What is OmiseGo?
OmiseGo is a company that has taken the reins in creating a system that offers a Ethereum blockchain-based payments system and also an exchange that is decentralized. Mainstream digital wallets have gotten a facelift, and the financial technology enables peer-to-peer payments and exchanges in real-time. Basically, OmiseGo aims to make transactions much cheaper than anyone can get from financial institutions (including a cheaper exchange of currencies, whether it is cryptocurrencies or fiat currencies).
OmiseGo has two products: the wallet and the blockchain
Financial transactions will be carried out by anyone connected to the Ethereum network. Decentralized exchanges will be functional on a public blockchain at low-cost and high volume. The platform is intended to create a futuristic value transfer service that will be operated over asset types and currencies.
Financial transactions allowed on the OmiseGo platform include payroll deposits, asset trading, and management, payments, loyalty systems etc. With OmiseGo, users can effortlessly switch between using decentralized currencies and fiat money.
“Omise/Omisego origins and involvement in Plasma Development
- Omise is a payment processing company started in 2013 and is now making the move to the blockchain
- Omise’s entire existing user base will be supported by Omisego
- Omise has over 50,000 merchants and over 420 million customers (some seen here)
- Featured on cover of Forbes Thailand in October 2016 as “Fintech Rockstars“
- Omise awarded the Digital startup of the year award in 2017 by Thailands Prime Minister
- Thailand ministry of finance integrated Omise Facepay technology
- Blockchain lab created in 2015
- Involved in Plasma development before its public announcement
- Merchant volume of over $30 Billion from only what we know about
- First to run Plasma and will provide scalability to Ethereum
- Wallet/SDK is open source and white label allowing any business or financial entity to use the network without a formal partnership (Anyone from a local bakery to Paypal and Visa could use the network simultaneously)
- Staking rewards for validating transactions paid out in your choice of coin *May be limited choices
- Dex that will provide crosschain transfers to any coins and provide cash in/out services
- Currently working with many people on the development of plasma/omg including Joseph Poon, Vitalik, David Knott (Now an OMG Dev), Karl Floersch and more
- Plasma to allow 1 million TPS from the start and theoretically scale to billions
- Wallet SDK release in Q1
- Wallet and staking release in Q2 with “conglomerate” integration within a month of release
- DEX TBA (See town hall info below)
- Thomas Greco (Special Advisor) Advisor to the Interchain Foundation developing Cosmos Network, the Web3 Foundation developing Polkadot, and has previously served as an advisor to the Ethereum Foundation.
- Vitalik Buterin (Proof-of-Stake Research: Scalability, Safety, Privacy and also Involved in development of Plasma) Founder of Ethereum
- Joseph Poon (OmiseGO Principal Author and also Involved in development of Plasma) Lightning Network Co-Author
- Karl Floersch (Proof-of-Stake Research: Cryptoeconomics, AI Ethics, Implementation and also Involved in development of Plasma) Casper (Ethereum) Researcher
- Roger Ver (Decentralization Advisor, Human Rights Advocate) CEO of bitcoin.com, First Major Backer of Earliest Crypto Startups
- Dr. Gavin Woods (Consensus Technology Research, Development and Utilization) Co-Founder of Ethereum, Founder of Parity & Polkadot
- Jae Kwon (Proof-of-Stake Research – BFT Consensus, Speed, Interoperability) Creator of Tendermint, and Cosmos Network
- Vlad Zamfir (Proof-of-Stake Research: Economic Security, Consensus Protocols, Correct-by-Construction Protocols) Casper (Ethereum) Research Lead
- Martin Becze (Scalability research: eWASM, VM’s, microkernels) eWASM (Ethereum Web Assembly) creator
- Julian Zawistowski (Decentralised Economics Enthusiast) Founder of Golem
- Ayako Miyaguchi (Regulatory Relations, Financial Inclusion, Crypto Social Impact) Former MD Kraken Japan, Founder of Japan Blockchain Association, Board member of Japan Fintech Association
- Pandia Jiang (Community Relations, Crypto-Business Advisor) Founder of LinkTime
- Ash Han (Distributed Economy, A combination of Crypto, Finance, and Technology) CEO of Finector, Co-founder of Cosmos, Angel Backer and Blockchain Evangelist
- Prof. David Lee Kuo Chuen (Financial Inclusion, Microfinance) Professor of Quantitative Finance, Singapore University of Social Sciences
Lots of ties to big players in the financial and business industry since Omise started years back but for Omisego specfically it would be including but not limited to investments and partnerships from.
- MUFG Mitsubishi United Financial Group (2.4 trillion in total assets and invested into Omisego under subsidary Krungsri aka Bank of Ayudhya)
- True Money (processes >4 billion across 6 countries)
- SBMC (2nd largest bank in Japan)
- Credit Saison (Third largest credit card company in Japan)
- Ascend Capital
- McDonalds Thailand
- SBI Holdings
- Toppan Printing
- Golden Gate Ventures
- East Ventures
- 500 Startups
- More unknown partnerships due to NDA’s
- Have met with Greylock (owners of Coinbase and more, more information currently undisclosed) *No official word of partnership
- Jun has stated on twitter they are ~”Building relations / connecting 15 different financial institutions across 4 regions and more than 1000+ dev contributors involved”
Information from the “Town Hall Q&A 0x1” hosted Jan 30th on YouTube.
