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OmiseGO

What is OmiseGO (OMG)? A step-by-step guide

Built on the Ethereum platform, OmiseGO’s vision is to become the number one, peer-to-peer cryptocurrency exchange platform. OmiseGO is much more than an altcoin. It’s designed to be a financial platform, with the intent of disrupting current financial institutions and methodologies. It’s all built on top of Ethereum, one of the most popular decentralised application platforms on the market today.

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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is OmiseGO?

Icon Symbol Initial release date Algorithm type Max. supply
OMG 2013 N/A ~140 million OMG

OmiseGO describes itself as: “The answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions”. The goal of the platform is not so much to be a cryptocurrency such as bitcoin or Dogecoin, but rather to offer users an alternative to online exchanges.

The problem with current exchanges is that, in order to buy a cryptocurrency like bitcoin, it's always necessary to start from a fiat currency, for example USD. There are very few options and little variety available in exchanges, especially when it comes to converting one cryptocurrency to another.

How is OmiseGO different from standard exchanges?

OmiseGO aims to disrupt the current method of buying and selling cryptocurrencies from exchanges. It does this by connecting currently existing cryptocurrency wallets to a central OmiseGO blockchain, over which users can exchange cryptocurrencies quickly and easily. OmiseGo differentiates itself by being decentralised and currency agnostic in the following ways:

  • Decentralised

Exchanges today are centralised operations. This means that the databases containing all transactions carried out on the exchange are stored on a server (or group of servers) owned by the exchange, alongside all the data available for a particular user, and often including identification like a passport or driving licence.

OmiseGO offers the same exchange functionality but keeps all its transactions decentralised and stored on the blockchain. This keeps the data secure because a hacker cannot access one location to tamper with, say, the available funds of one person. A hacker would need to convince every user of the blockchain, making hacking attempts virtually impossible.

  • Currency agnostic

Most exchanges allow users to exchange money from fiat to cryptocurrency and back. This restriction causes a lot of fees to be taken out of a user’s account. For example, if I wanted to convert my BTC (bitcoin) to ETH (Ether), I would first need to find an exchange that trades in both BTC and ETH. Next, I would have to send BTC from my wallet to the exchange. Then I’d convert my BTC to a common fiat currency (e.g. USD). Finally, I would have to convert the USD back to ETH.

Throughout this whole process, exchanges would take fees, often when selling the BTC and again when buying the ETH.

OmiseGO circumvents the process by claiming that it's currency agnostic. It doesn’t matter whether you’re converting ETH to USD, or ETH to BTC. The process and fees remain the same: one direct conversion with one tiny fee.

Where can I use OMG?

At the time of writing, in September 2017, OMG are not coins you can use outside of holding them in your wallet as assets in OmiseGO.

How do I purchase OmiseGO coins (OMG)?

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
Electronic Funds Transfer
POLi
SWIFT
Osko
PayID
AUD, NZD, USD
BTC, BCH, ETH, LTC, XRP, OMG, ZRX, EOS, PLA, XLM, BAT, REP, GNT, ETC
Trade AUD and other fiat currencies against a wide range of cryptos at competitive rates.
BPAY
Cash
Cryptocurrency
POLi
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, GO & over 100+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Cash
Cryptocurrency
Electronic Funds Transfer
POLi
PayID
AUD
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, NEO, DASH, XMR, XEM, VET, ETC, ICX, QTUM, OMG, & 70+ more
Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Bank transfer
BPAY
Cryptocurrency
SWIFT
Osko
PayID
AUD
BTC, ETC, XRP, BCH, EOS, XVG, LTC, ETH, USDT, XLM, XMR, DASH, NEO, IOTA and 50+ more
Buy, sell, trade over 70 cryptocurrencies in AU.
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Bank transfer (ACH)
Cryptocurrency
POLi
AUD
BTC, BCH, LTC, ETH, XRP, EOS, XLM, ADA, XMR, DASH, IOTA, TRX, NEO, VET, WTC, POWR, OMG, NANO
Buy or sell 15+ cryptocurrencies with POLi, Electronic Funds Transfer or trade crypto-to-crypto on this Australian exchange.
Bank transfer
POLi
AUD
ARK, BAT, BTC, ADA, DASH, ENJ, EOS, ETH, ETC, GVT, GNT, ICX, and 10+ more
Accepting POLi and bank transfers in AUD, Easy Crypto is a simple way to buy and sell a range of cryptocurrencies.
Cryptocurrency
-
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

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Cryptocurrency
Wire transfer
USD, EUR, GBP, JPY
BTC, BCH, BTG, IQ, TRX, GNT, AVT, DASH, DATA, EDO, EOS, ETC, ETH, LTC, MIOTA, NEO, OMG, QTUM, SAN, USDT, XMR, XRP, BAT, ZRX, FUN, MANA, SPANK, TNB, RLC, RCN, REP, ELF, AID, SNGLS, SNT, QASH, YOYO, MITH, ETP, XTZ, CNN, BOX, GOT, TKN, UTN
Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL, GAS, LTC, ZRX, QTUM, ETH, ETC, VET, ICX & 300+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.

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To acquire some of its valuable OMG coins, you should create an account with a reputable online exchange and convert some USD into OMG. Once the OMG coins are in your wallet, their value will rise or fall depending on whether OmiseGO’s value rises or falls. You can sell back to the exchange at any time, for example if you make a profit.

Using OmiseGO

As of September 2017, OmiseGO’s exact operational method remains unclear. However, the vision as described by the developers is to bring together service providers and help them bridge the gaps between them by using the OmiseGO currency agnostic blockchain.

For this reason, OmiseGO is not a platform that can be used on its own. It requires other service providers to plug into it for users to reap its benefits. If it sees widespread adoption, most users might not even know that they’re using OmiseGO’s platform as they go about using their own cryptocurrency’s platform.

What to watch out for

OmiseGO is a very young platform, still in its early stages both in terms of development and adoption as of September 2017, so not a lot is known about it other than a general, bird’s eye view of its team’s vision.

What’s next for OmiseGO?

The future of OmiseGO is unpredictable and a lot remains to be seen. This is both a good thing, as the community has a lot of power over where the platform will go next, and a bad thing, since potential purchasers might be wary of putting money into the coin.

Market and cryptocurrency experts seem confident that OmiseGO has good things in its future but nothing is guaranteed.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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