Interested in OmiseGO and the OMG token as well? Well, great because OmiseGO is one of the technologies that will be in the top 10, in my opinion. The OmiseGO team is working on great things for the financial side of blockchain development. Hopefully, OmiseGO can accomplish their goal.
What is OmiseGO?
OmiseGO wants to enable financial inclusion and interoperability. OmiseGO is here to support Ethereum scaling and to provide users with a decentralized exchange.
OmiseGO will enable transparent, peer-to-peer transactions in real time. Some of the benefits of using OmiseGO’s OMG network includes:
- Easy access – everything is open-source, from crypto to fiat currencies
- Security – ultra-secure transaction validation on the decentralized exchange
- Scalability – architecture allows for unlimited scalability with blazing fast transaction speed with the potential of billions of transactions per second
- Interoperability – wallets will be able to interact seamlessly and users can trade with other assets on different blockchains
- Decentralized – no central authorities, everything is controlled by users and validators
OmiseGO is a perfect solution for solving finance issues on the Ethereum blockchain.
What is the OMG token?
The OMG token will secure their public permission less Proof of Stake network. OMG token holders can use their OMG to validate the network. The primary use for the OMG token will be to host a decentralized exchange for digital fiat currency and cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc.
Additionally, holders of the OMG token will benefit from transactions occurring on the block, as long as you follow the rules.
For more information about OmiseGO and the OMG token, check out the official OMG website.
How to Buy OMG?
This is one of the easiest methods for buying the OMG token. You can start by getting some ETH on Coinbase.
Step 1 Coinbase – How to Buy OMG
Use the Coinbase app and buy some Ethereum (ETH).
Step 2 GDAX – How to Buy OMG
Go to GDAX and sign in using your Coinbase information. In GDAX, deposit ETH from your Coinbase account.
To do this, select ETH/USD from the drop-down and select DEPOSIT, like the example below.
In the DEPOSIT FUNDS window, select the COINBASE ACCOUNT tab. Select the ETH wallet source and enter the amount.
Select the blue Deposit funds button to finish the process.
After you have the ETH in GDAX, you can send it to Binance after getting the Binance Deposit Address for your account.
Step 3 Binance – How to Buy OMG
Go to Binance (my referral link) and REGISTER for a new account. In Binance, select FUNDS and then DEPOSITS.
Select ETH – Ethereum and then you’ll see your Ethereum Deposit Address. Copy the ETH Deposit Address and head back to GDAX.
Step 4 – How to Buy OMG
On GDAX, select ETH/USD and select WITHDRAW, like the example below.
In the WITHDRAW FUNDS window, click the ETH Address tab. Paste your copied Deposit Address from Binance and then enter your Amount. Click on the blue Get Code button to get your verification code.
Select the blue Withdraw funds button to finish the process.
Remember to send only ETH – Ethereum to the Ethereum Deposit Address.
Step 5 – How to Buy OMG
Now, wait for a Deposit Success email from Binance.
Once you receive the Deposit Success email, go back to Binance and buy your OMG tokens!
Binance Tips – How to Buy OMG
- Always type [binance.com] in the address bar to go directly to Binance
- Click the [green lock icon] in the address bar to check for their SSL certificate
- Enable [Google Authentication] in Binance and download the Google Authenticator app
- Enable [2 Factor Authentification] for all of your email accounts