The OmiseGO Hard spoon and what it entails
In the month of April OMG has risen more than 55% and is set to hit the $20.00 mark before the end of April 2018. Next month a hard spoon will take place between Cosmos & OmiseGo (OMG). There are still a lot of people who are still unclear as to what Hard Spoon means, let us clarify this first.
Like Jae Kwon, CEO of Tendermint said: Hard spoon can be defined as,
” A new chain that takes into account state from an existing chain: not to compete, but to provide broad access“
*At the end of the article is another definition if it is still unclear
Thus, a hard spoon happens when a new digital asset is minted by duplicating the account balances of a cryptocurrency that already exists. This is what will be happening to OMG’s token balances, they will be duplicated onto a Tendermint chain that is in effect connected to Cosmos.
Prices of the day 26 April 2018
It could be the fact that OmiseGo makes it possible to send money from one party to the next easily or the fact that its trading ticker is the fun OMG abbreviation. Whichever reason it is, OmiseGo is the altcoin to buy in 2018. The cryptocurrency has seen steady, sustained growth over time. It has impressed analysts and investors too. OmiseGo is currently valued at $17.94 This is an attractive price which makes it easy to invest in the altcoin and hold it for a handsome return in future. By judging its recent performance, the cryptocurrency is bound to exceed expectations in 2018. This is the general expectation by analysts across the board. Discover why below.
Chart 1: OmiseGo price chart (Source: Coingecko, 2018)
Experience is the best teacher
This is not the first foray into handling financial assets for OmiseGo. Based in Southeast Asia and serving countries such as Singapore, Japan and Indonesia, Omise has 6 years of experience in handling payments. It is only now venturing into the world of cryptocurrencies.
OmiseGo is building a universal e-Wallet on the Blockchain infrastructure. This facility will help users of the service to transfer value through digital assets and cryptocurrencies. By designing it as a peer to peer facility, the e-Wallet developed by OmiseGo will allow users to go across physical jurisdictions, and organizational silos to transfer value from one party to another. This means that users will be able to exchange the value between cryptocurrencies, fiat currencies, airline vouchers and shopping vouchers as well as use it to handle any day to day transactions.
OmiseGo is streamlining payments such that users will be able to make payments across borders and avoid paying high fees. Moreover, it will prevent them from having to deal with systems that are uncoordinated. It is literally the Swiss Army knife of value transfer using cryptocurrency infrastructure.
Its characteristics present a great incentive for purchase and strategic investment. As such, traders are pushing to purchase this cryptocurrency in anticipation of a steady growth in 2018. Other mainstream organizations have seen the value of this cryptocurrency and jumped aboard its ship as well.
The Thai government links a deal with OmiseGo
OmiseGo’s founders dreamed that it would be the number 1 payments provider in the world. Now, that dream is closer to becoming a reality thanks to a major shot in the arm from the government of Thailand. In a groundbreaking deal, The Thai government will use this cryptocurrency to handle payments. OmiseGo will also develop two systems for the government. They are an identification and a payment system.
By partnering with the government of Thailand, OmiseGo is one of the very few cryptocurrencies which provides practical use on a large scale. By applying its solutions, the people of Thailand will find it easier to make payments across platforms.
This deal has strategic benefit for long-term investors. That’s because Southeast Asian countries are in talks to create political and economic integration so as to attract investment from Superpowers such as the USA and China. OmiseGo could be a major driver of the integration by providing a common medium for inter-state transactions. Its low fees will be attractive to small businesses trying to avoid the Forex charges that hamper the traditional system of money transfer. For this reason, OmiseGo is a lucrative, “buy and hold” type of cryptocurrency. Further proof of this is the technical support that OmiseGo is currently getting.
Vitalik Buterin joins part of the development team at OmiseGo
One of the biggest names in cryptocurrencies today is Vitalik Buterin. His input in the industry has spawned hundreds of altcoins and made millions in wealth. Therefore, he is a strategic asset for any cryptocurrency in a technical capacity.
Upon seeing the potential of OmiseGo, Vitalik has joined the development team at the altcoin. As a matter of fact, Vitalik took to Twitter to express his admiration for OmiseGo. He posted that it is his favourite token for a number of reasons.
Firstly, OmiseGo is essentially not a medium of exchange. It is an e-Wallet which facilitates value transfer between various types of asset classes and vehicles such as cryptocurrencies, fiat currencies, coupons and vouchers. As such, it is a multi-purpose cryptocurrency which can be traded.
Secondly, Vitalik admires OmiseGo because its valuation model is clear to understand. It can be calculated by getting the expected discount future times the fees minus the operation cost of nodes. Lastly, OmiseGo is not a passive income altcoin. It needs to have some running nodes so as to deliver returns. As a result, it is legally defensible.
The cryptocurrency can withstand scrutiny from a legal perspective unlike many anonymous and encrypted altcoins. As such, it can survive today’s regulations and those in the future too. This makes it have current and future value as an investment.
The post garnered tremendous positive review and led to a bull run on the cryptocurrency hence boosting its value in a short period of time. Seeing as Vitalik has made a long-term commitment with OmiseGo, traders and investors can be sure of the altcoin’s security as an asset.
Fruit for thought
OmiseGo is one of the more interesting cryptocurrencies in the industry. That’s because it has made a transfer from a real-world payments provider to a Blockchain e-Wallet. The experience and knowledge are already adding strategic value and attracting top talent such as Vitalik Buterin. OmiseGo is a cryptocurrency which you want to get right now!
*Etheruem co-founder, Vitalik Butterin had the following definition regarding a HARD SPOON:
” A hard spoon is a meta-protocol on top of a blockchain creating a token that inherits the blockchains underlying tokens balances. The idea of a soft spoon would be to create two competing *branches of a protocol* within *the same blockchain*.”