Omise Goes High on Ethereum Boost
Nearly all of the altcoins have been enjoying a bumper run up to the holiday season in crypto land. Many record price highs have been broken in the last week or two as it seems like everyone is stocking up on crypto.
Ethereum has seen record price action in the past few days, surging past its previous high of $753 on December 14th to reach a new one of $831 just a couple of hours ago. ETH is up almost 140% from the same time last month, and market capacity is almost at $80 billion.
Omise on the Go
Since many altcoins are based on the Ethereum platform, their success largely depends on it doing well. Once such digital asset that has rode on the back of Ethereum’s rise, and the words of its creator, is OmiseGO. In a post last week, Ethereum co-founder Vitalik Buterin endorsed OmiseGO by tweeting:
Right now my favorite token model is OMG-style staking tokens.
OMG works on a delegated proof-of-stake, which involves validating the network through running nodes that can be voted for. According to reports, rewards are distributed in a democratized way through the ability to vote for which node to validate the transaction. Rewarding good performers and down-voting poor ones should achieve some form of balance on the network and incentivize everyone to perform well.
OmiseGO views blockchain as a data revolution and not so much a storage ledger as in the Bitcoin model. Its cryptographic processes are designed to process data which will bring new opportunities for IT infrastructures and companies other than just financially-based organizations. OMG is big in Asia, especially Thailand, where payment trials are currently in operation with companies such as McDonalds. The ethos is to provide those without a bank account a safe and secure wallet for digital transactions.
Up and Running
OMG is already processing payments, and the system is not new to the crypto scene; it was founded in 2013. Transactions are currently taking place, and more organizations are set to test the technology in the coming months when wallet SDKs and the plasma architecture are to be rolled out. Overall, OMG has a solid roadmap for next year.
OmiseGO has gained an extraordinary 4000% since mid-year. Trading as a sub-dollar coin back in July, it has now topped an all-time high of $20.56 just a few minutes ago. Market capacity is just over $2 billion, and the total supply is just 140 million, with over 100 million already out there. Omise still has a long way to GO in 2018.
How far will Omise GO next year? Let us know your thoughts in the comments below.
Images courtesy of Bitcoinist archives, Twitter/@VitalikButerin, and Moody AFB.