- 1 Omisego Basic info
- 2 What is Omisego Coin?
- 3 OmiseGo History
- 4 Why is OmiseGo important? Use cases
- 5 Omisego Plasma
- 6 Where to store Omisego?
- 7 OmiseGo Community
- 8 The Omisego Team
- 9 Omisego Recent News
- 10 Omisego Roadmap
- 11 OmiseGo's Weaknesses
- 12 Where and how to buy Omisego
- 13 Omisego Competition and Similar Coins
- 14 Convert OMG to USD EUR GBP Fiat
OMISEGO - Bank the Unbanked With Crypto
Acronym – OMG
Price Info - https://www.coinmarketcap/currencies/omisego
OmiseGo is a payment platform project within the large Thai company, Omise. They help solve a fundamental problem of coordination between payment processors, gateways and financial institutions.
OmiseGO is an e-wallet and payment platform for managing fiat, cryptocurrency, and other assets (like digital wallets). Their vision is “bank the unbanked.” Their aim is to be a decentralized platform for payments so one can freely move any digital asset across any traditional or nontraditional network. OmiseGO will provide both a digital wallet and a decentralized network in which one party can pay with any asset they choose, without it having to be accepted directly by the other party, ultimately bypassing any sort of difficult and/or expensive “withdraw and exchange” process.
In simple terms, imagine you could pay for a product or a service by using Bitcoin, other cryptocurrencies, air miles, or your own countries fiat currency: the receiving party could accept the payment in whichever form they choose, without actively having to worry about exchanging it. They are building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and an asset-backed blockchain gateway. They are going to be currency agnostic, which means that you will not have to exchange money from fiat to cryptocurrency and back.
OmiseGo was the first ICO from a major VC-backed start-up (Omise). Before that, Omise had already raised more than $20.4 million since its founding in 2013,and claims to serve 8,000 merchants in Japan, Singapore, Indonesia and Thailand.
According to the World Bank - 2 billion working-age adults don’t use banks - with many of them in Southeast Asia. OmiseGO aims to create a blockchain system that could make virtual currencies accessible to them.
With the company Omise and its advisors (I write about the team and advisors later in this article) behind it, it could have easily raised hundreds of millions of dollars, but they chose to raise only $25 million. The ICO price was around $0.25 per token. This proves that they know their needs and they are not greedy about money.
There are over 102 million tokens in circulation with a total supply of over 140 million. Twenty percent of the total tokens issued are for the OmiseGO reserve. These tokens are directly released via a smart contract to OmiseGO for future costs and uses, including use for network validation as part of the development and execution of the project. These OMG are locked through a smart contract function and may not be transacted by OmiseGO for a period of 1 year. Also, there is 9.9% reserved for the team and advisors, which has similar lockup period.
When you look at the coin distribution and rich list, you can see top 100 addresses hold just over 65% of the tokens issued. This percentage also includes tokens which are locked for 1 year. All time high against fiat was just over $25 and against BTC was 0.0029 BTC. They are already listed on major exchanges like Binance, Bittrex, and Huobi. Any additional exchange listings would not help the price to move at this point.
There was a large amount of hype surrounding OMG during the ICO phase because Ethereum mastermind, Vitalik Buterin; the co-founder/ Parity founder, Dr. Gavin Wood; and Plasma co-author, Joseph Poon are on the advisory board (as well as many others such as Roger Ver). In addition to these advisors, OmiseGO also has one of the biggest and most diverse teams in the market, with proven records of accomplishments of their work with the company Omise. I suggest that you look at the team on their website to see the diversity of the people who make this project stand out from the rest of the herd. I would also suggest that you look at their Github repository: they’ve started to make more contributions and become more transparent, but they have to work on it more if they want to be fully transparent.
In OmiseGO’s case, staking is going to be the biggest use case. When OMG has a separate plasma chain (Ethereum as the root blockchain), you will stake your coins and get rewards/dividends by validating transactions on the network.
OMG is the first plasma.io project. Plasma.io is an Ethereum based project that dramatically increases the scalability. While staking details are still not clear, it is expected that in the “Honte” phase of the roadmap, staking will be activated. The “Honte” release is planned for Q2 of 2018.
