Posted on April 2, 2018
OmiseGO is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions. By enabling decentralized exchange on a public blockchain at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types.
Through the OmiseGO network connected to the Ethereum mainnet, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way. Further, millions of mainstream users in the largest growing economies in the world will be enabled to make the transition from using fiat money to using decentralized currencies such as ETH, BTC, and others.
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.
– Plasma technology will allow the OMG blockchain to scale to 1,000,000 transactions per second
– Even though it was built on Ethereum, it does not clog the network since all the verifications are done on its own blockchain and then written on the Ethereum blockchain
– It allows altcoins to be used in the real world, providing direct intrinsic value trade
– The Plasma technology is still in the early stages of development
– The wallet was supposed to be released in Q4 2017, but it’s still in development
The network is still not up.
Q1 2018: Work on the OmiseGO wallet SDK
Q2 2018: Deployment of the OmiseGO network
– Integration of the Plasma technology
– Development of a hugely scalable, cross-chain compatible decentralized exchange
OmiseGO uses a PoS consensus protocol. Transaction fees are native to the OmiseGO chain. The validators earn fees from validating the activity of this blockchain.
Payments and interchange fees are used to pay for activity on this network and to incentivize honest activity. Bonding has a cost, those who bond on behalf of others on this network will likely charge fees, e.g. clearinghouses.
OmiseGO is similar Kyber Network, 0x and Airswap in their goals of becoming ubiquitous decentralized exchanges.
We can also find similarities with TenX as they both aim to become exchanges using mobile device with their own debit cards/prepaid cards.
OmiseGO is currently in partnership with many merchants, mostly in SE Asia, including McDonald’s Thailand and Siam Cement Group.
OMG is traded on Bittrex, Bitfinex, Binance, Poloniex and Huobi.
OmiseGO is a blockchain layer that communicates with Ethereum.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.