Omisego: Learn about Omisego, a plasma scalable token based on ethereum and a proof-of-stake coin

Omisego: Learn about Omisego, a plasma scalable token based on ethereum and a proof-of-stake coin

By quintomudigo | Crypto Street | 2 Aug 2019


  351665157-385f945f204b52984f648b1ef64b63e3054e90d498c9be453e6b4650b910dc1f.png    

Omisego is a native token created on Ethereum Blockchain network whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Omisego token has also implemented the Plasma scalability features on it thus block validation speed is very fast. The plasma scalability was mainly implemented on Ethereum blockchain in order to reduce network congestion as well as to enable easy creation of other chains on top of the main chain. It was also created to enable Ethereum token to be able to transform from being a proof-of-work to proof-of-stake without changing the blockchain. Because of this, Omisego was able to become a proof-of-stake coin. As a proof-of-stake coin, Omisego was created to enable people to easily get access to finance through investing and earning interest when the validators validate the coin transaction. As an Omisego user, different people can be able to exchange different cryptocurrencies in terms of fiat money. Also, different people will be able to transfer their crypto fund from one blockchain to another.  

Omisego transaction

  Omisego transaction takes place on the Ethereum blockchain explorer based on block height and timestamp. To view how the transaction takes place at Qtum blockchain explorer, simply follow the link below;

http://quest.samrong.omg.network/   

Date Launched  

Omisego was created in 2017 with the main objective of allowing different people to get access to finance through investing. Its parent company Omise which acts as an online payment gateway was created in 2013

  Founder Of Omisego

Omisego was created by Jun Hasegawa with the main objective of allowing many people to get access to finance through investing. Jun Hasegawa is financial technologist and entrepreneur based in Singapore  

Process of creating Omisego

Unlike Cryptocurrencies like bitcoin and Ethereum which are created as a proof-of-work through the mining process, For Omisego, that is not the case. Instead, it is a proof-of-stake coin. Although it already has a maximum supply of 140 million coins, the stakers will be allowed to stake the coin. At the same time, stakers will also be acting as validators. They are the one who will be responsible to set up the fees to be charged by the network such that when a DEX trading transaction takes place, they will be rewarded when the network validates the transaction. The validators should choose reasonable fees to be validated by the network so that they easily receive the reward. If validators set unreasonable low fees, the transaction will be validated by the network at a slower or might end up not validated thus receiving no reward. At the same time, if validators set very high unreasonable transaction fees, the network might end up ignoring their transaction thus no reward. Therefore, for easy rewarding as stakers, one should set a moderate reasonable fee and they will benefit by receiving reward from the network when their staking period ends. Stakers will be able to receive a staking reward of up to 3% per year. The more you stake the more you will earn and the little your stake the little the reward. As a staker, one might decide to become a solo staker which is less rewarding or one can join a pool staking which will yield more. Here is how the staking process takes place;

     omisego staking.png

 

If you want to become an Omisego staker, I will encourage you to join a staking pool but not to do it solo. Here is one of the staking pool https://omgpool.org/        

  Maximum circulation of Omisego

The maximum supply of Omisego coin that is expected to be circulating in the Ethereum network should be 140,000,000. From this circulating amount, the stakers will be able to be rewarded from the transaction fee on the DEX trading. 

  Omisego  Price

Currently, 1 Omisego is worth more than $1.5 and its price is expected to increase over the next period of time. Omisego is being abbreviated as OMG.  

Converting my Omisego to other cryptocurrencies

To convert your Omisego to other cryptocurrencies such as bitcoin and ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Omisego to bitcoin or ethereum.   https://www.binance.com/?ref=10776203    

Storing my Omisego

To store your Omisego, you need an Omisego wallet compatible to ERC-20 Ethereum wallet. You can use Myetherwallet or metamask  

Transferring my Omisego to other Users

If you want to transfer your Omisego to another user, the two of you must have trust in each other. The trust should be the Omisego address provided for the receiver while the sender must have the Omisego balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

  OMISEGO SENDER.png  

OMISEGO RECEIVER.png  

Knowing more About Omisego

If you feel that you need to learn more about Omisego coin, then you can follow them on their site. Here is the link redirecting you to Omisego website 

https://omisego.network/  

Now that you know, I think that it is time for you to start earning some Omisego by staking them. The more you stake the more you earn. If you feel that I should also own some Omisego for helping you to know about it then here is my Omisego address compatible with an ERC-20 token.   0x346570c491b76c7cd51699bdd272762111b743a9


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


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