Connect with us

#Blockchain

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

Published

on

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.

Continue Reading
2 Comments

2 Comments

  1. Pingback: What is Omisego? Is it a good investment for 2018? – Btc News Magazine

  2. Pingback: What is Omisego? Is it a good investment for 2018? – The Coinage Times

Leave a Reply

Your email address will not be published. Required fields are marked *

#Blockchain

Ethereum Name Service. How to buy Ethereum Domains Explained

Published

on

Using Ethereum Name Service, One can send Ether to anyone by using their Ethereum name instead of the complex and ambiguous hexadecimal address.

How to avail an Ethereum name through the Ethereum Name Service.

Opening remarks

The blockchain technology has developed cryptocurrencies along with many and other industrial domains. The cryptocurrencies are secured with the amazing cryptographic principles, which in turn contains sets of confusing strings that need to be remembered in the form of public or private keys. Therefore, recalling those public addresses each and every time, while initiating any kind of transaction is highly challenging. Especially, in the case of the Ethereum network, as there are provisions available even for the Decentralized Applications and Smart Contracts. The complexities, in this case, are increased by a number of folds and therefore needs special attention. Intelligently, the experts are trying to attach domain names to each and every address through a decentralized initiative discussed below. Let’s understand Ethereum Name Service and its usage.

 

The Ethereum name service Dapp

Widely popular as Ethereum name service is the paradigm incorporated by the experts in order to eliminate the need of remembering long hexadecimal addresses. By utilizing the amazing functionalities provided by the service, one can send Ether to anyone across the world by using their Ethereum name instead of the complex and ambiguous hexadecimal address. For example instead of remembering the address, ‘0x4cbe5826c0480…’ one can easily replace it with ‘tonystark.eth’. This link establishment between two entities is nothing but Ethereum name service and one needs to buy Ethereum names for their respective addresses, as there might be a lot of competition for the same Ethereum name.

 

What is Ethereum name service actually?

ENS is nothing but an Ethereum based Decentralized applications which launched its main net in May 2017. The decentralized applications offer Ethereum name service which absolutely functions with the assistance of smart contracts.  In brief, the ENS, abbreviation of Ethereum name service, has similar goals to that of the Domain name service of the internet but is completely blockchain-based with a different set of capabilities and requirements.

 

Understanding the process of Ethereum name service

Series of steps must be followed by a cryptocurrency enthusiast, in order to obtain the Ethereum name for the wallet or Smart contract. Ethereum name service is obtained by the users through an auction process. The auction process applied, in this case, is a Vickrey auction process. It is nothing but a variant of sealed bid options where the bidders bid a certain amount on a particular Ethereum name without actually knowing the bid amount of other bidders. In this way, the users are open for an opportunity to bid and avail a precise value of the commodity. The steps to avail Ethereum name service is explained below.

1. The first step of the auction, the user bids a certain amount on an Ethereum name that he/she wishes to buy. This process triggers a three-day window time frame. The Other bidders within the community can bid their respective amount on a number of Ethereum names of their choice within this three day period. It is worth mentioning here that none of the bidders knows about each other, the amount, and the Ethereum names they are betting on. In simple words, the process is completely anonymous.

2. After the first step of obtaining an Ethereum name service is completed reveal period of 2 days is put forth before the bidders when they need to reveal their respective biddings. It is important to reveal their biddings and if they fail to do so, it would result in the complete loss of their amount.

3. After a waiting period of 2 days, the highest bid wins the competition and has to pay the second highest amount, and all the remaining bidders who had revealed their biddings would receive back their amount with a deducted fee of 0.5%. As the whole system is powered by Smart contracts, the funds of the winner are stored in a smart contract until he/she is under the control of that particular Ethereum name.

Interestingly, the winner can hold the Ethereum name under the control and when released back to the ecosystem can avail their complete amount refunded back.

Interfaces offering the Ethereum name service

In order to facilitate, the ease of using the Ethereum name service a number of initiatives have been proposed which can be approached to obtain Ethereum names. Some of the most popular ones which assist the users in utilizing the Ethereum name services are as follows.  

