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OmiseGO (OMG) Performance in Q1: At a Glance

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OmiseGO

Due to the recent turns of events in the crypto markets all around the world, investors and traders are back to supporting their favorite projects and receive their fair share of profit. In the light of current affairs, the Ethereum ERC-20 tokens are getting more attention and through their strategic plans for adoption, these digital currencies are paving a way for all other blockchain projects. One such cryptocurrency is OmiseGO (OMG). In this article, we shall discuss what OmiseGO project has been doing during the Q1 and the results it brought to it.

Merits of the OmiseGO project

Omise is a pre-existing real-world company which was established back in 2013 in Thailand, Japan, Singapore, and Indonesia. The company provides an online payment solution which is being used by thousands of its customers. OmiseGO is an extension of the main company that utilizes blockchain technology to construct an entirely different project whose aim is to change the way people control their financial assets.

OmiseGO is backed up by the strongest of the team and it is well-placed within the ERC-20 tokens. The advisory board has top 10 Elites from Ethereum’s platform including the founder of Ethereum, Vitalik Buterin himself. The star-studded team behind OmiseGO has been an attraction to many investors. But what really makes OmiseGO an attractive project for traders and investors are listed below;

  • Pioneering Implementation of Plasma

As reformation for all scalability issues within the blockchain, Buterin collaborated with Joseph Poon to develop a new technology called ‘Plasma’. Plasma could solve the issues with slow network and low transaction speed. Needless to say, OmiseGO became the first platform to implement plasma completely and it’ll be able to process faster transactions while still supporting several other projects simultaneously. These expectations have been creating a lot of buzz around OmiseGOwhich is one of the many reasons why analysts think OmiseGO is suitable for long-term investment.

  • Staking System for Rewards

Since it’s an Ethereum based ERC-20 token hence, it utilizes a proof-of-stake consensus mechanism. Which means that validators are needed to stake their OMG coins to participate in the process of confirming and securing the transactions. In case the holder of OMG has a certain amount of coins in his wallet then they are presented the chance to ‘stake’ and earn rewards for confirming blocks of the transaction. like an incentive program, it rewards a user for holding more OMG.

  • OmiseGOeWallet Open Source SDK

The repositories of OmiseGoeWallet were announced to become publically available at the end of February. This step was taken in order to openly share the progress of the project and reaching scalability deliverance. The first server and mobile software development kit were also launched and made visible to the public for the purpose of on boardingeWallet providers. Although the code and blockchain integration is still incomplete, their main focus is to optimize it for the decentralized economy.

Cosmos and OmiseGOHard Spoon:

At the beginning of April, OmiseGO announced that cosmos has decided to start the hard spooning process with OmiseGO. This term was coined by Cosmos’ Jae Kwon and it means a type of meta-protocol on blockchain which creates a token that has the blockchain’s underlying token balances. In case of OmiseGO, the OMG token balances were replicated onto a Tendermint chain which is connected to Cosmos. The exact date for the hard spoon with cosmos hasn’t been decided yet.

Partnership with Shinhan Card:

During a press release on 5th April, OmiseGO took the crypto markets and all of its competitors by surprise and announced signing MoU i.e memorandum of understanding with ShinhanCard of South Korea. ShinhanCard is SouthKorea’s biggest credit card company and they’ve sealed a long-term plan with OmiseGO which indicates a direct advantage for the company in the heart of blockchain revolution in Asia. This MoU is going to help ShinhanCard to bring their payment platform to the southeast Asia and Japan along with a decentralized payment solution ‘OmiseGO’. The platform will be supported on all devices and make use of the publicly accessible server by OmiseGO.

Partnership with Maker DAO:

Maker DAO and OmiseGO have the same goal of implementing financial decentralization in the real world. Both the companies declared a collaboration in order to complete their objective faster. This team-up is to consolidate their roadmaps towards achieving they’re sought-after the financial revolution. Maker is a decentralized and autonomous organization while its stable coin system is known as DAI and it runs on an Ethereum blockchain. DAI’s price is stabilizing against the US dollar somewhat similar to Tether. DAI is to be available on OMG DEX and the OMG network users will be allowed to hold, send, trade against Dai. This partnership has created a wave of decentralized finance ecosystem within the crypto world and has worked for the better for both Maker and OmiseGO markets.

Conclusion

In the light of above-mentioned events, it is evident that OmiseGO is on the path to elevate itself from all of its competitors and grab its worthy place under the top-10 cryptocurrencies. OmiseGO remained as one of the biggest gainers and is still rising by 8.83%. The total market capital rests at $1.53 billion and the current price of OMG is $15.06 and it has been continuously rising at the end of Q1. But with high volatility comes high risk and therefore, we cannot say for certain whether the uptrend will be continued in the Q2 as well. But one thing is decided that OmiseGO has the potential to be called a recipe for success.

We will be updating our subscribers as soon as we know more. For the latest on OMG, sign up for our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Tama Leaver via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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