Crypto Spotlight: OMG
OMG! OMG (OmiseGo) is now available in the Wirex app. It’s one of six new additions, and it’s all about easy transferring.
What is OMG?
OMG operates on both the Ethereum blockchain and its own OMG Network. Its purpose is to allow users to freely transfer both crypto and traditional assets between different blockchains.
Who created OMG?
OMG was created by Thailand-based financial services company Omise in 2017.
What does it do?
OMG has one main goal in mind, and that’s to simplify the transfer of money between different platforms. Many digital payments take place on a single platform (e.g. Venmo and Alipay), which makes moving funds from one platform to the other a difficult process.
It aims to do improve this process by integrating several electronic wallets using the OMG Network. This works by using a proof-of-stake (PoS) protocol to settle the movement of assets between several e-wallets. As more e-wallets are added to the network, OMG helps provide banking services to those who otherwise would’ve been excluded from the system.
What makes it unique?
OMG is unique in its goal for simple transfers. Users are also required to buy OMG to pay for any work carried out by the OMG Network, e.g. whenever an OMG contract is used.