OmiseGo is an Ethereum-based blockchain / fintech / payment company in Asia that offers both decentralized exchange of all types of currencies and a wallet. In the following article you will learn what makes OmiseGo so promising and special, and how it sets OmiseGo apart from the competition.
What is OmiseGo?
According to the website, OmiseGo is the answer to the fundamental problems in the financial and banking sector. OmiseGo enables decentralized exchange of assets of all kinds over a blockchain (which connects with the others) with fast speed and low fees, making it the next generation value transfer service. OmiseGo's motto is "Unbank the banked". This idea is also prevalent in the Bitcoin scene, where the "be your own bank" approach is pursued.
Based on Ethereum, OmiseGo aims to create a decentralized payment network or a decentralized exchange where both crypto currencies and fiat currencies can be traded and exchanged. That this is not enough, should also be able to be paid through the OmiseGo wallets anywhere in the world. According to the whitepaper, the goal is to give people who do not have access to the banking industry an equal access to financial services through OmiseGo and the Wallet, thereby replacing the classic banking system. This is particularly interesting because, unlike Europe in Asia, many people do not have access to banks - that is, their own account. The transactions should also be faster and, above all, cheaper than in the classic system.
The basis for this is the wallet of the OmiseGo. This should provide access to the Omise Payment Gateway. The wallet is thus at the same time a virtual cash card that can perform direct debits and real-time billing. The goal is to create a peer-to-peer exchange between crypto-crypto, fiat-fiat, crypto-fiat and vice versa. The exchange takes place directly in the wallet or when paying out of the wallet. That means, no matter where you are in the world, you can always pay as the network swaps into the right currency.
Furthermore, the exchange between currencies, where according to the current state of the art, even in the crypto world sometimes very high fees incurred cheaper. In particular, centralized platforms and exchanges for cryptocurrencies such as Coinbase, Poloniex, Bitfinex, Bittrex and Co. are to be replaced by the decentralized payment network ("unbank the banked").
Initial Coin Offering and the company
The OmiseGo token was issued in a pre-sale from 7 to 23 June 2017. In total, 140 million tokens were issued in this sale for a total value of approximately $ 35.6 million. The issue price was $ 0.254 per token. A few days after the issue, the price has already risen above € 7 per OMG Coin.
Unlike many other companies in the crypto industry, Omise is an established company, founded in 2013 and since then primarily active in Thailand, Singapore, Japan and Indonesia. Currently, Omise already has over 100 full-time employees. The main business area is the integration of blockchain solutions in companies as well as their point-of-sale devices. Following the ICO in July 2017, Omise also acquired Paysbuy, one of the three major payment service providers in Thailand.
The company is funded like most companies in this area venture capital. Major investors include SBI Investment, SMDV, SMBC, Golden Gate Ventures, Ascend Capital and East Ventures. In November 2016, Omise was selected by Forbes magazine Thailand as "Fintech Rockstar".
Founder of Omise and current CEO (as of September 2017) is Jun Hasegawa. COO and co-founder is Donnie Harinsut. In addition to these relatively unknown names, Omise has a very high caliber list of (actual) active advisors, including Vitalik Buterin (founder of Ethereum), dr. Gavin Wood (co-founder of Ethereum), Joseph Poon (Bitcoin Lightning Network) and Julian Zawistowski (founder of Golem).
In the following video, the founder and co-workers of Omise once again explain the goals of OmiseGo:
How does OmiseGo work?
Roughly speaking, there are two main features that OmiseGo offers. On the one hand this is the blockchain, on the other hand the wallet.
The blockchain is based as mentioned above on Ethereum. This means that OmiseGo enjoys all the benefits of Ethereum. Any changes to Ethereum will also result in a change to OmiseGo. This in turn means that OmiseGo will benefit from all the technical improvements to Ethereum's blockchain. For example, once Ethereum unlocks "Plasma," OmiseGo will be able to handle millions of transactions per second. If the network continues to grow so fast and all ideas are implemented, this is an important foundation for the scalability of the network.
How the exchange between the different currencies (crypto and Fiat) should take place is a very complicated process. Simply put, the blockchain of OmiseGo should provide the basis for the decentralized exchange of all currencies and enable communication between the individual chains. Transactions from other chains are previously validated by the OmiseGo network.
The OMG network uses the proof-of-stake algorithm. This means that the OMG token is important in that the Proof of Stake algorithm requires the OmiseGo token to validate the transactions. This gives the owner the opportunity to generate profit. For each transaction, the OMG token holder receives a "reward" in the form of OMG. The greater the number of own tokens, the greater the likelihood of mincing your own token by proof of stake.
Today, OmiseGo can provide a Wallet SDK (Software Development Kit) that will greatly simplify the implementation of the Wallet into other systems while supporting its distribution on the market. Using the SDK, companies can integrate the Wallet into their own apps, for example, to make payments after the purchase or general bookings or set up bonus programs. The possible uses are not limited to this: transfers, mobile banking, loyalty and discount point systems, digital gift cards ...
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