OMG Network – An Alternative To Financial Institutions

OMG Network – An Alternative To Financial Institutions?

23/05/2022

The OMG Network platform and its cryptocurrency is a solution to the problem of coordination between financial institutions, payment systems and interconnecting gateways. By providing a decentralized exchange on the public Ethereum blockchain, OMG offers financial technology services for real-time peer-to-peer trading of fiat and cryptocurrency assets and for coordinating these processes with the operation of payment services.

It can be explained in simple terms with an example. One party conducts a transaction in one currency, while the other receives a transfer in another. A company located in one country needs to receive funds from another country. In the usual case, transactions through the banking system will be required with a large commission and large delays. If you use the OMG Network, then the transfer is carried out in a matter of seconds at minimal cost and in the required currency

In particular, for example, it is assumed that a system participant can pay without commission for a product or service in any currency he has (digital or fiat), and the seller will receive funds in the currency in which it is convenient for him. In this case, the parties may not have a bank account at all. For example, a conversion from omg to eth or omg to usd would be possible.

In fact, OMG is a platform that replaces the banking system, a platform on which decentralized technologies are implemented using the Ethereum blockchain.

What's in It for You

Platform Wallet

Anyone can join the OMG Network. On the company’s website, you need to download the SDK web wallet following the instructions. There is a test mode of operation with a demo account. It is recommended to use it first, and then move on to working with real money.

Competitors

Among the projects with similar functions and capabilities, it is worth noting:

Stellar (XLM) is a platform for currency transactions that separated from Ripple after discovering a number of flaws, as well as the desire to build its own network. This cryptocurrency works by analogy with SWIFT. Compared to fiat money, it has a number of advantages. Among them: high transaction speed, low fees and decentralization. The developers abandoned mining by initially releasing 100 million coins.

Polkadot (DOT) is a multi-platform uniting all blockchains into a single ecosystem. The local currency is DOT. Provides the ability to carry out transactions with low commissions and high speed. Initially, 10 million coins were issued, but later there was a denomination and the number of tokens increased to 1 billion.

Ripple (XRP) is an electronic money transfer system based on a consensus ledger. The network has its own cryptocurrency – XRP. By principle, the work is a public database with a so-called ledger, where all transactions are recorded. Anyone can log in and see a record of all the actions taken within the network.

Where to buy OMG?

letsexchange platform image

The easiest way to purchase OMG Network is on traditional cryptocurrency exchanges. OMG is traded on many crypto exchanges. If you don’t want to compare them yourself, but still plan to replenish your wallet, then the easiest way is to make transactions through the exchanger, choosing the best rate and checking the reliability on LetsExchange.

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