OmiseGO (OMG) and Ethereum founder give hope to Uganda Refugees with $1M Donation
Cryptocurrency is again showing that it can be a valuable avenue through which the world comes to the aid of its own population.
And leading the charge is OmiseGO (OMG), a blockchain solution that aims to deliver financial freedom to the world’s masses by removing the need to have intermediaries.
And that’s what they did when they teamed with Ethereum founder Vitalik Buterin to give $1 million in cryptocurrency to a refugee charity.
By giving the donation to Give Directly, OmiseGO is furthering its own commitment to using blockchain technology to change the world. The possibility that the world could use cryptocurrency to remove some of the negative effects of centralized institutions is on display here.
In a statement that detailed the role of OMG in taking the financial freedom to the world’s poor, especially refugees, Jun Hasegawa, the founder of OmiseGO had the following to say:
A good gesture for all of the cryptocurrency
OmiseGO held its ICO in 2017 and is still a token on the Ethereum network. By giving to GiveDirectly.org, the startup continues the theme of decentralization that is central to cryptocurrency. It helps remove the bureaucracy and unwanted barriers that come with banks and other financial institutions.
While this noble gesture by a fintech startup should not be downplayed, it should be pointed out that more can be done. The $1 million dollar donation will touch and change the lives of 12,000 Uganda refugees.
Could we see more from other platforms and individuals who’ve made their wealth in cryptocurrency do the same? It’s highly likely, and it would be the first step towards normalizing cryptocurrency in the society.
The value of OMG token to rise
The OMG token is currently ranked 21st on coinmarketcap.com with a market cap of $868 million. The current trading price of $8.51 against the US dollar is -7.23% down on its 24h price for Friday 30th. It has also slumped -22.89% over the foregoing 7-day period. It looks grim, but this is the general trend across the entire market.
The sentiment is so bearish that only four crypto assets have managed to stay in the green over for the last several days. But the expectation is that OMG will pick an uptrend sooner than later.
The reason is that OMG could become an official cryptocurrency of channeling funds to Give Directly for onward transfer to the world’s refugee communities. These sentiments are strengthened by OmiseGO’s communication that they would be ready to work with the charity well into the future.
OmiseGo has launched its own network yet. When it does, it could take on more use cases in the world of financial freedom. It has the potential to revolutionize the sector, with millions of people, accorded the opportunity to own and be in control of their finances without the interference of intermediaries.
Banks and other financial players who wish to adopt new ways will be forced to look into how to integrate crypto tools like those developed by OmiseGO. All these could have an indirect impact on the value of OMG in the future.
Plasma and Sharding will make OMG better
Working closely with the Ethereum project is also an advantage to OmiseGO. And it’s easy to see why that could happen. The OMG network will include sharding and Plasma protocols. The fact that OmiseGo will utilize Plasma in their own network means a lot to its future possibilities. Plasma essentially improves the Ethereum network to a point it can scale and deliver faster block times.
The same upgrades being applied in the OMG network opens up the use of child chains (blockchains) to avoid scalability issues. This means it will be able to provide the stability and runtime necessary for a large scale adoption. The objective of “banking the unbanked” is one ambitious project that will be huge should it gain traction.