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OmiseGO is a payment platform based on the Ethereum network. OmiseGO (OMG) is also the name of its native token. It's designed to facilitate payments, trades and other financial transactions in both crypto and fiat currencies.
OMG prices reached their all time high price of around US$28 in January 2018, but by late 2019 and early 2020 they had dropped 98% from their peak, to around $0.5.
In May 2020, OMG prices briefly jumped back to around $2 as Coinbase announced that it would be listing OMG.
Whether it's on the way to a new upwards trajectory, or if it's destined to keep declining, depends on a range of factors.
Learn more Where to buy OmiseGO
Coin name | OmiseGO token |
Symbol | OMG |
Algorithm type | N/A |
Mineable | No |
Launch date | 2017 |
OmiseGO's open-source technology includes three main features:
Cryptocurrencies are not only volatile but also highly complicated. There are many factors that can have a positive or negative impact on the price of any coin or token, so you’ll need to carefully assess all those factors before deciding whether or not to make a purchase.
If you’re thinking of buying any OMG tokens, remember to consider the following.
OmiseGO’s price could also be affected (either positively or negatively) by news, developments, launches and upgrades from its competitors. These competitors include other cryptocurrencies, as well as existing financial services companies, payment platforms and tech companies.
Similarly, emerging fields such as central bank digital currencies could vastly change OmiseGO's value proposition.
As the world of finance continues to evolve and become more technology-centric, OmiseGO could find itself with many more competitors from unexpected directions.
As it stands, the payment processing industry is something of a mess. With services and systems fragmented across a wide range of centralised providers, it’s a financial sector that’s ripe for improvement. OmiseGO is one startup among many joining the rush to enter this space.
It's possible that OmiseGO's success or failure will be tied to the success or failure of the wider cryptocurrency world, and how effectively issues such as private key management can be addressed, or whether proof of stake models can prove themselves to be sustainable and robust.
The most important thing to remember about OmiseGO is that it will constantly be a work in progress, and it's one project among many in a tumultuous space. Whether or not it can actually realise the ambitions outlined in its whitepaper remains to be seen. There's also no guarantee that OMG token prices will rise even if it does achieve all its ambitions.
With this in mind, it’s essential to do your own research. Consider the technology behind OmiseGO, as well as the wider state of the cryptocurrency and finance industries, before deciding whether or not you should buy.
Images: Shutterstock
At the time of writing, the author holds IOTA and XLM.
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