cryptocurrency sank greatly. Its price dropped to $ 6, and its capitalization almost halved compared to September.
In January, OmiseGO went into an uptrend. Thanks to the attraction of large Asian investors (in particular, banks and venture funds) and the addition of OMG to the Huobi exchange, coin capitalization grew to $ 2.5 billion.
The price did not fall below $ 20 for almost the entire month, and at the peak, it reached $ 28.
The positive trend continued in February. The interest of users was spurred by the news about the launch of a test version of the SDK and the OmiseGO mobile application.
But the hype did not last long, because the developers still could not give an exact launch date for the OmiseGO Network. Against the backdrop of a general market decline, cryptocurrency was also unable to maintain its position. Its value dropped to $ 8, and capitalization again fell below $ 1 billion.
The next rising wave began only in mid-April. First, OmiseGO was accepted on the Bithumb exchange, then the developers announced a collaboration with the world-famous Korean banking corporation Shinhan Financial Group.
Later it became known that the OmiseGO Network will be launched based on Ethereum’s Plasma. This is a protocol that provides high network scaling, the output of which has been awaited by all fans of Vitalik Buterin for a long time. He connected experts from Omise to work on it, and it was they who were the first to implement a new solution in their cryptocurrency.
Since summer 2018, the price of the coin is continuously dropping. Now the price of the token is just $1.07.
OmiseGo Technical Analysis
Well, there is not actually any technical analysis expertise of OmiseGo cryptocurrency. However, here is the aggregate rating for OMG from several traders & analysts on TradingView.
OmiseGo Community Reputation
The team is making efforts to create a wide network of partners. This really needs to be done if the developers want the platform to serve consumers, companies, and sellers. In 2017, OmiseGO entered into many contracts and expanded its market presence. Agreements were signed with Global Brain, Siam Cement Group, Thai Airways International and DTAC, Thailand’s third-largest mobile operator.
The startup acted as a partner of the McDonald’s network in Thailand (the number of its restaurants exceeds 100 thousand) and attracted investments from Krungsri Bank. A Memorandum of Understanding was signed with Shinhan Card, South Korea’s largest credit company. The Thai Ministry of Digital Development is also working with the platform – support from the authorities can be a huge incentive for the project.
The popularity of the platform mainly is associated with its adviser Vitalik Buterin. The bulk of people are attracted to the project with its submission. If we superimpose a price change chart on a Google trend chart, we can see that the coin value in most cases depended on events occurring with cryptocurrency.
Influencers’ Views on OmiseGo
Vitalik Buterin says that OMG coin is very underestimated, and claims its advantages:
Crypto communities around the world are wondering about the price of cryptocurrencies. Starting with bitcoin, and ending with little-known altcoins.
According to the Reddit users, OMG coins will cost as much as on this video:
Okay, let’s be serious. Switchchain exchange predicts $3.57 by the end of 2020. Cryptonewsz says, that OMG coin price will be approx. $5.
Some of the crypto analysts advice to buy OMG coins right now, as it is a good investment:
TheCryptoCactus believes that there is the moment. OMG is gonna strike soon:
Competition in this direction is also increasing, more and more new companies appear, and in order to succeed and overtake them, you need to offer users not just a good product, but the best one. Therefore, the favorable OmiseGO forecast for 2020 will pay off if the team makes every effort.
What to expect from OmiseGo in 2020-2025
The idea of OmiseGO is fundamental and promising. If developers can realize all their plans, then a huge part of investors will be interested in this trading platform. Moreover, it is worth noting that earlier the creators of the project have already successfully completed all their plans on time, therefore, in principle, OmiseGO can be trusted and believed in the implementation of the tasks in the roadmap.
The price of cryptocurrency completely depends on the general market background. If Bitcoin and all the top currencies will rise, maybe will the OmiseGo. The minimal price in 2020 is $1, and the average is ±$5.
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Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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