What is Omisego (GMO)? The complete guide

Tiempo de lectura: 3 minutos

OmiseGo (OMG) it is a project initiated by the company Omise with the aim of providing users with a alternative to online exchange. Omisego is a platform focused on financial market that seeks to become one of the most recognized decentralized Exchanges.

This project is a ewallet, a platform for decentralized exchange and is also a token ERC20. Uses the Ethereum network and smart contracts during the development of a scaling solution utilizzando una relazione simbiotica.

History of OMG

This project was launched in 2015 by Omise, a company supported by an office in Southeast Asia dedicated to financial service. Currently the project is called OMG Network and was born because the company has focused its attention on projects with a view to scalability. Thus, in 2017 Omisego was founded.

Like the vast majority of cryptocurrencies, its launch was created through a ICO (Initial Coin Offering) in July 2017. It was a success, as it was possible to collect a total of 25 million dollars.

Being a project conceived as an ETH solution, it was launched with the standard of ERC20.

How does Omisego work?

This cryptocurrency works in part, with Ethereum Blockchain, in this way they get a decentralized network to transfer a high volume of low-cost transactions.

Thanks to this operation, the private keys users are not stored in the exchange platform but in the blockchain. This system has a cryptocurrency which is Omisego (OMG) token.

For this operation, the platform uses a peer-to-peer (P2P) network computer where each user is represented by a node and operate simultaneously allowing the easy and quick exchange of information.

The main objective of the project is to offer a decentralised exchange to the payment service users and providers. The characteristics of these exchanges include: rete Plasma that allows off-chain micropayment or microtransactions outside the omisego network to avoid saturating the main blockchain.

Omisego is not only a token and a platform, but it is also a private brand wallet called the DSK-wallet. All this with the objective to allow the great enterprises to introduce such wallet like method of payment in their transactions.

Note that Omisego uses the system (POS) Proof of Stake. This means that it rewards its users only for having their cryptocurrencies stored in the Wallet.

Omisego Wallets

If you decide to purchase this cryptocurrency, you’ll need a wallet or digital wallet to store it. It’s important knowing how to choose the wallet, because there are many options with features that fit more or less to our needs.

  • Omisego offers its own wallet called Wallet SDK that allows you to create your own wallet app. However, if you want something simple this is not the best choice.
  • There are online wallets whose main advantage is that they are free and have a simple interface. Among them we have MyEtherWallet. The only disadvantage is the storage of private keys on platforms that make them less secure.
  • There are also the software wallets. They are also free and easy to use. Another advantage is that the user has control of his private key and stores it on the device. Among these we have Exodus Wallet. This wallet is also available on its mobile version.
  • Finally we have thehardware wallet. Although it is not free, this one has more advanced features that offer great security. Among them are Ledger Nano and Trezor Wallet.
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OMG Mining

The cryptocurrency Omise OMG cannot be mined. This leads the company to have the total control of the number of cryptocurrencies in circulation. But this does not mean that we cannot obtain GMO tokens, because we can obtain them as we have said, through our wallet with the Proof Stake system.

We can generate commissions for each transaction in the network proportional to the coins we have stored. Otherwise we can also buy them in the exchanges.

How to buy OMG

If you want to know how to buy Omisego or where to do it, of course we will advise you to buy Omisego on Bitnovo. And this is not simply because we are within the brand blog, but because Bitnovo is really a quick and safe wayto do it.

Our goal as a company is to make sure that a person who has just entered the crypto world can purchase any crypto in a few minutes, without experiencing the problems that most crypto exchanges have.

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