OmiseGo (OMG) – The past few weeks have been hectic for most cryptocurrencies, but OmiseGo (OMG) seems to be having a great time. The cryptocurrency is the only coin that is reporting double digits. Bitcoin has fallen to below $9000; the currency is currently trading at $8,785 while Ripple is still way below $1 even though there were anticipations that Ripple will hit $1 by this period. Apparently, this trend did not happen. OmiseGo has made a move that triggered their growth. OmiseGo is currently trading at $18.88, this is an 18.54% increase in 24 hours.
Bithumb Lists OmiseGo on their Platform
OmiseGo may have won a lottery with their listing on Bithumb. Bithumb is one of the largest crypto exchanges in South Korea. The exchange platform is also globally recognized, and it has great influence globally as well. The price of the currency increased just by the announcement concerning the integration. The South Korean platform will list the coin along with Kyber Network (KNC) on April 26 at 11 pm GMT+8.
Bithumb will also support an airdrop for OMG listing. The company will offer 0.075 OMG to customers for 0.1 ETH. Customers who do a deposit and transfer in the course of the event will earn 1% payback.
The price of OmiseGO might rise further after the integration. The integration of Storm showed a similar situation; the price of the coin increased even days after its integration in Bithumb. The fact that the prices of cryptocurrencies surge after they listed on the South Korean based platform is eventually breeding competition. The platform is increasingly becoming attractive to other crypto investors.
The fear is that crypto founders might be tempted to offer money to the company to list on the platform. Bithumb and Korbit are the most influential coin exchange platforms in South Korea, the two carefully research before listing a coin on their platform. We hope that does not change even though the competition is increasing.
Is The OmiseGo Hard Spoon Happening?
OmiseGo joining Bithumb is not the only big thing happening with the coin. There is hard spoon that the currency is planning. If you are wondering what a hard spoon is? It is about time we all learn it from the man who coined the term. Jae Kwon, the CEO of Tendermint, invented the word ‘hard spoon’ and quoting him reads like this “Hard spoon: a new chain that takes into account state from an existing chain; not to compete, but to provide broad access”.
This hard spoon is happening with OmiseGo and Tendermint. In a more precise sense, OmiseGo token balances would be minted unto a Tendermint chain and eventually connected to Cosmos. Customers can redeem the new tokens as fee tokens within Cosmos. The primary goal for the developers from both OmiseGo and Tendermint is to create a Honte Milestone, but that will take a lot of time. They have decided to work on Plasma first. The Plasma is coming faster, and it is bound to take lesser time compared to the Honte. Honte is intended to be a Tendermint chain that will be excellent support for the implementation of the OmiseGo Decentralized Exchange (OMG DEX). They planned to work on the Honte first and then shift to the Plasma when work on it has gotten to a similar stage compared to the Honte.
However, things turned out differently, and Plasma is developing faster than Honte. The team thought it would be better to focus on the Plasma is it is coming out quicker and better than expected. The group intends to ensure full security during the integration of Plasma hence the initial integration would not support staking. According to OmiseGo team, they decided to work on Plasma and integrate it soon because they have to show their followers a Plasma that is ready to use as quickly as possible.
People agree with the move of the developers. They are off the opinion that the team will take time in developing Plasma that will be void of technical challenges. The team will present a product that is well built and would not be requiring short-term problems and unexpected upgrades.
Will There Be Stiff Competition Between OmiseGO and Cosmos?
The truth is that there will not be any hard competition because this is a hard spoon and not a hard fork. A hard fork happens when new updates on a cryptocurrency are incompatible with the old version. In cases of hard fork, the bugs are either removed, and the two versions merged, or the fork will create a new currency. In either way, people are always advised not to make transactions on new releases when a fork happens. They are instructed against it because those transactions will not reflect on the versions and deals may be lost when the situation is solved.
The OmiseGo and Cosmos are collaborating to develop a better platform, and there can hardly be any competition between the two. Tendermint and Plasma may develop a healthy competition along the line though.
OmiseGo is a coin that seeks to decentralize on the blockchain. The currency has made its holders sad for some time. Many people lost hope in the coin until the recent developments. These developments seem to happen around the same time. Many holders are now optimistic about the future of the coin. The price of the coin surged after the announcement that the currency would list on the platform. Everyone one to know what happens next? Will the prices continue to rise even after the integration? We are yet to see that. However, one thing is sure; OmiseGo investors are smiling right now. If you are wondering if you can invest in OMG now? There are two sides to this case. You should only invest now if you believe the prices will rise further. If you are in doubt, then you might as well not take the risk. OmiseGo hard spoon might also cause some fluctuations in prices when the time comes. However, the coin is at one of its highest points now trading at $18.88 at a market cap of $1,878,236,377.