The entire cryptocurrency universe is full of so many innovative visions and products that are still in development, but pretty short on apps that can really help us out in our day-to-day lives. A lot of the time, crypto investors are banking on a planned platform that isn’t live yet – and they typically have a lot of faith in the eventual solution that will be launched. OmiseGO (OMG) is one of those cryptocurrencies – but now we can see what this really cool wallet looks is going to look like.
— Jeremy Lam (@jeremy_omisego) February 28, 2018
OMG just released an open-source test version of its soon-to-be-officially launched wallet app. With this beta version, iOS and eWallet app developers can already build locally on the network without actually being connected to the network. It is a common step that crypto companies take on the road to rolling out their products.
The OmiseGO wallet has a lot of potential
So, why will this wallet be special? Well, there are two big issues with the current most-popular cryptocurrency exchanges on the market: Binance and Coinbase. The first problem is that they are centralized, which sort of goes against the whole crypto mantra. The second concern is that these exchanges don’t come cheap – trading fees are too swollen. That’s not how this whole cryptocurrency thing is supposed to work, right?
That’s why there are a number of cool decentralized wallets currently in development, and the OmiseGO wallet is one of the options with the highest potential. For a very low fee, users will be able to transfer any coin to any other coin – and all the data will be decentralized and encrypted.
Binance and Coinbase will soon need to catch up
The two top coin exchanges will need to lower their fees if they want to compete – Binance already did that recently, at least. But the fact that a cheap universal eWallet that doesn’t limit which types of coins can be traded with each other is going to swoop up a lot of their market share.
Not only is it cheaper and decentralized, developers can make their own wallets on top of the OmiseGO platform – and decide which coins can be traded back-and-forth. With a much cleaner user interface than top centralized exchanges on top of that, this new exchange is set to be a success (if it launches reasonably soon).
But the OMG coin isn’t the only one aiming for this. There are rivals in the eWallet space – Lisk (LSK) is one of them. I guess we will see, after users get a chance to compare the live products, which ones come out on top.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.