The Complete Guide to ONG Coin: A Detailed Analysis for Beginners
Hello! Today, we're going to take a closer look at the ONG coin. This is for those of you who are interested in cryptocurrency investment but don't know where to start, especially those curious about the ONG coin.
In this article, I'll explain the basic concepts of ONG coin and how to actually invest in it, step by step, so anyone can easily understand it. Don't worry, even if you're new to cryptocurrency! Follow along step by step and you'll definitely find it helpful. π
Introducing ONG Coin
ONG coin is a cryptocurrency that plays a crucial role in the OmiseGO ecosystem. Many people are confused, but ONG is not simply an investment vehicle; it's a utility token created to improve the actual financial infrastructure.
The most notable feature of this coin is that it was designed to revolutionize the existing complex and costly financial system with blockchain technology. One of its primary goals is to increase financial inclusion in Southeast Asia.
π‘ Good to Know: ONG is also a staking reward token on the OMG (OmiseGO) network. This is part of the incentive system for users who contribute to network security.
History and Background of ONG
To fully understand the history of ONG, we must first understand OmiseGO. OmiseGO originated from Omise, a Thai fintech company founded in 2013. The project was launched to address the severe lack of access to financial services in Southeast Asia at the time.
2017 was a pivotal year for ONG Coin. It garnered significant attention by raising approximately $25 million through an ICO (Initial Coin Offering). This momentum was further enhanced when it was announced that Ethereum founder Vitalik Buterin would join OmiseGO as an advisor.
However, things weren't always smooth sailing. ONG Coin also experienced a difficult period from 2018 to 2020, amidst the overall cryptocurrency market downturn. However, the development team continued to focus on technological development during this period, and is now evolving into a more stable and practical platform.
How ONG Coin Works
ONG Coin is an ERC-20 token built on the Ethereum blockchain. However, it doesn't simply operate on Ethereum; it utilizes OmiseGO's unique Plasma technology.
Plasma technology processes transactions on a separate sidechain to reduce the burden on the main blockchain (Ethereum). This allows for faster transaction speeds and lower fees. Like a highway interchange, it connects to the main chain only when necessary, ensuring security while increasing efficiency.
⚡ Technical Features: ONG can process approximately 4,000 transactions per second. This is a significant improvement over Ethereum's approximately 15 transactions per second. Furthermore, transaction fees are extremely low, at just a few cents.
Smart contracts allow for the creation of automated transaction systems, enabling secure and transparent transactions without the intervention of traditional financial institutions. All transaction details are permanently recorded on the blockchain, making them tamper-proof.
Practical Uses and Use Cases of ONG Coin
What sets ONG Coin apart from other cryptocurrencies is its wide variety of practical use cases. It's currently being utilized in various fields, particularly in Southeast Asia.
Payment System: ONG Coin can be used for payments in online stores in many countries, including Thailand, Singapore, and Indonesia. Cross-border payments, in particular, are much faster and cheaper than traditional methods.
Remittance Service: Southeast Asian workers living abroad can save over 90% on fees when sending remittances back home using ONG Coin compared to traditional bank transfers. Furthermore, the transfer time is shortened to just a few minutes.Decentralized Finance (DeFi) Services: ONG Coins can be staked to earn additional income or generate interest income by providing liquidity. This also offers significantly higher returns than traditional bank deposits.
π Real-world Case: Central Group, a large shopping mall chain in Thailand, piloted ONG coin payments in 2021. Due to positive customer feedback, they are currently considering expanding the service to more stores.
Major Exchanges Where ONG Coins Are Available
If you're interested in investing in ONG coins, you might be wondering which exchange to use. ONG coins are currently available for trading on several domestic and international exchanges.
Overseas Exchanges: ONG is actively traded on major exchanges such as Binance, Coinbase, Kraken, and Huobi. Among these, Binance has the highest trading volume.Domestic Exchanges: ONG coins can be traded on major domestic exchanges such as Upbit, Bithumb, Coinone, and Korbit. Upbit, in particular, boasts a fairly high trading volume.