  1. registrar.ens.domains
  2. My Ether Wallet
  3. ETHTools’ ENS integration, etc

Continue Reading

#Blockchain

How to Smartly invest in Ethereum? Explained.

Published

on

There are a number of strategies that are applied by professionals in order to invest in Ethereum which would indirectly maximize the return on investment.

Comprehending best tactics to invest in Ethereum

Intro

The decentralized applications, as well as smart contracts, were some of the new functionalities that came into the picture with the initiation of Ethereum Blockchain. These features have opened up opportunities for many cryptocurrency enthusiasts, in order to make the best use of these applications for a better financial system. Although the cryptocurrency market is highly fluctuating in nature, the Investments are estimated to be rising as the time passes by. Invariably it is the investments in the cryptocurrency space itself which would assist the market in gaining maturity. But with keeping regulatory concerns in mind, one must be watchful with their investments based on the geographical location. Let’s see how to smartly invest in Ethereum.

Invest in Ethereum

The world’s second largest cryptocurrency coin, Ethereum has proven to be the most reliable option for the cryptocurrency investment for both the long as well as short-term purposes. The cryptocurrency project is fuelled by the visionary, Vitalik Buterin with an ambition of democratizing the development and sustainment of the decentralized form of apps through the smart contract functionalities. Therefore if one chooses to invest in ethereum then he or she is certainly betting on the decentralized cryptocurrency platform of the future.  

There are a number of strategies that are applied by the cryptocurrency professionals in order to invest in Ethereum which would indirectly maximize the return on investment. There are a number of methods available in the cryptocurrency space in order to invest in Ethereum, by buying them through the broker exchanges or peer to peer exchanges.

 

Broker exchanges to invest in Ethereum

A Broker exchange is a professional cryptocurrency marketplace where the users can effectively invest in ethereum bye buying Ethereum with their traditional Fiat currency. One of the most predominant broker exchange which is most commonly used by the Crypto community is Coinbase. It follows a series of seamless steps in order to invest in Ethereum.

The users need to register themselves with the exchange, verify the identity, deposit funds into their account through the traditional wire transfer method and finally, they would be enabled to buy Ethereum through these funds. Choosing this way to invest in Ethereum is highly preferred as the exchanges are highly experienced, reliable, as well as user-friendly in nature. Therefore, it is one of the perfect places for the beginners to invest in Ethereum.

 

Invest in Ethereum through peer-to-peer exchanges

On the other hand, we have peer-to-peer exchanges which can be opted to invest in Ethereum cryptocurrency. This kind of a marketplace is completely end to end encrypted in nature, as the exchange itself is not involved in the process to invest in Ethereum. In this case, both the buyers and the sellers use the peer to peer exchange, in order to undertake the transaction. Major advantages of this method of invest in Ethereum is that there is no identity verification procedure required, unlike the broker exchanges.

 

Invest in Ethereum little by little at dips

Nevertheless, one of the best strategies ever applied and is also a closely guarded secret by some of the most professional Ethereum investors, is to invest in Ethereum in bits and pieces. According to the experts, the users must not invest in ethereum at once but should be carefully looking out for opportunities to invest in Ethereum. The best situation that one can choose to invest in Ethereum is buying Ethereum at its dips.

The readers are recommended to invest in Ethereum during its fall as the cryptocurrency market would certainly recover over time. Now how am I able to say that with such confidence? It is because Ethereum is the second largest cryptocurrency and whose use case would continue to rise, due to its amazing decentralized applications as well as smart contract facilities.

 

Pro top – decentralized exchanges to invest in Ethereum

There are also decentralized cryptocurrency exchanges which can which can be applied in order to invest in Ethereum. They are usually 100% automated as they completely depend on the smart contract functionalities for all of its uses. It is worth mentioning that, Blockonix is one of the most reliable and safest decentralized Crypto exchange that one can count on.

 

Disclaimer

All the investments are subjected to the market risks. As the crypto market is highly volatile, one must invariably conduct an extensive background check and must be taking only the amount of funds they are willing to lose.

Continue Reading

#Bitcoin

How to get a Bitcoin Debit card? Explained in three steps.

Published

on

Bitcoin Debit card has become very rampant, where users can use it in a similar way they used the traditional debit cards.

