OmiseGo (“OMG”) is a blockchain and cryptocurrency developed on Ethereum to enable transparent, peer-to-peer transactions in real-time, bringing financial inclusion and interoperability through the public, decentralized OMG network.
The OMG network is a scaling solution for finance on Ethereum, with the decentralized network facilitating self-sovereign financial services across geographies, asset classes and applications.
Key offerings of the OMG platform include:
- White-label SDK: Users are able to build apps within the OMG SDK to enable wallet-to-wallet transactions of crypto and fiat currencies, loyalty points, game credits and more.
- Digital Asset Gateway: The OMG network can be used to access, manage and transact with digital assets that are kept securely on chain.
- Decentralized Exchange: OMG offers a decentralized exchange mechanism to cater for multi-asset and cross-chain interoperability that is scalable via proof-of-stake.
- Clearinghouse: Delivers a secure and rapid transaction clearing with the use of Ethereum smart contracts and protocol consensus.
Benefits of the OMG network include:
- Access: Through the open source, white-label SDK, digital wallet providers can connect to the public OMG network to enable users to transact any digital assets.
- Security: Bonding to the Ethereum blockchain creates secure token custody, decentralized exchange of all Ethereum assets and ultra-secure transaction validation.
- Scalability: Plasma architecture allows for unlimited scalability with unprecedented transaction speed that can hit millions and possibly billions of transactions per second.
- Interoperability: Financial applications, such as wallets, will be able to interact with one another via the OMG network. Users will also be able to trade assets from different blockchain protocols, such as Bitcoin.
- Decentralized: OMG is controlled by its users and validators. Through staking, token holders can validate transactions and earn fees. As the network gains value, so does the token.
OMG is designed to pioneer the Plasma architecture, the leading Layer 2 scalability solution. The OMG network is a proof-of-stake and infinitely scalable Plasma blockchain with a decentralized exchange built into its core consensus layer.
The Plasma construction allows for low-cost security, scalability and settlement for all financial applications that run on the OMG network.
The platform is fueled by OMG, an ERC-20 token. The total number of OMG tokens is capped at 140,245,398. OmiseGo was co-founded by Donnie Harinsut and Jun Hasegawa.
Some distinct differences and characteristics of the OmiseGo Platform include:
- OmiseGo’s parent company is Omise, which was established in 2013 to compete with the likes of PayPal as an online payment platform.
- OmiseGo has been endorsed by both, the Bank of Thailand (BoT) and the Thai Ministry of Finance.
- OMG will look to target the untapped unbanked market that is estimated to be in the region of 2bn globally, though the focus will be primarily on Southeast Asia.