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What is Omisego? Is it a good investment for 2018?

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Omisego was originally developed as an extension platform of an already existing firm named, Omise. The parent company is operating from Thailand.

Realising the potential of Omisego project.

Introduction

The cryptocurrency domain has spurred a lot of other fields related to the financial sector in order to support the overall financial environment which has in turn been developed on the basis of cryptocurrencies. The concept of decentralization is being applied by many organizations for the implementation of the projects and solving a real-world practical problem. Hence a number of cryptocurrency tokens have been developed in order to act as a fundraising medium. While some of the projects turn out to be Ponzi schemes some of the others are expected to overthrow already existing some dominant projects. Omisego is one of such platforms that has outgrown with a lot of potentials.

The ERC20 tokens

Similarly, the Ethereum project was created under which an ERC20 token template was made available to all its users in order to create their own decentralized token based on the Ethereum platform. All the tokens which are created by using this standard format put forth by the Ethereum community, confirm that transactions on the Ethereum network itself. Indirectly they help in the development of Ethereum network.

Omisego

One such most popular ERC20 token is Omisego. It was originally developed as an extension platform of an already existing firm named, Omise. The parent company Omise, founded in 2013 and operating from Thailand is a venture-backed payment company. Technically the project is nothing but an Ethereum based smart contract platform which uses its native token OMG.  

 

Let’s witness some of the Key Milestones of Omisego project.

  • It is worth noting down that out of hundreds of cryptocurrency tokens based on the ERC20 Token standard, this one was the first one of its kind to reach the $1 billion valuations. The initial coin offering for Omisego was conducted in the year 2017 where it managed to raise almost $25 million.

 

  • The Omisego project aims at eliminating the gap which existed between various payment gateway service providers, financial gateways, and Financial Institutions.

 

  • The Blockchain Gateway is backed by a financial asset. The on-chain as well as a decentralized project is highly scalable and can serve the requirements of billions of people seamlessly. Omisego’s meaning is to become one of the most prominent exchange as well as a settlement platform.

 

  • By incorporating Omisego open source wallet structure, any institution can incorporate, it into their financial system. They also facilitate in connecting the most isolated forms of financial services provided by Visa, MasterCard, PayPal, etc and decentralized projects like Ethereum.

 

  • The free open source and white labelled E-wallet program code of Omisego are available and one can customize it according to their style, design, layout, and even integrate it with other apps.

 

  • The Omisego project enjoys a lot of privilege from its parent company, Omise. Which indirectly means that all the centralized financial services which are provided by the parent company Omise, is clustered with the decentralized power provided by this project in order to optimize the overall functioning.

 

  • The Omisego project concept is so amazing that the team developers have been honoured as ‘Fintech Rockstars’ by Forbes which is an added feather on their cap.

 

  • Omisego project uses the Proof of Stake Consensus mechanism for the validation of transactions. The nodes which do the process of verification receive the OMG tokens in the form of reward.

 

  • A number of different models were put forth in order to solve the scalability issue of the Ethereum network. This project was the first implementation of one of those four proposed models named, Plasma, which was collaboratively proposed by Joseph Poon, and the founder of Ethereum, Vitalik Buterin. There have been a number of instances till date, where we have experienced the clogging of transactions on the Ethereum network, due to the overflow. hence Omisego aims in bringing down this scalability issue of Ethereum network through Plasma model.

 

  • McDonald’s which is one of the most popular fast food restaurant chains spread all over the globe has joined hands with Omisego in order to incentivize the payment methodologies. Even the Central Bank of Thailand along with Japan are looking forward to incorporating this payment system into their financial sector.

 

  • Omisego project has also collaborated with major Financial Institutions of Japan like The Bank of Ayudhya, Sumitomo Mitsui Banking Corporation (SMBC), and Credit Saison.

Is Omisgo worth investing in?

The future of Omisego seems highly reliable as the initiative is strongly backed up, by the most prominent Institutions of Asia and all around the world. There have also been instances on Twitter when Vitalik Buterin endorses the token and mentions it to be one of his favourites. One must also be a crystal that the project is free from legal scrutiny as it is completely decentralized in nature. Despite being in its nascent stage, the project has gained attention at such scales. Hence, in the future, the project is undoubtedly going to dominate as it combines the best of centralized and decentralized features.

#Blockchain

Can France become the Blockchain Nation?

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French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals.

French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals all aimed at trying to make France the number 1 Blockchain Nation specifically citing that they do not want to miss the train on this like they did the internet.

MPs in France are proposing to have a 500 million euro investment fund in order to stimulate the blockchain industry in France. They are focusing on trying to get public institutions to get into blockchain. The proposals include the Central Bank of France issuing their own cryptocurrency and providing subsidies for cryptocurrency miners.

Recently we did have legislation coming out of France that they want to make it much easier to have ICOs in France. They are aiming to attract teams from all over the world o come to France and have their ICOs.

 

Writers thoughts:

The central bank of different nations are planning to issue their own crypto assets but it recreates the problem that we are trying to solve with cryptocurrencies.

