The Omisego (OMG) platform brings a lot of innovations which are long term solutions to digital finance; this has been the main aim of cryptocurrencies and blockchain technology. The OMG token which is currently ranked among top 30 altcoins in market cap clearly shows that the team at Omisego has been on an upward trajectory in terms of value addition. This is one of the Ethereum built networks that provides a couple of services to its users; the crypto idea behind Omisego aims at improving liquidity and enhancing efficiency in clearing procedures.
The technology used to build the Omisego platform is one of a kind since it allows blockchains in different networks to interact with one another one on one in the absence of a gateway token that is trustable. The crypto community has been fortunate enough to get a couple of coins that have advanced the ERC20 significantly, Omisego (OMG) is one the players that uses this protocol to enable approval of transactions and recording of assets on the blockchain.
Competitive Advantages of the Omisego platform in Crypto
The importance of globalization and trade has been a hot topic within the last century and most technologies have tried to solve shortcomings that hinder exchange of goods and services. This is why the emergence of digital currencies is not a surprise as it was inevitable. The Omisego team has played well into the competition game within the crypto arena by distinguishing some key features. Unlike some DApps the Omisego platform has a more fair execution of orders and transactions since it is based a proof of stake protocol giving control to a wider audience within the network.
This helps in avoiding biases that may arise when single entities are entrusted with running of the Omisego network. The likes of the popular Ripple (XRP) token have a couple of lessons they can pick from Omisego’s infrastructure; Omisego have diversified trade risk that may arise from system failure by being reliant on a couple of digital assets for trade execution including the likes of Ethereum & BTC.
Most cryptocurrencies are built to operate on-chain within a specific or a couple of blockchain networks depending on the protocol complexity and efficiency. This has been a shortcoming so far since transactions are slower given that data needs to be processed and approved on the blockchain. Altcoins that have so far managed off-chain transactions are yet to solve the problem of executing transactions from a common engine. Omisego (OMG) is miles ahead with its off-chain infrastructure which is not limited to cryptos with full custody but one is able to engage another user for trade via cryptocurrencies like Bitcoin. Omisego does not define the finality of development in this arena since there are a couple of networks that have hinted on improving the design by OMG.
The Bullish OMG token
This is the engine of the Omisego platform, the token is used for auditing and oversight of participants in the platform. With this token users within the platform can be able to use the platform without fear of unfair occurrences when it comes to KYC and rules enforcement. The token acts as a binding contract for activities carried out on this blockchain platform which when carried out effectively means that the OMG chain will eventually burn the bond once an activity has been approved. Owners of OMG tokens have the advantage of validating the network while their crypto investments gain value from transaction fees charged to users.
The Omisego (OMG) token trades at $9.2 and 0.00120066 the pioneer cryptocurrency which currently leads the crypto market in both market cap and price per unit. OMG is not a new comer to the relatively high bullish & bearish movements with its 7 days volatility currently at 21% (at the time of writing); this is evident from the fact that OMG has once achieved a high of $28. The token which so far has had a cumulative return of over 1500% is traded in a couple of markets with Huobi Pro dominating the volumes moved followed closely by Binance.