Table of Contents
The History of OmiseGo
The history of OmiseGO goes way back to 2013. OmiseGo started as a payment service under the name Omise, which specifically targets Asian markets. The service is based in Thailand, Japan, Singapore and Indonesia. In 2015, the Omise blockchain lab was formed using their company name Omise. The Omise blockchain lab was created to explore the possibilities of the blockchain and potentially solve some issues that traditional payment providers have not solved yet, such as transaction speed.
The OMG Team
OmiseGo’s advisory team includes Vitalik Buterin and Gavin Wood, also known as the co-founders of Ethereum. Currently, OmiseGO is built on the Ethereum blockchain as an ERC20 token. ERC20 is a technical standard used for implementing tokens on the Ethereum blockchain. Thus, the majority of tokens issued on the Ethereum blockchain are ERC20 compliant. The OmiseGO digital wallet is the first application to be running on OmiseGO network. As such, the application aims to provide easy access for its users.
Important OmiseGo Improvements
Many improvements and additions within the network are currently being developed. The most important to mention is their own blockchain and “Plasma,” which is their own version of the Lightning network. They are also planning to create ODEX, which is the “Omise decentralized exchange.” However, this is still a work in progress. Their Plasma development is a blockchain that will be added to the Ethereum blockchain. This new improvement would be called a ”Hard spoon,” as they are not branching off the main chain but adding this extra layer onto it.
The Interoperability of the OmiseGo Network
Thanks to this “hard spoon”, the OMG network is optimized for interoperability. This means that the providers can allow their customers to send and receive payments not only inside their own channels, but also cross-channel. The OMG network allows for seamless interchange between wallets, while the OMG blockchain keeps a universal ledger of every wallet’s current balance. Omise wants the OMG platform (and the underlying network) to evolve and adapt over time by looking at the needs of its users.
Specifications of OmiseGo
|Date of Release||August 2017|
|Consensus mechanism||Proof of Stake|
|Average Block Time||15 seconds|
|Mining / Staking reward||Variable|
|Average blocksize||20 Kb|
|Next Block Halving||n/a|
The Price of OmiseGO
Unique Aspects of OmiseGO
OmiseGO wants to answer the fundamental question of coordination and interchangeability between traditional payment systems, gateways and financial institutions. In other words, OmiseGo aims to bank the unbanked. OmiseGO serves as a next generation payment processor by providing a decentralized exchange on a public blockchain with large volumes and inexpensive costs.
How to Define OmiseGo
The main purpose of OmiseGo is to allow people and businesses to send and receive different currencies and assets. There is no doubt that the network is successful at executing this task. Thanks to its effectiveness, OmiseGo has the potential to replace traditional payment systems such as SWIFT and ACH.
Why Use OmiseGo?
The ultimate vision of the OmiseGo network is to launch its own mainnet and allow users to send, receive and exchange any currency they want. This will also open a myriad number of possibilities through the means of their white label software development kit (SDK), which will allow any organization to create some unit of value (such as a fiat currency, cryptocurrency or other assets) and their own custom wallets that interact with the OMG network, which facilitates the swapping of assets.
The Incentive System
Because the OmiseGO blockchain operates through the Proof of Stake system, a small fee is usually generated with every transaction. Stakers are rewarded with these fees and this will incentivize and encourage them to keep staking their coins. This network is what keeps the OmiseGo running.
The Omise Company
The initial organization named Omise is a huge successful fintech company which has already made its mark in the financial market by making a name for itself through facilitating cross-border payments in Southeast Asia. It also serves as a payment processor for Alipay and WeChat Pay. This shows a lot of potential as they know what they are doing, and are already looking into the solutions blockchain technology can facilitate.