Giving subsidies to cryptocurrency miners is not actually good for the crypto community as the mining industry should remain competitive. The government of different nations should not be giving them preferential energy rates especially in France where it is mostly a nuclear-powered nation.

Setting up a legal framework for ICOs is exactly what is needed in terms of regulation.

Along with all of this, there is also a formal taxation policy which is coming up in France and all of this coming together is quite awesome. This is regulatory clarity and this is what a lot of companies and institutions are desperately asking for. This is the main reason why more and more companies are moving to nations such as Malta, Japan, and Switzerland as they have regulatory certainty. France which is one of the world’s biggest economies is hopping on board with the new proposals, the recent announcements about ICOs, taxation, tobacco shops to sell bitcoin from next year and recently setting up something called the ‘Mediterranean Seven’ which includes Spain, Portugal, Cyprus, Italy and Greece led by France with the mission to improve education in usage of blockchain technology in industries such as healthcare, transport, land, company registry, shipping and much more.

 

What are your thoughts on the above? Tell us in the comments section below.

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#Blockchain

Blockchain and Oil Industry: IBM partners with ABNOC

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IBM is teaming up with the Abu Dhabi National Oil Company to create a blockchain supply chain system. The blockchain solution is currently in pilot phase.

IBM is teaming up with the Abu Dhabi National Oil Company or ABNOC to create a blockchain supply chain system. The blockchain solution is currently only in its pilot phase but this is no small announcement for ADNOC as ADNOC has a daily output of about 3 million barrels of oil in 10.5 billion cubic feet of natural gas. ADNOC’s digital unit manager had the following to say about the blockchain pilot:

“Blockchain is a game changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes. It will strengthen the marketing and trading of our products and create long-term sustainable value.”

 

Blockchain for Oil

The blockchain solution will also enable the ability to track every molecule of oil and its value from well to the customer. Also reducing the time to execute transactions between ADNOC’s operating companies and increase operational efficiencies and provide even greater transparency to the industry. The blockchain solution will surely increase the revenue for ADNOC and it may increase the efficiency of delivery and hopefully reduce waste.

The oil industry is currently attempting to extract a little bit more wealth before the renewable revolution takes place. But even though we have a boom in renewables, the infrastructure is lacking in many places globally and oil is here to stay with us at least for some time in the coming future. This is the first oil blockchain solution which will surely attract more oil blockchain solutions in the coming future.

 

The third industrial revolution will surely be not an oil-based revolution. The renewable revolution will basically be unstoppable. What do you think about the future of blockchain and oil industry? Tell us in the comments section below.

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#Bitcoin

CoinMarketCap is now on Telegram and very community-driven

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CoinMarketCap, a platform that has been serving the cryptocurrency community since 2013, now has an official Telegram group to educate the community

CoinMarketCap, a platform that has been serving the cryptocurrency community since 2013, now has an official Telegram group to educate the community about latest happenings in the world of cryptocurrency & blockchain with market updates, relevant news, and educational content.

 

CoinMarketCap

CoinMarketCap is the most used websites amongst the crypto enthusiasts, having a great user experience. The platform provides a comprehensive breakdown of the current price of more than 2000 cryptocurrencies in the market. The price is calculated by averaging the prices of top cryptocurrency exchanges weighted by volume. CoinMarketCap offers essential data such as historical price charts, coin information, ranking, the market capitalization of each cryptocurrency, circulating supply along with the 24-hour volume for the millions of cryptocurrency enthusiasts.

 

CoinMarketCap for Traders

CoinMarketCap is also an excellent tool for traders for viewing the hourly, 24 hours or 7-day percentage change of a particular coin. The information on the platform is updated in real time. CoinMarketCap fetches real-time data from top cryptocurrency exchanges and ranks the top 100 exchanges for traders to choose from and decide which one is the best suitable for them. In summary, CoinMarketCap can be called a solution for all cryptocurrency related data that anyone needs for investing, trading or understanding cryptocurrencies. CoinMarketCap now offers a pro API plan which provides more robust data endpoints for subscribers.

 

CoinMarketCap Community Group

CoinMarketCap has recently announced the launch of their official Telegram group which aims at connecting the entire crypto community with market updates, relevant news, and educational content. It’s also a great space to bond, share and learn about crypto related topics with the peers in the community.

 

How do you join the group?

To join, simply download Telegram Messenger onto your mobile phone or desktop.

Telegram Messenger also works on the web: https://web.telegram.org. Once you have successfully registered on Telegram, you can search “CoinMarketCap Community” in the search bar. Users can also click on the following link to join the group instantly: https://t.me/CoinMarketCap

 

CoinMarketCap Chat Bot

CoinMarketCap also has an interactive chatbot: @CoinMarketCapBot which will allow you to have an interactive experience through choosing your own adventure on market updates, latest cryptocurrency news, and educational content.

This is a great new way of receiving quick updates in the crypto market. The whole thing only takes a few minutes and the interaction with its sassy bot is not only informative but also quite entertaining!

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