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What is OmiseGO (OMG)? A Payment Network with Ambitions to Abolish Bank Accounts

Cryptocurrency NewsAug 10, 2018 09:01AM ET
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What is OmiseGO (OMG)? A Payment Network with Ambitions to Abolish Bank Accounts

What is OmiseGO trying to do?

OmiseGO (OMG) is a decentralized exchange and payment gateway with a main goal to build a network that will allow people to pay with any tokenized value anytime and anywhere in the world. Think of OmiseGO as an eWallet where people can cash in and cash out even if they don’t have a bank account. The end user can access, manage, and transact with digital assets locally or across borders at very low fees.

OmiseGO is issued on the Ethereum blockchain and plans to facilitate frictionless transactions and transfers of value at scale by using the Plasma architecture. Plasma is the leading Ethereum Layer 2 solution for conducting secured off-chain transactions.

It is important to differentiate Omise from OmiseGO. Omise is the parent company of OmiseGO. Omise is a payment service similar to Stripe, handling payments across Asia since 2013. The company started off in Thailand and later expanded to Japan, Singapore, and Indonesia. Currently Omise has over 100 employees.

OmiseGO, the decentralized blockchain project, is based in Thailand. It was founded by Omise, but is owned by a community of users and token holders. The ICO of OmiseGO took place in July 2017 and successfully raised $25 million.

It was one of the most hyped projects in crypto and probably the main reason is that among the advisors of OmiseGO are known names like Vitalik Buterin – the founder of Ethereum, Joseph Poon – the Co-author of Plasma and Lighting Network, dr. Gavin Wood - Co-Founder of Ethereum.

One of the most interesting partnerships of OmiseGO is with McDonalds Thailand, which chose OMG to be their exclusive payment gateway for their website and mobile delivery app.

The technology that will “Unbank the Banked”

OmiseGO’s slogan vying to “Unbank the Banked” reveals how big the project’s ambitions are. The technology behind OmiseGO makes it a platform supporting multiple applications like white-label software development kit (SDK), digital asset gateway, decentralized exchange and clearinghouse.

All of these fancy words basically serve one goal – to provide an eWallet interchange without the need of a single centralized entity.

Imagine a world where you earned 1 000 000 points playing Candy Crush Saga or any other game on your phone. Then, when you enter Walmart (NYSE:WMT) you can convert these points for digital currency with 1 click and buy yourself a bottle of whiskey, a bag of cat food or anything worth $100.

Or another scenario – you go on a trip to Southeast Asia. All around Thailand you pay just with your phone, using the OmiseGO wallet on your phone. On the seventh day of y...


This article appeared first on Cryptovest
What is OmiseGO (OMG)? A Payment Network with Ambitions to Abolish Bank Accounts
 

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