What problem is OmiseGo solving?
You’re going to hear that OMG(OmiseGo) is a decentralized bank, exchange, and asset-backed blockchain gateway etc. etc.
So many unnecessary words & terms and most of us don’t even understand the fundamental value that OmiseGo brings to the table. What does OMG really do? What is OmiseGo use case?
Let’s imagine you’re in a foreign country eating dinner and the only currencies that you have are Euros and Japanese Yen(for some reason) but they only accept Danish Krone. OmiseGo has created a payment gateway that will convert your Japanese Yen into Danish Krone. You will only spend the currency you want to spend and the receiver will only receive the currency he’s willing to accept. Win, win.
As a merchant, you can start accepting any currency you want your geographical location won’t matter anymore. As a consumer, you will be able to spend your BAT, OMG, NEO, ETH or Bitcoin for that matter.
What other problems OmiseGo is solving? (2)
More than two billion people globally are unbanked. These 2 billion people have access to phones but they don’t have access to banks. So the only money these people have is fiat currency and it’s in paper. It’s hard to store your money that way and let’s not get started on the safety. The only place you can store your money is under the bed or in your closet.
For these 2 billion people it’s quite difficult to send your money to your family and relatives if you don’t have a bank, it’s still possible through other services, but it’s quite expensive. So OmiseGo will provide the solution to these unbanked people.
OMG wants to provide merchants and their users with a universal decentralized solution that will allow you to store, carry and exchange money.
So basically, people will be able to sign up for OmiseGo wallet, deposit their money. It will also work as an exchange. If you will deposit Euros, you will be able to exchange those Euros for U.S Dollars, Yen, Danish Krone or whatever. You will also be able to exchange those assets for cryptocurrencies e.g OMG token, Bitcoin, Ethereum etc.
How is it different from other crypto exchanges? Well, OmiseGo will provide the solution to spend that money in your local supermarket or grocery store or send it to your relatives or whatever.
Where is OmiseGo Going?
OmiseGo is trying to make the world more global!
Often you hear where is the world going, where is the cryptocurrency going, what’s the point of all this? Well, here you have it. They are making the world a simpler place.
You won’t need to think about exchanging your money or your crypto into fiat to travel anymore, as long as you have your OMG wallet with you, you’re covered. Best part? It will work instantly, you won’t need to wait hours or days for your transfer to be complete. You make a transfer and it goes through immediately. That will make the crypto adoption more easily than it has ever been.
It’s quite the Team they have and it’s one of the most recognizable teams in the crypto community. They already have been called Fintech Rockstars in Crypto. By the Forbes magazine.
They also have Vitalik Buterin on the team as an Advisor, who is the Ethereum founder.
OmiseGo is definitely one of those projects you should keep your eye on. It has an idea, it has a team and it could go places, let’s see.
You can learn how to buy OmiseGo
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