OmiseGo OMG – The cryptocurrency market is booming with great pleasure as the second week of April comes to an end. The prices are bullish and the buyers are taking control after walloping in selling pressure since mid-March. OmiseGo has not been left behind in the latest price rally. It has surged a whopping 38.84% in the last 24 hours. The upside trend is so bullish that it is expected to continue in the course of the day as we usher in the weekend trading sessions.
This rise is happening in the wake of OmiseGo (OMG) forming an alliance with MakerDAO which will improve and ensure the future decentralization. Significantly, OMG cryptocurrency is built on Ethereum blockchain and achieves the highest scalability levels while at the same time enabling transparent peer-to-peer transactions that are fast (real-time) and secure. The decentralization feature is developed in a way that it can facilitate global sovereignty of every individual. Besides, the users have access to various asset classes and applications that can be used across geographies to access financial services.
The effective decentralization of OMG cryptocurrency will be used in the collaboration to ensure that users can have access to all digital assets; moreover, they will be able to exchange and manage their assets in a simple yet transparent manner. On the contrary, cryptocurrencies are very volatile. Therefore, many people to do not see them as a viable medium of exchange. For instance, due to their volatility, users are unsure if the value of money sent will be the same as the value that will be received on the other end.
Consequently, stablecoins are continually getting popular and their acceptability is rising fast. They provide a relatively static benchmark (their value remains almost as static as the currency they are pinned to). However, most of these coins are centralized and are often backed by private equity (reserves) that is self-sufficient and trustworthy; besides, they are highly regarded and desired.
On the other hand, Dai is a coin that is decentralized while it is issued and valued with utmost transparency that is guaranteed by assets that are stored in smart contracts. This system if aligned with OMG both on philosophical and functional levels will achieve a better stable decentralization for tomorrow in the cryptocurrency market.
The OmiseGo (OMG) and Dai Alliance
Both of the networks, Dai and OmiseGo (OMG) have confirmed that there will be collaboration in two ways. The first is to add Dai on the OMG DEX, which will allow users to hold, send and trade Dai. The users, in this case, will reap the benefits of trading and hold Dai without being tied to the centralization of Stablecoins for a guarantee. The system will eliminate chances of revocability of funds caused by a single third-party error, fraud and even inability to thrive.
Although Dai coins value is made stable by collateral solely from Maker’s smart contract platform, “Maker will soon be releasing multi-collateral Dai, which will allow a variety of assets to be used as collateral for CDP creation. The OMG token will be among the first options offered.” Therefore, the second form of collaboration will be the use of OmiseGo (OMG) cryptocurrency to stake for Dai on the OMG network making OMG the first benchmark where things can be valued on a decentralized manner.
In conclusion, both the networks have committed to ensuring that scalability, as well as high performance, is a priority. In addition to that, they will work together to ensure that the milestones are achieved in a timely manner.