OM

Overview of OM

OM, also known as the Mantra DAO OM Token, is a cryptocurrency founded in 2020. It is supported on popular exchanges like Binance, OKEx, BitMax, and Poloniex, and can be stored in wallets such as Metamask, Trust Wallet, and Ledger Nano S. OM operates within the ecosystem of Mantra DAO, a decentralized autonomous organization that aims to create a community-governed and transparent ecosystem for web 3.0, offering financial services like staking and decentralized lending.

Pros and Cons

Crypto Wallet

The MANTRA DAO Wallet, also known as the OM Wallet, is the official wallet for storing and managing your MANTRA DAO (OM) tokens. It is available on both desktop and mobile(iOS and Android) and offers a variety of features, including:

Secure storage: Your OM tokens are stored securely using industry-standard security practices.

Staking: Earn rewards by staking your OM tokens.

Governance: Participate in MANTRA DAO's governance process by voting on proposals.

Multi-currency support: Store and manage other cryptocurrencies in addition to OM.

Built-in exchange: Buy and sell OM tokens directly within the wallet.

What Makes OM Unique？

OM's innovation lies predominantly in its governance model and approach to decentralized finance. As a part of the Mantra DAO, OM distinguishes itself from other cryptocurrencies through a community-governed, transparent platform. This means that key decisions are collective, offering a democratic approach to organizational planning. This emphasis on community engagement and crowd wisdom is unique and poses an alternative model to traditional decision-making structures found in other cryptocurrencies, which might be more centralized or less transparent.

How Does OM Work？

OM operates as a part of the Mantra DAO, a decentralized autonomous organization which gives the token a unique working mode that is community-governed. This means that significant decisions are made collectively by the community members, thereby offering a democratic approach to decision-making. Operating on this model, the principle of OM is rooted in trust and collaboration, with the aim of providing a transparent, community-driven financial platform.

The DAO uses the OM token for governance, which means OM token holders can use their tokens to vote on different proposals about the direction and rules of the platform. This is designed to incentivize user participation and ensure the community has a direct impact on decisions.

Built on the Parity Substrate, OM is part of the wider Polkadot ecosystem. Polkadot is a multi-chain platform, providing interoperability between a variety of different blockchains. This effectively means that OM benefits from the scalability and adaptability offered by the Polkadot ecosystem, which may enable it to facilitate more transactions at quicker speeds, while interacting with other blockchains.

Exchanges to Buy OM

Binance: Binance is one of the largest and most well-known exchanges, which may offer multiple trading pairs for OM including OM/BTC, OM/ETH, and OM/USDT.

Steps:

1. Create a free account on the Binance website or the app.

Binance is a centralized exchange where you can buy several crypto assets including MANTRA. Before you can use the Binance platform, you'll need to open an account and verify your identification.

2. Choose how you want to buy the MANTRA asset.

Click on the “Buy Crypto” link on the top of the Binance website navigation to know about the available options to buy MANTRA in your country.

A. Credit Card and Debit Card

If you are a new user, this is the easiest option to purchase MANTRA. Binance supports both Visa and MasterCard.

B. Bank Deposit

Transfer fiat currency from your bank account to Binance, and then use the amount to buy MANTRA.

C. Third Party Payment

There are multiple options for third-party payment channels. Please, visit the Binance FAQ to check which ones are available in your region.

3. Check the payment details and fees.

You have 1 minute to confirm your order at the current price. After 1 minute, your order will be recalculated based on the current market price. You can click Refresh to see the new order amount.

4. Store or use your MANTRA in Binance.

Now that you bought your crypto, you can store it in your personal crypto wallet or simply hold it in your Binance account. You can also trade for other crypto or stake it on Binance Earn for passive income. If you would like to trade your MANTRA to a decentralized exchange you may want to check Trust Wallet which supports millions of assets and blockchains.

See this link for details on how to buy OM：https://www.binance.com/zh-CN/how-to-buy/mantra

KuCoin: KuCoin may also provide a platform for trading OM via different pairs such as OM/BTC and OM/USDT.

Steps:

Create Your Free KuCoin Account: Sign up on KuCoin with your email address/mobile phone number and country of residence, and create a strong password to secure your account.

Secure Your Account: Ensure stronger protection of your account by setting Google 2FA code, anti-phishing code, and trading password.

