“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…”

Statistics

Coin Name: OmiseGo
Token: OMG
Birth of project: 2017
Project Status: Pending
Circulating Supply: 102,042,552 OMG
Validation: Proof-of-steak

Official Links

Official website: https://omg.omise.co/
Wallet: https://www.myetherwallet.com/
Explorer: https://etherscan.io/token/OmiseGo
Other: https://github.com/omise/omise-go

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!

6 Comments

  1. jaymish

    Amazing information. Coincidentally I was thinking about this topic yesterday. When you work online the only payment solution that is broadly available for payment of services is PayPal. This is a bit of a problem especially if they ban you. They are also not available in many countries. Since globally people are moving to global transactions because of online commercial transactions there is need for the development of a payment solution that has no bureaucracy to help with this. OMG looks like the perfect solution.

    Reply
    • Coins

      PayPal imo has actually been a horrible service recently. In the past few years they seem to allow chargebacks for everything, leaving the seller without options in many cases.

      I have sold two different items on eBay, where after the buyer received the item they initiated a chargeback, and even with proof that the seller had received the items, PayPal approved the chargebacks and I was unable to get paid for the products I sent.

      It seems PayPal is increasingly being targeted by scammers and they offer little protection to the sellers anymore.

      Crypto 100% fixes this problem for sellers, as once all parties agree, all sales are final. As a buyer you just have to make sure you are buying from a reputable person or company.

      Lucky for us even Craigslist now allows you to accept crypto for payment. eBay has said they are seriously looking into crypto payments.

      Reply
      • Vinaya

        I have filed a dispute with paypal a couple of times and I have always been refunded. I filed a dispute when the seller sent a different item, never received the product or the product was of low quality. I have also been refunded when a HYIP I had invested through paypal did not send my money. Paypal works on the benefits of buyers, therefore, I have heard horror stories from the people who were cheated because of buyer’s protection. One of the reasons why paypal payment is not available for crypto currency buying or investment is due to chargebacks.

        Reply
        • avsf

          Yep, PayPal is huge because it protects the majorities, in this case, the buyers. With OMG no third parties involved, it’s all peer to peer, it would be interesting to see how they will deal with reputation systems for buyers/sellers, or will that be out of their scope?

          Reply
  2. Vinaya

    Prior to reading this thread, I had never heard of OmiseGO. Perhaps, I never heard of OMG because I do not take a lot of interest in these new crypto currencies. having said that I have also taken interest in some popular crypto currencies for investment purose. However, I have not been able to invest in crypto currency because of payment issue. I do not have cards that are accepted internationally, I do not have a lot of bitcoins to buy other crypto currency. I have funds on paypal howeve,r paypal payment is not available.

    Reply
    • avsf

      Yeah, that is an issue. Still a lot of people don’t have a reliable way to buy crypto, or are just too afraid to be scammed in the process, which is not a simple and straightforward one. Even in Coinbase, the most trusted way to buy crypto, it can take up to a week or more to register, be verified, send money, and buy crypto…

      Reply

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