OmiseGo (OMG) is one of the biggest price gainers on a day cryptocurrency took bold steps towards recovery efforts. Bitcoin led the market into the green with a +5.45% rise in value. The OMG token, however, outdid most of the top coins by moving +20.81% to cross the $14 mark. It then fell back to trade at $13.88 against the US dollar. Over the last 7 days, the Ethereum-based token has had an average upsurge of over 45.36%.
No letting up
The high volatility experienced with cryptocurrencies means that you can’t completely and accurately predict the next price value of a token. But there is one thing that is likely to happen with regard to OMG price movement; the uptrend is expected to continue well into Q2. The drive will eventually dissipate, but the potential is there for the token to have a remarkable 2018.
Strong support from big-shots within cryptocurrency
The foundation appears to be in place with the ERC-20 token platform having one of the strongest teams running the project. However, it is the advisory board that makes it exciting. Of the 10 members, three are top guns from the Ethereum platform.
Vitalik Buterin, founder of Ethereum and respected developer works with the OMG team as an advisor. His input in developing the Proof of Stake algorithm used on the platform is invaluable.
The other two are Dr. Gavin Wood, Ethereum co-founder and an advisory member on consensus technology and research. There’s also Vlad Zamfir, the lead researcher on Ethereum’s Casper protocol.
OmiseGO boasts of founders and co-founders of notable projects on its board, including the aforementioned Ethereum, Golem, Joseph Poon of Lightning Network, and experts from Cosmos and Tendermint. This formidable group supports the efforts of OmiseGo founder Jun Hasegawa. With such a backing, it’s easy to see where the project could end up.
What makes OmiseGo an attractive project?
Staking rewards system
OmiseGO utilizes the Proof of stake consensus mechanism. Validators, therefore, need to stake their OMG tokens/coins to take part in the process of confirming and securing transactions. If a holder of OMG has a certain amount of the token in their wallet, they get the opportunity to “stake” and earn rewards for confirming transactional blocks. It is an incentive as the more OMG you hold, the more you are likely to earn.
Pioneer Plasma implementation
Scalability problems have beguiled the top cryptocurrencies for a while, proving to be a stumbling block to eventual widespread use. Ethereum’s Buterin collaborated with Joseph Poon to develop Plasma to solve the problem of slow network and low transactions. OmiseGO is the first platform to implement that and will be able to process far higher volumes of transactions. In the end, it can support several projects with the risk of a downtime. The expectation that OmiseGo will launch Plasma is creating a lot of excitement. The possibility of having sidechain functionalities, like the staking reward above, could see more people rush to amass OMG tokens. this, in fact, could be one of the reasons the token has seen such a spike in interest in recent days.
Blockchain and cryptocurrency seek to transform various sectors in the world and to do so require having support from partners. OmiseGO could be well placed in this regard with its close ties to the Omise parent company that already has strong ties in Thailand, Singapore, and Japan. The crypto has had talks with the Thailand Central Bank and its hopeful that it will at some place integrate OMG’s technology.
Another partnership involves MakerDAO. OmiseGo will collaborate with MakerDAO via its DAI cryptocurrency to offer financial decentralization solutions. DAI is a kind of Stablecoin aimed at helping reduce volatility in cryptocurrencies. This partnership will be vital for OmiseGo as it seeks to offer users the freedom of using decentralized exchanges to move around or digitize assets. Reflecting on the importance of this partnership, a post by OmiseGO said that:
In yet another strong partnership, OmiseGO (OMG) has entered into a deal with ShinhanCard, one of the largest credit card providers in South Korea. The deal was signed between the company and Omise, the company representing OmiseGO platform. The two companies signed a MoU that will see the provider utilize OMG to effect its payment system in Japan and parts of Southeast Asia. The deal is further proof that OMG could gain a lot of traction in the region, before spreading the services globally.
The current interest in OMG tokens will continue and its value is likely to increase past the $15 mark before the weekend. With Plasma in the wings, anything is possible for this Ethereum-based token.