A Bright 2018 for OmiseGO as Vitalik Buterin Gives His Credit to the Token Model

The Ethereum founder through his Twitter personal account, which has an overwhelming following of 365k, expressed his opinion on OmiseGO token. Vitalik Buterin outright said that he preferred the staking model for three reasons. Firstly, the token is not a medium of exchange, secondly it is a clear valuation model and thirdly, it is more legally defensible since to get returns, it requires running nodes. OmiseGO receives a lot of backup from Ethereum with a highlight that most of its advisors are Ethereum’s own. Vitalik’s announcement saw a rough 5% rise in the OMG token price (at the same time the Ethereum traded at an all-time high of $530). Vitalik’s confidence in the token is going to do well for the project.

OmiseGO’s intention is to raise more interest through the Delegated Proof of Stake (DPoS) where the network is validated through nodes that can be voted for. Through voting, transaction management and finally assembling rewards, its network will receive a representative distribution. OmiseGO will gain good footing on the network since bad performers are punished and good ones rewarded.

While models Cardano and ARK seem to have the same concept as DPoS, OMG has a different point of view in that instead of viewing Blockchain as a way of storing data, to them it is Data Revolution. OmiseGO-like models are incorporating new information technology techniques to organizations rather than alternatives in the finance world because of their aspect of processing data.

OmiseGO is partnering with McDonalds in Thailand to have McDonald use the network to process its transactions. Also, OMG intends to have a white wallet for the estimated 250 million adults who do not have bank accounts. This will not only have their money stored but have them transact safely. It is a visionary idea for Eastern Asia.

Realistically, not the whole 250 million will go into the project, but an entry by just 1% of the number would mean a $2.4 trillion flowing into the network. That would be an impressive gain for OMG. OMG has already been working with several businesses in Asia. The announcement of the partnership with McDonald made OMG’s price go up by 1000% between August and September. OMG’s token value was at $0.4 in July, and currently it is valued at a little below $18.

Looking at the progress of other projects in the market for the months of November and December this year, most have had over 100% gains. OmiseGO however hasn’t moved up since the McDonald partnership announcement. Nonetheless, there are still high hopes in the coming year.

Currently being purchased through Bitfinex, Bittrex among others, it is expected that 2018 is a big year for OmiseGO. A successful McDonald-OMG project could see OmiseGO token at over $100 in the first months of 2018. OMG investors will be in for a bright year, especially if the trillion-dollar market milestone is reached. There is future for the OMG token with its ability to enable transactions like payroll processing, remittances and payments just to mention a few.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Duncan Rawlinson via Flickr