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OmiseGo review


January 9, 2018 | 

Joanna Newman |  0 Comments | 



What is OmiseGo?

OmiseGo review

Omise is a company from Asian countries. It was founded in 2013 and is established in Thailand, Singapore, Indonesia and Japan.
This is a company that allows online payments, the particularity of which is that it is already used by thousands of customers. Most merchants use these payments to sell their products or services to their customers.

In 2016, the Thai Prime Minister described Omise as "Digital start of the year". As for Forbes Thailand, he named it "Fintech Rockstars".

Omise expanded as OmiseGo in 2017 to use Blockchain technology to revolutionize the way transactions are done. Blockchain technology to trade securely, without borders and without intermediaries.


The OmiseGo team

The young team of OmiseGo is formed first by the director, Jun Hasegawa, then by the chief operating officer, Donnie Harinsut.

The main creator of OmiseGo is Joseph Poon. In addition, the company's consulting team includes Vitalik Buterin, the creator of Ethereum and Gavin Wood, co-founder of Ethereum.

Jae Kwon is also part of the team, he is the creator of Tendermint and Cosmos Network.

Other important members of OmiseGo, Vlad Zamfir, head of research Ethereum Casper and Thomas Greco, also member of Ethereum.

Finally Julian Zawitowski, who is the founder of Golem.

How was OmiseGo created?

Omise has launched OmiseGo through an ICO.

Generally in this type of fundraising, the public ICO is preceded by a private ICO for selected investors.

But in the case of this company, the private ICO managed to raise all the necessary funds for the implementation of the project, $ 25 million, even before launching the public ICO. This represents proof of investor confidence in this project.

The objectives of OmiseGo

OmiseGo aims to answer two problems.

First of all, in the world, and particularly in Asia, a lot of people do not have a bank account. This is 2 billion people in this case.

On the other hand, and this is precisely the case in Asia, more and more people have access to the Internet. As a result, OmiseGo offers an easy and cheap solution to these people, allowing them to receive, send or own currency.

Secondly, OmiseGo wants to answer another problem: the difficulties encountered when moving from one network to another network. It wants to offer users a universal solution, decentralized and free of charge, to send money inter-network. And this, in any currency, Fiduciaries or crypto. Which will have the consequence of increasing the use of crypto currencies.

It should be noted that OmiseGo is aimed at both individuals and merchants and electronic payment providers. They will be able to offer their customers solutions for their transactions, simpler and less expensive.

In conclusion, OmiseGo offers a decentralized exchange system, thanks to

to an OmiseGo wallet,

to a portfolio software development kit, SDK,

to an OMG token.

How do OMG tokens work?

In the OmiseGo Blockchain, as for the other Blockchains, the transactions, contained in a block, must be validated by the nodes of the network, that is to say by the computers having their open wallet. These portfolios for the right to confirm a transaction must contain tokens.

The system works by "proof-of-stake" which means that each transaction generates a small fee. So, the more transactions there are, the more the total amount of taxes will be important.

What's more, this amount will be divided among token holders: the more coins you keep in your wallet, the more you will receive fees, in proportion to your amounts. For example, a staker with 2000 OMG on his wallet, will receive twice as much as a staker with 1000 OMG.

Plasma technology

A specific problem with blockchains is that you can not quickly make many transactions at the same time.

This is what the new Plasma technology developed by OmiseGo has overcome. It allows extreme scalability and can handle many transactions as fast as Visa for example.


The future of OmiseGo

To consider the future of OmiseGo, consider the following:

First, Ayudhya Bank in Thailand has already invested $ 30 million in OmiseGo. This bank is one of the banks that has received permission from the Thai government to participate in the PromptPay money transfer system. More specifically, this system was launched to allow cheaper and easier money transfers than with traditional banks.

Secondly, besides Thailand, OmiseGo is located in Japan.

Ayudhya Bank belongs to the largest Japanese financial group, Mitsubishi UFJ.

SMBC, Japan's second-largest bank, is also involved in OmiseGo because it was one of the first investors.

Credit Saison, the largest credit card company in Japan, is a partner of OmiseGo.

Another positive point for the future of OmiseGo, the partnership with TrueMoney. TrueMoney is one of the three largest electronic payment services in Thailand.

OmiseGo explained this partnership as follows:

"By integrating with OmiseGO, end customers in the TrueMoney Digital Portfolio will be able to make real-time, low-cost money transfers, cross-border remittances, retail payments and invoices. They may also interact with other digital wallet providers ("brands") subscribing to the OmiseGO network ".

In addition, it seems that it will now be possible for Macdonald Thailand customers to pay for their orders through the OmiseGo wallet.

The company still has many projects that would be tedious to detail here.

Why invest in OmiseGo?

If you want to invest in a cryptocurrency, OMG can be a wise investment. As explained above, the OmiseGo network will generate a very large number of transactions. And these transactions will generate fees that will be redistributed among the OMG holders. The more you have, the more you will receive these amounts, which can represent a very interesting passive income.

Why OmiseGo will generate a lot of transactions?

On the one hand thanks to its partnerships with the banks of which we have already spoken.

On the other hand, thanks to its software development kit, SDK, which can be used by any company or bank to create its own financial application. These applications will run on the OmiseGo network and will also generate a lot of costs.

To conclude, remember that today (January 2018) OMG is worth around 20 USD. And that its capitalization is $ 2.9 billion.

Remember, however, that the cryptocurrency market is an extremely volatile market, and it is prudent to invest only what you are willing to lose.



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