Verify Your Account: Verify your identity by entering your personal information and uploading a valid Photo ID.

Add a Payment Method: Add a credit/debit card or bank account after verifying your KuCoin account.

Buy MANTRA DAO (OM): Use a variety of payment options to buy MANTRA DAO on KuCoin.

See this link for details on how to buy OM：https://www.kucoin.com/how-to-buy/mantra-dao

BitMax: BitMax may offer OM token with the pair OM/USDT.

Poloniex: This exchange allows trading OM with pairs including OM/BTC and OM/USDT.

OKEx: It is also a widely recognized exchange that may provide trading pairs such as OM/USDT.

How to Store OM？

OM tokens can be stored in wallets that support the Ethereum blockchain, as it is an ERC-20 token.

1. MetaMask: A popular browser extension wallet that supports Ethereum-based tokens, including OM.

2. Trust Wallet: A mobile wallet with a user-friendly interface and support for a wide range of cryptocurrencies, including OM.

3. Ledger Nano S: A hardware wallet known for its security features and ability to store OM and various other cryptocurrencies offline.

4. Trezor: A reputable hardware wallet that provides secure storage for OM and other digital assets.

5. Atomic Wallet: A multi-currency wallet with built-in exchange features, allowing users to store, manage, and exchange OM and other cryptocurrencies.

Is It Safe？

OM is well-equipped when it comes to security, particularly with the provision of hardware wallet support, offering a level of security that is ideal for the long-term storage of cryptocurrencies. In the realm of wallets for OM tokens, hardware wallets such as Ledger Nano S are recommended for enhanced security.

Concerning exchanges that facilitate transactions of OM tokens like Binance, OKEx, Upbit, etc. they maintain industry-standard security measures. The security measures include two-factor authentication (2FA), withdrawal whitelist, and encryption technology. Multi-tier and multi-cluster systems architecture are also used to enhance security.

The token address for OM on the Ethereum blockchain is an encrypted public address that is used to send and receive OM tokens. These addresses are generated using cryptographic techniques and are used to verify ownership and control over specific token balances.

How to Earn OM Cryptocurrency？

1. Buying and holding OM: This is the simplest way to potentially earn OM, but it also carries the highest risk. The price of OM fluctuates significantly, so you could see your investment increase or decrease in value.

2. Staking OM: Many platforms offer staking rewards for holding OM tokens and locking them up for a certain period. This generates passive income but can come with lock-in periods and slashing risks.

3. Participating in liquidity pools: You can provide liquidity to decentralized exchanges (DEXs) by depositing both OM and another token into a pool. You earn fees based on the trading volume of the pool, but there's a risk of impermanent loss due to price fluctuations.

4. Participating in MANTRA DAO governance: By holding OM tokens, you can participate in voting on proposals that shape the future of the MANTRA DAO ecosystem. This doesn't directly earn you more OM, but it gives you a voice in the project's development.

5. Airdrops and referral programs: Occasionally, MANTRA DAO or other platforms may offer airdrops of OM tokens for completing specific tasks or referring new users. However, be cautious of scams disguised as airdrops, and never share your private keys.

6. Play-to-earn games: Some games within the MANTRA DAO ecosystem allow you to earn OM tokens by playing and completing objectives. However, these games can be time-consuming and their return on investment is uncertain.

FAQs

Q: Which notable exchanges offer OM token trading facilities？

A: OM token can be traded on various well-known exchanges such as Binance, OKEx, BitMax, and Polkadot.

Q: How can I store OM tokens securely？

A: OM tokens can be safely stored in multiple Ethereum-compatible wallets including MetaMask, Trust Wallet, and Ledger.

Q: What differentiates OM from other digital currencies？

A: What sets OM apart is its integration with the Polkadot ecosystem, its democratic decision-making model as part of a community-governed DAO, and its focus on offering decentralized financial services.

Q: Can I make profit or experience appreciation by investing in OM？

A: The performance of OM or any cryptocurrency is subject to market volatility and unpredictability, making it impossible to guarantee profitability or appreciation.

Q: What financial services does the OM ecosystem aim to offer？

A: The OM ecosystem primarily aims to offer financial services related to decentralized lending and staking.

Q: Who may be the suitable investor categories for purchasing OM tokens？

A: Long-term investors, active traders, tech enthusiasts interested in decentralized autonomous organizations, and community-engaged investors may find OM tokens suitable.