When choosing an exchange, considerations include transaction fees, security, user interface convenience, and customer support. If you're a beginner, we recommend starting with a domestic exchange that offers Korean language support.
π° Trading Tips: ONG coin prices may vary slightly across exchanges. This phenomenon is known as the ""kimchi premium."" It's recommended to compare prices across multiple exchanges before investing.
ONG Coin Community and Information Sources
Accurate information is crucial when investing in cryptocurrency. Here are some key channels where you can get the latest news and analysis on the ONG coin.
Official Channels: The OmiseGO official website, Twitter, and Medium blog provide updates on the project's development progress and important announcements. Technical updates and partnership news are especially revealed here.
Social Media: The ONG coin community on Telegram and Discord is very active, where investors from around the world share information and discuss in real-time. However, it's important not to blindly trust all information and to verify it with multiple sources.
Korean Community: You can find opinions and analysis from Korean investors on Naver Cafe, DC Inside's Cryptocurrency Gallery, and Coinpan. These are particularly useful sources for information on domestic exchanges and tax issues.How to Safely Store ONG Coins
One of the most important aspects of cryptocurrency investment is safe storage. As the saying goes, ""Not your keys, not your coins,"" wallet management is incredibly important.
Hardware Wallets: Hardware wallets like Ledger and Trezor are the most secure. Because they store your private keys offline, the risk of hacking is virtually nonexistent. For large investments, always use a hardware wallet. Software Wallets: MetaMask, Trust Wallet, and others are easy to use and free. They're ideal for small investments or frequent transactions. However, there's a risk of your computer or smartphone being hacked. Exchange Wallets: While the most convenient, they're also the riskiest. If the exchange is hacked or otherwise compromised, you could lose your assets. We recommend keeping only the minimum amount for short-term trading.π Security Tip: Never store your wallet's seed phrase (recovery phrase) online. Write it down on a piece of paper and store it in a safe place, or engrave it on a stainless steel plate.
Essential Things to Consider Before Investing in ONG Coin
We'll outline important considerations before investing in ONG Coin. These are essential guidelines for successful investing.
Risk Management: The cryptocurrency market is highly volatile. Daily fluctuations of 20-30% are common. Therefore, never invest using living expenses or borrowed money. Invest only with funds you can afford to lose. Market Analysis: The price of ONG Coin is greatly influenced by the movements of Bitcoin and Ethereum. It's important to understand the overall cryptocurrency market trends. Furthermore, the OmiseGO project's development progress, partnership news, and regulatory news directly impact prices. Long-term vs. Short-term Investment: ONG coin may be a better fit for long-term investment, as it has a real-world use case. However, there may also be good opportunities in the short term, so it's important to clearly define your investment style and goals. Tax Issues: In Korea, profits from cryptocurrency investments may be subject to miscellaneous income tax. Starting in 2023, profits exceeding 2.5 million won per year will be subject to a 20% tax. Be sure to understand tax implications before investing.ONG Coin's Future Outlook and Roadmap
The most important question when considering an investment is the future outlook. Let's take a look at the future plans and prospects for ONG Coin and the OmiseGO project.
Technical Development Plan: The OmiseGO team plans to release an enhanced scalability solution between 2024 and 2025. Specifically, they aim for full compatibility with Ethereum 2.0, which is expected to enable faster and cheaper transactions.
Market Expansion: Currently focused on Southeast Asia, the company plans to expand its services to other emerging markets, including Africa and South America. This will significantly increase its potential user base. Partnership Expansion: Collaboration is increasing not only with existing fintech companies but also with traditional financial institutions and government agencies. This is expected to further expand the practical use of ONG coins.Of course, not all outlooks are positive. Risks include regulatory risks, the emergence of competing projects, and technical issues. These risks must be considered when making investment decisions.
We've now taken a detailed look at ONG coins. Always remember that while cryptocurrency investment offers high-return opportunities, it also carries significant risks.
Before investing, please conduct thorough research and preparation, and invest within your risk tolerance. If you have any questions, please feel free to leave a comment. Let's learn and grow together as investors! ππ