Do I Own a Shitcoin?




OmiseGO - Shitcoin Review

on Sep 21, 2018


ERC-20 ERC20 ETH ETHEREUM OMISEGO OMG VITALIK



OMG, we should be able spend crypto anywhere.

And as a business owner, it sucks having to wait for crypto, it’s like OMG WTF.

Wait..OMG?

Ahh...OMG.

Yes, another cheesy intro to the coin summary of the day: OMG (OmiseGO).

 

Let’s dig in…

OmiseGO (ticker: OMG)

High-Tier Shitcoin

 

Wtf is this shit?

OmiseGO has a loyal following that is very enthusiastic about their future. Ranking consistently in the top 20’s on Coinmarketcap and having consistent liquidity in the ETH/OMG or BTC/OMG markets. Like many other projects, their name is megashit...so bad...we don’t understand wtf is wrong with fellow cryptopians sometimes.

Anyways, let’s dig in to what OMG is all about.

OMG was initially funded through an ICO that raised over $25M in Ethereum. OMG aims to offer a high throughput solution as a payments gateway, and as a general settlement and exchange layer. Basically offering various financial services to the Asian markets.

OMG is an ERC-20 token, but they do offer PoS, which is interesting as many ERC-20 tokens don’t offer any sort of mining (at least no PoW, obviously).

They have created an environment where developers can also launch OMG applications. For example, perhaps someone will create the next Stripe using OMG’s offerings (or OMG themselves will be Stripe...you get the idea).

To achieve high throughput, they have been the first to implement Plasma...a scaling solution proposed by our boy Vitalik (who is also an OMG advisor) and Joseph Pootytang..lol jk real name, Joseph Poon (equally as funny a last name).

They are also slowly rolling out FacePay, a method where payments can be made through facial recognition software. Both cool and scary. We are not sure on the practicality here, or if this was the best use of their efforts, but it is a neat milestone.

The main reason they have gained traction is also due to their partnerships. From the Thai government, large Japanese businesses, and investments from the notable SMBC and other major firms, they are in the spotlight as a major ETH token. As a result, many are as enthusiastic about OMG as ETH itself..which is pretty huge shit.

Ultimately, many people think OMG will be the Stripe or PayPal of southeast Asia utilizing blockchain tech (Ethereum specifically).

 

Who tf is behind this shit?

Their two founders are Jun Hasegawa and Don Harinsut. There is not much information on them to be honest, but we did find them on LinkedIn. Jun has been involved in the payments space in crypto since 2013 starting Omise Co (later turned in to OmiseGO). At the very least, we can see the commitment is there from the team, and they hit milestones. Feel free to dig into them more.

 

Anyways, High-Tier shitcoin as a result of market and qualitative metrics. Very likely they can dip to mid or low-tier...or shit-tier in this competitive market. Choose wisely and DYOR.

 

Hope you learned some shit.

Chat soon!

- Mike and Aaron