First released in 2013 with a maximum supply of 140 million OMG tokens, OmiseGO (OMG) is an Ethereum based altcoin that is set to be a first of its kind peer-to-peer platform for buying and selling cryptocurrencies.

Granted, there are hundreds of altcoins built on top of Ethereum’s ERC20 platform but OmiseGO seeks to set itself apart by disrupting existing financial institutions and exchanges to secure a position as the top decentralized application.

The Team

OmiseGO (OMG) is backed by a young team of cryptocurrency experts with Jun Hasegawa as the CEO and founder, not to mention Donnie Harinsurt who is also a co-founder and the company’s COO.

OMG also boasts of some prominent advisors including Vitalik Buterin (the founder of Ethereum) and Joseph Poon (a co-author of the lightning network).

The problem OmiseGO is tackling

More and more people are buying cryptocurrencies. In fact, cryptocurrency exchanges have made huge returns simply by charging a fee to buyers and sellers of cryptocurrencies.

However, even with the boom in the cryptocurrency market, most payment processors and financial institutions acting as gateways to the crypto world are not only uncoordinated but end up charging exorbitant fees to Bitcoin and cryptocurrency enthusiasts.

This is where OmiseGO emerges. Fundamentally, it aims to relieve cryptocurrency enthusiasts from the need to buy cryptocurrency with fiat currency in a payment process that is skewed to favor existing exchanges.

The company plans to offer more options for exchanging one crypto coin to another by enabling quick fast and easy cryptocurrency exchanges on a platform that easily links existing cryptocurrency wallets to its OmiseGO Blockchain network.

What are some of OmiseGO’s Salient Features?

Well, first of all, Since its inception, the value of OMG ( OmiseGO’s cryptocurrency) has been on a steady rise going from $0.5 in July of 2017 to an impressive current price of over $15 according to XBT.net.

However, even with its price appreciation, it is hard to predict OMG’s future especially considering it’s still early on its development.

Decentralized exchange platform (DEX)

The crypto world has been grappling with the issue of security and privacy for quite a while. Although Blockchain is set to revolutionize data encryption most cryptocurrency exchanges still operate under centralized databases.

This means anyone transacting through regular exchanges is vulnerable to cybercriminals getting access to their wallets or even identifying users through transactional history or identification documents stored on the exchange’s servers.

OmiseGO (OMG) is set to use Blockchain’s anonymity to tackle this problem. Since Blockchain is immutable, financial transactions and other relevant data stored on OmiseGO’s Blockchain network will practically be hacker proof.

Affordable Mobile commerce and exchange

OmiseGO also plans to set up a distributed open protocol that will enable different cryptocurrency wallets to communicate thus allowing for cross wallet transactions.

Using this currency agnostic approach, OMG is sure set to disrupt most exchanges that charge clients exorbitant fees when exchanging one cryptocurrency to the other. Practically, OmiseGO will offer a cheaper alternative where there exists only one conversation that is charged once.

There s a lot to be expected from OmiseGO. The project is still in its baby steps. Although this might be a point of concern for some investors, experts in the crypto space ostensibly believe that this Blockchain project is set to change cryptocurrency transaction in the future.

However, the old adage that says “historic performance is no guarantee of future returns” still applies even withOmiseGO (OMG).