OmiseGO (OMG) is a system for money transfer of Southeast Asian origin. It is based on Ethereum’s technology and tries to offer private individuals and institutions a platform for transactions without having to resort to central intermediaries.
In addition to Jun Hasegawa as founder of OmiseGO and CEO of Omise, Vitalik Buterin (founder of Ethereum), Gawin Wood (co-founder of Ethereum), Joseph Poon (the creator of the Bitcoin Lightning Network) and Julian Zawistowski (founder of Golem) are direct founding members or advisors of OmiseGO. The young startup is supported and further developed by top-class developers from the blockchain area, which makes the ambitious goals appear quite realistic.
OmiseGO became well known through the ICO (initial coin offering) that took place in June 2017. This ICO issued 140 million OMG tokens for over $35 million. Shortly afterwards, the value per token rose to over 7 euros – an exponential jump of over 300%.
Omise – The company behind OmiseGO
Omise intends to use OmiseGO as its central payment system in the near future, enabling millions of people to make quick and cost-effective transactions with both Fiat currencies (euros, dollars, etc.) and crypto currencies. This would give people who currently have no access to banking services a much more efficient account than local financial institutions can currently offer. Omise is characterised by dynamic development and numerous partnerships (including with McDonalds Thailand, Alipay and Korea’s largest credit card provider: Shinhan Card Co.). That’s why Forbes magazine named Omise “Fintech Rockstar”. OmiseGO’s slogan is “unbank the banked”.
How does OmiseGO work?
OmiseGO has two basic functions: the gateway between different blockchains and the wallet with integrated decentralized exchange (DEX). By combining the two products, OmiseGO offers an efficient, decentralized wallet for different Fiat currencies, crypto currencies and possibly additional assets in the future. These can then be traded easily, quickly and cost-effectively within the Wallet. Among other things, the OmiseGO Payment Gateway makes it possible to pay anywhere in the world in the currency of your choice. OmiseGO automatically converts to the target currency.
OmiseGO currently works through the Ethereum Blockchain, but in the future OmiseGO will receive its own Blockchain (Proof of Stake based). OmiseGO will also be the first project to use Ethereum’s planned “Plasma” infrastructure upgrade. Plasma is an upgrade for Ethereum, which allows significantly more transactions on the Ethereum blockchain. This could enable OmiseGO to process millions of transactions per second cost-effectively in the near future.
OmiseGO also provides numerous other functions. For example, checking the account or custody account balance up to transactions between different currency areas.
Goals of OmiseGO
Technically, OmiseGO is an Ethereum fork and implements its functions as Smart Contracts on the Ethereum blockchain. The own OmiseGO Blockchain is currently under development. On the one hand, OmiseGO wants to ensure that the approximately two billion people worldwide have this access without access to a bank account and on the other hand that all Fiat currencies, crypto currencies and assets can be stored compactly and traded cost-effectively in a single wallet. OmiseGO is currently working on a Software Development Kit (SDK) for developers that will enable any platform to implement OmiseGO. This could multiply the number of potential users. The SDK is scheduled for release in 2018.
OmiseGO will be one of the first Ethereum-based projects that uses plasma and will be able to process millions of transactions per second.