That’s right. Looks like Ethereum holders will be receiving Free OmiseGO (OMG) Tokens. No date has been announced yet but this article will cover the details of this interesting approach that is definitely creating interest in the new token.
Why giving away Free OMG Tokens to Ethereum holders?
According to the company “At OmiseGO, we believe that tokens are most useful when they are as widely distributed as possible.” Very true.
So what the company is doing is basically allowing members of the ETH ecosystem who couldn’t access the tokens through the ICO to have access now to their OMG tokens for free. The company also mentions that it’s a way to give back to this community.
The coins will be airdropped into Ethereum holders’ accounts and the giveaway represents 5% of the total OMG Issuance.
“That is, sometime quite soon (TBA soon), every address on the Ethereum blockchain that held a balance over a minimum threshold of 0.1 ETH at a recent past block height (TBA soon) will receive a share of this 5% that is proportionate to their share of ETH.” More info Here.
The vision behind the Token or “Unbank the Banked with Ethereum”
“Unbank the Banked” is about using Ethereum to disrupt banking services by providing alternative financial and digital commerce tools instead of the costly traditional alternatives such as banks and card networks.
The company is currently focusing on the Asia Pacific market, specifically Thailand, Singapore, Japan and Indonesia:
“73% of the Southeast Asian population who do not currently use or have access to formal financial services (the so-called “unbanked”) and the 27% of the population currently using formal financial services (“banked”) because it’s been their best option until now”.
The OmiseGO plateform
“OmiseGO is a next-generation Ethereum-based financial platform enabling real-time, peer-to-peer value exchange and payment services across national jurisdictions and organizational silos, and across both fiat money and decentralized currencies; enabling true financial inclusion as well as freedom from monetary limits that are not aligned with the people’s interests.”
OmiseGO’s white-label digital wallet allows the exchange of fiat-backed tokens with digital currencies tokens across geographical borders and corporate ledgers. It will also enable users to transact in different asset-types and currencies ranging from digital currencies like ETH and BTC to licensed national and reserve-backed fiat tokens.
Their objective is to offer a profitable high volume and low-cost exchange that will support transactions such as payments, remittances, payroll deposit, B2B commerce, supply chain finance, loyalty programs, asset management and trading.
Impact on future Ethereum Price
OMG can potentially strengthen the value of both Ethereum price and Ethereum Mainnet. The OMG network, if successful in gaining market shares within its target market, “Could consolidate a lot of the world’s liquidity pools and push it through Ethereum via validator proof-checking”. According to OmiseGO, “We believe that open blockchain tokens, backed by open blockchains (Ethereum mainnet), are the path for enterprise blockchains.”
If successful in implementing their vision, OmiseGO could provide an important push in Ethereum’s mass adoption. The company so far seems to be taking proper and out of the box steps to successfully deliver on their objectives. The free tokens are likely to be an effective way of reaching maximum users or at least to attract attention. They can also count on experts to successfully deliver on the technical aspect as they count Vitalik Buterin within their Tech advisory Team.