“OMG’s goal is that people control and exchange their money and assets on the blockchain without depending on third parties. There is an estimate of two billion people all over the world with no access to banking services, which is problem when the need to send or receive money exists, as the existing solutions are costly…”
Coin Name: OmiseGo
Birth of project: 2017
Project Status: Pending
Circulating Supply: 102,042,552 OMG
Official website: https://omg.omise.co/
Introduction to OmiseGO (OMG)
Omise is a company from Thailand that has existed since 2013, giving merchants an online payment solution. OmiseGO appeared in 2017 as an extension of Omise, has Donnier Harinsut as CEO, and achieved 25 million USD on a private ICO, meaning that a public ICO was not necessary as the necessary capital for the project had already been raised privately.
OMG’s goal is that people control and exchange their money and assets on the blockchain without depending on third parties. There is an estimate of two billion people all over the world with no access to banking services, which is problem when the need to send or receive money exists, as the existing solutions are costly.
Given this scenario, OMG wants to give unbanked people and merchants a decentralized solution to handle money (own, send/receive) with low costs, a solution to send money through the blockchain regardless of the network, currency or country in question.
They want a blockchain network that supports fiat money, cryptocurrencies, and other assets or values, proposing themselves to be a substitute of the inexistent bank accounts for both individual users and merchants.
OMG will allow peer-to-peer real-time valuables exchange, something made possible by their own Decentralized Exchange (DEX). The DEX will allow cross-network payments in real time, making the OMG blockchain a hub connecting other blockchains, supporting transactions and payment channels.
To enable scaling, OMG is developing Plasma, the equivalent of the Lightening Network for Bitcoin. OMG also has a Software Development Kit that enables developers to code faster, saving time and money to companies developing with their own products with OMG.
The OMG wallet is a way to send and receive money, but also a node: the transactions are validated in the OMG blockchain by the computers that have the OMG wallet open and with OMG tokens (an empty wallet cannot be a node). Working with PoS system, the OMG nodes receive token rewards or fees; the more tokens one has, the bigger the reward.
Omise is a company from Thailand, and has several local partnerships, as well as in Japan and Singapore, being linked to the PromptPay and PayNow mobile interbank payment systems, apart from their own FacePay technology that enables payments through facial recognition.
OmiseGO is a project with a lot of potential, but it has the competition of other cryptos, namely Request Network. Their wallet is still a prototype, and the DEX is under development, so its evolution should be watched closely in order to see if it will succeed or not.
This is a brief introduction to OmiseGo, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $16.49
Jan 19, 2018: $17.62
Dec 19, 2017: $18.50
Nov 19, 2017: $7.93