OmiseGo is making great progress toward Plasma, a framework for scalable autonomous smart contracts.
The release of Plasma will be a significant development for OmiseGo. It will give the network nearly unlimited scalability and pave the way for a decentralized exchange.
OmiseGo is quickly progressing to its vision of being the next-generation financial network for the decentralized economy.
Relationships with the likes of the Bank of Thailand and Stripe should bear fruit before the year is out.
At this stage, OMG is still an ERC20 token, which had its ICO on June 2017. This part is important because it tells you a lot about the project. Since it is an ERC20 token, you can easily store OMG in your favorite Ethereum wallets, such as MyEtherWallet.
The community behind OMG is huge. They have 256K followers on Twitter and over 35K subscribers on Reddit. There are critics (of course), but the overall feedback regarding the project is good. OMG periodically has “town hall” meetings to keep the community updated and to answer questions.
The entire project is one of a kind, but as far as decentralized exchanges, they have competitors like ZRX and Kyber Network. On the traditional side of things, we also see solutions like Paypal, Alipay, WeChat, Android Pay, and Apple Pay as competitors.
OmiseGO is a start-up lead by Jun Hasegawa and Donnie Harinsut, founders of Omise, which was set up in 2013. Its executives are blockchain veterans like Wendell Davis – who was once part of the original team that invented Ethereum. Their advisors also include Vitalik Buterin and Gavin Wood - co-founders of Ethereum.
Most of the time, it is good when a new project has a strong company behind it. In this case the company Omise is the star behind the OmiseGO project. Omise is based in Thailand and has been providing payment gateways to over 50,000 merchants in Southeast Asia (population: over 650 million) since 2013. The company has over 100 employees and has operation hubs in Thailand, Japan, Indonesia and Singapore.
Omise specializes in online payment solutions. They already provide solutions for McDonalds (Thailand), true, KING Power, Allianz and many more companies. They provide their users with the necessary tools to run an online business, accept payments, and connect them with millions of potential customers. In the summer of 2017, Omise bought Paysbuy, one of the largest payment gateway providers in Thailand.
Like Kyber network, OMG will have a POS decentralized exchange in which stakers will earn a portion of the profits generated through fees. Both Kyber and OMG are advised by Vitalik Buterin.
In December 2017, OMG managed to be listed on the Korean exchange Coinnest, and have two of their representatives speak at the Blockchain World Conference in Bangkok, Thailand. They also managed to move from alpha to closed beta, a stage known as ‘Fuseki’ on their roadmap.
Update 2: OmiseGo in 2018, signed a memorandum of understanding with Thailand’s Ministry of Digital Economy and Society. The two parties will collaborate to develop a nationwide digital identity veri cation and online payment system.
OmiseGo has also open-sourced its eWallet software development kit. This is critical as OmiseGo’s wallet has no label. This means that other companies can use OmiseGo’s wallet and brand it as their own.
Looking at their updated roadmap, the first step will combine projects, called Fuseki and Sente, to focus on providing wallet SDK’s.
In step two, Honte is aimed at laying the foundations of the Plasma network—which is on course for delivery in Q2 of 2018.
The third step is Aji, and its goal is to provide a FIAT gateway.
The fourth step is Tesuji, which will elaborate on the Plasma network. Tengen is the fifth step, which will implement Tesuji on the finished OmiseGO network.
Of course, there is no perfect project. One of the problems with this project was they were trying to pump the price with meaningless announcements. They tried to keep the hype high, but after a while the community got sick of it, and it seems like OmiseGO team took the hint and stopped the poor marketing efforts.
Another concern is that in order to have an operational payment gateway, they need to sign up both the merchant and the payer for their services: with this much competition, it could be quite a hassle. The current client base of Omise should be beneficial, however.
The core team of Omise and OmiseGO could be the same, but they are different entities. Be careful not to assume that all Omise-related news is about the OmiseGO project.
You can buy Omisego on the Followng exchanges in the OMG/BTC, OMG/ETH, OMG/BNB (Binance) pairs.
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