- Sdk open beta end of February
- Talking with banks, merchants, hardware partners under NDA (Also mentioned in crowdsale document)
- Vitalik, Joseph Poon, David Knott, Karl Floersch completed MVP (minimum viable plasma) during a short retreat late last year
- DEX internal release milestone completed with blockchain running
- DEX design complete starting to build on blockchain
- Next milestone is internal testnet deploying nodes and connecting Plasma/omg nodes to ETH testnet
- Plasma possible “much earlier” than first expected (most likely due to MVP breakthroughs)
- Plasma final revision will be the same framework as MVP with additional features added as time goes on
- SDK and Licensing open source under Apache 2.0 no fees to start building on the Omisego/plasma network
- Working with strategic partners to issue FIAT backed tokens and cash in/out points(atms?).
- Website redesign coming with an added community hub
- Transactions nearly instantaneous on plasma, block time yet to be determined
- Staking will be open and fair to everyone, they are taking measures against whales controlling the network
- Omisego Advisor Ayako Miyaguchi will be the Executive Director at the Ethereum Foundation effective Feb. 1st“
Emphasis is laid on these features as they cut across both OmiseGo blockchain and OmiseGo wallet:
Scalability: OmiseGo offers low costs and immediate settlements.
Access: With OmiseGo having full reserves that are nationally licensed, bank accounts will not be required for access to the exchange.
Security: There is the availability of decentralized fiat tokens, and also decentralized currencies.
Exchanging currencies from fiat to cryptocurrency comes with a restriction, and this restriction is responsible for huge fees taken from the user’s account. Trade and transfers of currency on the blockchain usually incur fees, and if the value of your transfer is huge, then you may have to pay a large sum as a transaction fee. However, the currency agnostic nature of OmiseGo makes the fees remain the same, no matter the size of the transaction, and it does not matter whether the currency being converted is Ethereum to Bitcoin or Ethereum to US Dollars.
OmiseGo and Plasma
OmiseGo is working on implementing Plasma. Their use for Plasma is to build the decentralized exchange Plasma-chain. This would be a 100% public, single-point-of-execution, currency-agnostic, massively scalable, cross-chain-compatible and fully on-chain DEX that is rooted in Ethereum’s mainnet. This would be able to support all the world’s currencies plus cryptocurrencies for over 1B users simultaneously. Plasma essentially enables scaling which simply means many more transactions can occur.
OmiseGo Blockchain Features
- The mechanism that provides liquidity.
- Activities within the chain enable the bonding of the Proof-of-Stake consensus.
- Public (no permissions) and scalable blockchain.
- The blockchain gateway is backed by assets.
- The exchange is decentralized.
- Costs for protecting transaction values are sent to other chains, hence the value of the chains appreciate.
- The OmiseGo blockchain is where settlement and clearing take place.
- Blockchain constructions become interlinked; this is due to the system’s high performance.
- There is also the availability of a messaging network.
OmiseGo Wallet Features
- Presence of an SDK that aims at offering support for post-integration, while aiming to make simple the implementation of OmiseGo.
- Users are allowed to use the OmiseGo payment gateway, over-the-counter top-ups (also through real-time settlement and direct debit), virtual cash and credit card.
- The SDK will enable companies to integrate custom apps or come up with their designs and styles.
- As a white-label wallet, companies have different ways for implementation of the wallet across different industries. Users with the wallet can make currency transactions using decentralized currencies and fiat currencies freely.
- The OmiseGo Wallet has flexibility.
- In order to unlock the full potency of mobile commerce, the OmiseGo wallet is able to communicate with other wallets.
If you are looking for investment potentials, then there are some reasons why you should consider OmiseGo, even though it is a new platform. Some of those reasons include:
- Loyalty Points: There is a solution where you can instantly redeem and exchange various loyalty points on one platform. OmiseGo will help companies to briskly maintain and in some cases maintain partnerships.
- Remittances: OmiseGo offers instant transfers of remittances at low costs.
- Tokenized Fiat: The OmiseGo token will easily enable fiat currencies to be turned into digital tokens and back again, thereby debarring the process of having it exchanged for another popular currency like Ethereum or Bitcoin, plus the ability to cash out in fiat currency.
- Mobile Banking: The OmiseGo SDK and free open-source will allow developers to create custom app integrations and designs. This will be essential for handling transfers, payments, transactions, and also points or rewards on mobile devices.
- Digital Gift Cards: With the help of Smart contracts, digital gift cards can be created by OmiseGo, and these cards can be transferred, bought and sold just the way it is done with cryptocurrencies.
- Asset Tracking: OmiseGo is a function of the ETH ER20 blockchain and as such, all assets and transactions are saved on a public ledger. This public ledger makes it easy to retrieve, view and supervise transactions, as well as making transaction backdates easier.
OmiseGo Pros and Cons
- Experienced and proven; the system began in 2013 and have successfully transferred money to individuals and businesses. The company began to handle about $500 million per day from March 2017.
- Because of the solid team of Ethereum top-shots, it is a reliable platform and users tend to reckon with it more.
- The OmiseGo blockchain could reach 1,000,000 transactions/sec; with the help of plasma technology.
- The vision of OmiseGo is clear and distinct.
- Transactions are secure.
- Low fees on transactions.
- Transactions can be made using other decentralized cryptocurrencies and fiat currencies.
- OmiseGo is an offshoot of an enterprise-backed payments company.
- Fast transaction.
- OmiseGo supports diverse fiat currencies and cryptocurrencies, the SDK technology integrated in it makes its e-wallets able to operate with each other.
- There is a high level of simplicity with OmiseGo, in that there are no restrictions, no approvals, and no formalities.
- Power consumption is minimal
- The blockchain maintenance team are rewarded with OmiseGo tokens, and those who input inaccurate data with the purpose of hampering the actions of the system are sent off.
- OmiseGo’s operations are only limited to some countries in Asia-Pacific.
- They are building a new blockchain from start; hence, bugs and errors are expected.