How can OmiseGO turn around the economy?

David Kemp

Many people remember the days when bitcoin transactions were carried out for days and hours. Transaction fees were quite high. Since then, the world's # 1 cryptocurrency has often been used as long-term investment asset. The OmiseGo digital money creators are determined to overcome bitcoin shortage.

What OmiseGO is released for

The initial goal of OmiseGO development was forming a single decentralized ecosystem combining both: fiat and digital currencies. As well, the creators aimed to provide it with instant transactions and lowest commissions possible. The platform was to be simple and easy to operate.

Generally, OmiseGO is a special digital and fiat money exchange with advanced options, such as: convenient payments, coins trade, commercial p2p type transactions and other operations. Transactions are confirmed through the PoS algorithm. The number of coins on account influences the reward amount.

OmiseGO key features

  • Special software for creating White-Plasma wallets. OMG platform provides the opportunities for creating and using digital SDK wallets quickly and easily. Even beginners will be able to do it. Afterwards, the transactions may be conducted immediately.
  • Decentralized exchange between users. The OmiseGO blockchain allows you to interact with various coins: ethereum, bitcoin, neo and others. With the help of smart contracts one can perform secure and instant transactions fully automatically.
  • Using Plasma architecture. The cryptocurrency developers intend to cope with the scalability problem through it. The system's working principle reminds of Lightning Network. With its help, OMG will withdraw transactions outside of the main blockchain. As a result, the network overloading will decrease and the operations processing speed will increase. Theoretically, the Plasma system will withstand billion transactions per second.
  • Decentralized exchange (DEX). The developer is intended to launch its own decentralized trading platform. In case it succeeds assets exchange would be performed much faster. As well, the process as a whole would become extremely liquid.

It is difficult to overestimate OmiseGO potential influence on the economy. The system has big chances to realize both: instant and cheap payments from any part of the world, as well as assets exchange. They also guarantee work reliability. The platform allows you to perform operations with cryptocurrency and fiat money too. Many cryptocurrency exchanges have added the coin to their platforms, offering customers to benefit from it. You should definitely try to register a wallet in there and experience the OmiseGO developers' high professionalism!