OmiseGO, an Ethereum token that energizes smart contract platforms and trades under a sticker known as OMG, has just reached its 13-month high
OMG has gone parabolic on another impressive altcoin. Currently, up 49% in the past 24 hours, the 46th ranked market cap blockchain has reached a 13-month high.
However, it should be noted that active addresses aren’t quite telling the same story yet. Therefore, proceed with extreme caution.
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$OMG has gone parabolic on another impressive #altcoin Sunday. Currently +49.4% in the past 24 hours, the 46th ranked market cap #blockchain has reached a 13-month high. Active addresses aren't quite telling the same story yet, so proceed with caution. https://t.co/LjeVMPfwR8 pic.twitter.com/9F2jUfpxPZ
— Santiment (@santimentfeed) August 16, 2020
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What you need to know: The OMG coin was designed as a white-label eWallet. It was designed on the Ethereum blockchain by a Thailand-based financial services company called Omise. Its full name is OmiseGo.
OmiseGo helps in easing the transfer of coins from one blockchain to another without using a crypto exchange.
Most blockchain ecosystems are limited by low throughput, high and unpredictable transaction fees, and poor user experience.
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The project’s team believes these are barriers that need to be overcome before businesses and developers will adopt blockchain for real-world applications, leading them to develop the OMG Network.
Just recently the federal agency in charge of regulating crypto assets in Japan, the Financial Services Agency (FSA), has given OMG Network, formerly known as OmiseGo, approval for the sale of its native crypto coin in the world’s third-largest economy.