OmiseGO is an Ethereum-based financial technology company offering a decentralized exchange (a blockchain) and a payments platform (a wallet). Find out everything you need to know about OmiseGO today in our review.
What Is OmiseGO?
OmiseGO is a company that has created a financial technology for use in mainstream digital wallets. That technology allows for real-time, peer-to-peer exchanges and payments. It promises to work “agnostically” across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.
The goal of OmiseGO is to enable financial inclusion while disrupting existing financial institutions.
In layman’s terms, OmiseGO wants to make it cheaper to send and receive payments, and cheaper to exchange currencies – whether you’re dealing with fiat currencies or cryptocurrencies.
The goal is to make financial transactions more efficient, disrupt existing financial institutions, and allow the best currencies to rise to the top through a state of perfect competition.
OmiseGO has not yet been launched. However, it’s scheduled for launch later this year. Prior to launch, OmiseGO will release tokens called OmiseGO tokens, or OMG tokens.
How Does OmiseGO Work?
There are two core products in the OmiseGO ecosystem: the blockchain and the wallet.
OmiseGO will enable decentralized exchanges on a public blockchain at high volume and low cost. Using this platform, OmiseGO will provide a “next-generation value transfer service operating across currencies and asset types.”
Anyone will be able to use the OmiseGO network (connected to the Ethereum main network) to conduct financial transactions.
Some of the possible financial transactions to perform with OmiseGO include payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services.
The platform will also make it easier for millions of users to participate in the cryptocurrency world. They’ll be able to easily switch from using fiat money to using decentralized currencies – like ETH, BTC, and others.
The ultimate goal of OmiseGO is to create a state of perfect competition in the world of currencies:
“The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win.”
By removing barriers between currency transactions and trading, OmiseGO ensures that the best currencies rise to the top.
OmiseGO emphasizes the following three core features across both its wallet and its blockchain:
- Access: No bank account is needed to access the exchange, and OmiseGO will have nationally-licensed full reserves.
- Scalability: Instant settlements and low costs will be key features of the OmiseGO platform.
- Security: OmiseGO offers decentralized currencies and decentralized fiat token custody.
OmiseGO Blockchain Features
The blockchain comes with the following core features:
- Decentralized exchange
- Liquidity provider mechanism
- Clearinghouse messaging network
- Asset-backed blockchain gateway
- Scalable and public (permissionless) blockchain
- Proof-of-Stake (PoS) consensus is bonded by the activities of the chain itself
- Highly performaningsystem that leverages interlinked blockchain construction
- Clearing and settlement occurs over the OmiseGO blockchain
- Costs of protecting transaction value are externalized to other chains “in ways that directly promote the value of those chains”
For a more detailed technical explanation of the OmiseGO blockchain and how it plans to achieve the above goals, check out the whitepaper on their website. The whitepaper is also available in Chinese.
OmiseGO Wallet Features
Right now, OmiseGO has a wallet SDK. That SDK promises to simplify the implementation of OmiseGO while also offering post-integration support “to get you to market faster and to help you stay ahead”.
It’s a white-label wallet, which means companies can implement the wallet in various ways across various industries. Using the wallet, users can trade fiat currencies freely alongside decentralized currencies.
The wallet gives you access to the Omise payment gateway, a credit and virtual cash card, top-ups over the counter and through direct debit, and real-time settlement.
Using the SDK, companies can create their own styles and designs or embed custom apps. The SDK can be used to make payments or transfers, for example, or to setup a loyalty and rewards points program.
Another key feature of the OmiseGO wallet is that it uses a distributed open protocol, making it easy for different wallets to communicate with one another to unlock the full power of mobile commerce.
Ultimately, the OmiseGO wallet SDK is designed to be as flexible as possible and can work to benefit you.
What Are OMG Tokens?
Omise will sell OMG (OmiseGO) tokens at some point over the coming months. The tokens will allow token holders the rights to earn fees for validating transactions on a special type of Proof of Stake (PoS) network.
That network will have a decentralized exchange built into the blockchain, with consensus rules allowing deep interoperability with most other blockchains – including Ethereum and Bitcoin – while also offering a novel way to provide network economic security.
More details about the OMG tokens can be found in the OmiseGO crowdsale whitepaper on the OmiseGO website. Stay tuned for more details as the tokens prepare for launch later in 2017.
OmiseGO, or Omise, was founded in 2013. The venture-backed company operates in Thailand, Japan, Singapore, and Indonesia. They also have rapid expansion plans to other countries in the Asia-Pacific region.
Forbes Thailand picked Omise as a “Fintech Rockstar” in November 2016.
Some of the key investors in Omise include SBI Investment, SMBC, Ascend Capital, SMDV, Golden Gate Ventures, and East Ventures.
The company is led by CEO and Founder Jun Hasegawa and COO and Co-Founder Donnie Harinsut. Omise also has a high-profile list of advisors, including Vitalik Buterin (Founder of Ethereum), Dr. Gavin Wood (Co-Founder of Ethereum), and Julian Zawistowski (Founder of Golem), among other cryptocurrency industry experts.
OmiseGO Pte Ltd. is based at the following address in Singapore:
8 Cross Street, #18-06 PWC Building
OmiseGO is an Ethereum-based payment and exchange platform that plans to revolutionize the world of finance as we know it. It’s a real-time, peer-to-peer value exchange and payment service that allows the best currency to rise to the top. The goal is to enable financial inclusion while disrupting existing institutions.
The OmiseGO network and digital wallet framework is scheduled to launch in Q4 2017. Obviously, the Singapore-based company has ambitious goals. Stay tuned for more information about OmiseGO as the platform continues to roll out over the next few months.