OmiseGO price prediction for 2018 – Can we expect bright future?
OmiseGO is an open payment platform and virtual currency that operates on the Ethereum blockchain. The project hopes to offer better financial services for all. The project is supported by two co-founders of Ethereum, Vitalik Buterin and Gavin Wood. OmiseGO completed their ICO on July 5th, 2017. They raised $25 million USD and turned down another $100 million USD.
The company that created OmiseGO is named Omise and was founded in Bangkok in 2013. OmiseGO is owned by its token holders, not the company that developed it. OmiseGO enjoys the endorsement of the Bank of Thailand as well as the Thai Ministry of Finance. The Thai government is on the verge of digitizing its state services and has launched a “National e-Payment Strategy Plan” to promote electronic payment. When the Thai Ministry of Finance expressed support for Omise’s Facepay solution, the price of OMG shot to an all-time high.
OMG partnered with McDonalds in Thailand
OmiseGO also has a partnership with McDonald’s Thailand to provide seamless payment. This level of partnership is pretty unique in the world of cryptocurrency, as is the support of a national government. OmiseGO is gaining a degree of public relations victories that many cryptocurrencies only wish they could. With all that being said, and the level of support for OMG is impressive, there is still much to be implemented. If OmiseGO does become widely used as a payment system by the Thai government, it could see a great increase in value. This partnership should be factored into any OmiseGO prediction.
Several Japanese financial institutions have significant investments in OmiseGO. The Bank of Ayudhya, part of Mitsubishi UFJ, has a strategic investment of $30 million USD. Sumitomo Mitsui Banking Corporations (SMBC) and Credit Saison have also invested in the digital coin.
Does OmiseGO compete with Ethereum?
The OMG token is based on ERC-20, which is the standard that defines smart contract code across the Ethereum blockchain. This allows OMG to leverage the existing developers and code base of the Ethereum platform. OmiseGO certainly has the backing and expertise, both in development and in advisory roles, to deliver what they promise. OmiseGO’s relationship with Ethereum is not competitive, but rather synergistic. They both feed off of and benefit each other. With a cryptocurrency with a mass appeal like Ethereum to be in league with OmiseGO is a great asset for OMG and lends credibility to it.
The problem OmiseGO aims to solve is the centralized legacy networks and the control they have over payments. This creates security concerns and the potential in some areas for monopolistic behavior. Interchangability is a problem with these legacy providers, as they have a defensive attitude which hinders any spirit of cooperation they may have. Omise, the company, has an interest in providing a payment processing product and service to merchants and to provide banking services to millions of users in Asia who now have access to cell phones, but do not have a bank account.
Omise has made a large investment in the integration of the Ethereum Plasma scaling solution. This could give owners of OmiseGO token the ability to use one unified wallet when making purchases. This has the potential to eliminate the network congestion that Bitcoin has become notorious for. OmiseGO wants to give businesses and users an electronic wallet that will work on and beside the Ethereum network. They will be able to use the wallet for payments, payroll deposits, e-commerce, and a myriad of business functions, such as supply chain finance and asset management. The first public release of the wallet SDK occurred late February 2018. Since the OmiseGO Plasma chain is not live yet, the wallet is not actually usable on the blockchain yet. Nevertheless, this positive progress factors into our OmiseGO price predictions.
Transactions on the OMG blockchain will obligate the token holder to pay a fee. This transaction fee is distributed among OMG holders. The more OMG tokens a person has in their wallet, the more fees they will receive from the processing of transactions on the network. This is similar to way Ethereum works with NEO tokens earning GAS. This stake of ownership earning value over time is an incentive to buy OMG and is another advantage to consider for our OmiseGO price prediction analysis.
OmiseGO Price Forecast for 2018
Our OmiseGO price prediction for 2018 takes into account all of the factors mentioned above. In March 2018, OmiseGO’s token OMG had a price of $16.91 for a market capitalization of $1.7 billion USD. This ranks it 22nd on CoinMarketCap.com. Our OMG price prediction for 2018 is the price of OmiseGO will land near $144 USD sometime near the end of the year. With its impressive support from the Thai government and Japanese financial institutions, OmiseGO has a lot going for it. Its project is progressing well and it is beginning to achieve important milestones that will transform more of its plan from theory to actuality. OmiseGO’s relationship with McDonald’s Thailand could have a significant effect on OmiseGO future price development if it gets off the ground. The support of Ethereum, and OmiseGO’s ability to leverage both the codebase and brain power of the Ethereum platform gives us every reason to believe that the future will be bright for OmiseGO.