Deciphering a Bitcoin Debit card and how to procure one.

Intro

It is certainly not a surprise that the cryptocurrency space has revolutionized, the way the financial economy of the world functions. With Initial coin offerings, cryptocurrency tokens, decentralized applications, smart contracts, lightning networks, side chains, forking, etc are the most important and new cryptocurrency keywords which have been spawned by the development in the cryptocurrency space. Satoshi Nakamoto would never have thought that his simple initiative of an electronic cash system would grow into a billion dollar industry. Let us read about Bitcoin Debit Card and how to get one.

 

Bitcoin Debit card

Nevertheless, many cryptocurrency coins are available in the market and predominantly used for investment and not in the form of currency. Therefore, many initiatives have been undertaken, in order to democratize the usage of cryptocurrencies on a daily basis. One such initiative is the Bitcoin Debit card.  Bitcoin Debit cards have become very rampant, where users can use it in a similar way they used the traditional debit cards. The main goal is to completely radicalize the usage of such Bitcoin Debit cards in order to form a hassle-free form of financial ecosystem. Therefore in order to contribute to the community’s development, let us understand how to get Bitcoin Debit card.

 

Ordering a Bitcoin Debit card has never been that simpler. It is as simple as filling an application form and submitting it to the respective authority, very similar to any other traditional Bank.


Step 1 to buy Bitcoin Debit card

Firstly, all the users need to find a suitable Bitcoin Debit card providers they are usually nothing no one but the traditional Paytm payment gateway service providers which you have initiated to sell Bitcoin Debit cards in order to leverage their business there are many of them available in the market but the most reliable and popular one is the Coinbase’s Swift Bitcoin Debit card. One can avail it in a seamless fashion.

Step 2 of buying Bitcoin Debit cards

The user after selecting the appropriate Bitcoin Debit card provider needs to fill the application form with contains some basic details of the users like complete name, phone number, address, date of birth, and most importantly the Social Security Number.  We must properly provide all the authentic details in order to avoid any further discrepancies in data, which indirectly might lead to the rejection of the Bitcoin Debit card application. One of the main requirement of the Social Security Number is that the banks can easily verify the Know Your Customer regulations in a simplified manner.

 

The third step to buy Bitcoin Debit cards is to make the payment.

The users then need to make the basic pay in order to avail their Bitcoin Debit card. It is worth mentioning at this point, that this payment does not reflect in the Bitcoin Debit card that one receives. The user’s need to exclusively add funds to their Bitcoin Debit card by a number of other methods with which would be discussed, in maybe some other article. Once the payment is done the process is complete and the users receive their Bitcoin Debit card.

Further attributes of Bitcoin Debit cards

The usage and development of Bitcoin Debit card have become very popular since 2015.  It has opened up the cryptocurrency community for new ways to use Bitcoin, in its real format. Although the high volatility and price fluctuations, is resisting the merchants to accept Bitcoin, the crypto space will undoubtedly get mature enough to be used by the merchant stores in a very common manner. However radical steps have been taken in this regard, where any merchant store which accepts VISA credit or debit cards, would automatically be upgraded to accept the Bitcoin Debit cards as they are indirectly powered through VISA itself.

Future

As the cryptocurrency market gains, maturity Bitcoin Would still be in the topmost position, as Bitcoin Debit cards would monopolize Bitcoin over the market. However, with respect to the scalability issues of the Bitcoin blockchain network, the Bitcoin Debit cards might prove to be a bottleneck causing congestion due to more inflow of transactional traffic towards the network.

Continue Reading
Advertisement BitcoinAdvertising.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 6486.48546674
  • ETH
    Ethereum(ETH) 301.174799627
  • BCH
    Bitcoin Cash(BCH) 564.44652557
  • EOS
    EOS(EOS) 5.2443431479
  • LTC
    Litecoin(LTC) 57.6131595686
  • ADA
    Cardano(ADA) 0.1010061686
  • TRX
    TRON(TRX) 0.0221055732
  • DASH
    Dash(DASH) 154.061070871
  • XEM
    NEM(XEM) 0.1068193545

Trending