OmiseGo can be defined as a decentralized, universal payment processing system that is based on the Ethereum blockchain. In this way, it enables transparent peer-to-peer transactions in real time. The idea behind OmiseGo is to introduce a system that enables cash-in / cash-out functions between local and digital currencies to be used without any unwanted delay. With this platform, the developers of OmiseGo want to promote (healthy) competition between different currencies combined with a user-friendly interface.
The OmiseGo story
The history of OmiseGO goes back to 2013. OmiseGo started under the name Omise as a payment service with a focus on the Asian markets. The service is based in Thailand, Japan, Singapore and Indonesia. In 2015, the Omise blockchain laboratory was founded under the company name Omise. The Omise Blockchain Lab was set up to explore the possibilities of blockchains and possibly solve some problems that traditional payment providers have not yet solved, such as the transaction speed.
The OmiseGo team
The OmiseGo advisory team includes Vitalik Buterin and Gavin Wood, who is also known as a co-founder of Ethereum. OmiseGO is currently based on the Ethereum blockchain as an ERC20 token. ERC20 is a technical standard used to implement tokens on the Ethereum blockchain. As a result, the majority of tokens that are used via the Ethereum blockchain are ERC20-compliant. The digital OmiseGO wallet is the first application to run in the OmiseGO network. In this capacity, the application aims to provide its users with easy access.
Major OmiseGo improvements
Numerous improvements and additions are currently being developed within the network. Of particular note are the own blockchain and “plasma”, a separate version of the Lightning network. It is also planned to found ODEX, the "Decentralized Omise Exchange". However, this is still being worked on. Plasma development is another blockchain added to the Ethereum blockchain. This new improvement could be called a "hard spoon" because it does not branch off from the main chain, but introduces an additional layer into it.
The interoperability of the OmiseGo network
Thanks to this “hard spoon”, the OMG network is optimized for interoperability. This means that providers enable their customers to send and receive payments not only within their own channels, but also across channels. The OMG network enables seamless exchange between the wallets, while the OMG blockchain keeps a universal LEDGER (cash book) on the current account balance of each wallet. Omise wants the OMG platform (and the underlying network) to evolve and adapt over time, taking into account the needs of its users.
Technical specifications from OmiseGo
- Ticker Symbol: OMG
- Founder(s): Jun Hasegawa
- Date of Release: August 2017
- Consensus mechanism: Proof of Stake
- Hashing Algorithm: Ethash
- Maximum supply: 140245398
- Average Block Time: 15 seconds
- Mining / Staking reward: Variable
- Average blocksize: 20 Kb
- Next Block Halving: n/a
- Smart Contracts: No
Prices from OmiseGO
Unique features of OmiseGo
OmiseGO would like to answer the fundamental question of coordination and interchangeability between traditional payment systems, gateways and financial institutions. In other words, OmiseGo aims to do non-banking as well as banking. OmiseGO acts as the next generation payment processor by offering a decentralized exchange in a public blockchain with large volumes at affordable costs.
How can you define OmiseGo?
The main purpose of OmiseGo is to enable individuals and businesses to send and receive different currencies and assets. There is no doubt that the network is successful in performing 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 set up its own main network that enables users to send, receive and exchange any currency. This will open up a multitude of possibilities, also due to the use of the in-house White Label Software Development Kit (SDK), which makes it possible for every organization, a certain unit of value (such as a fiat currency, cryptocurrency or other assets) and their own custom wallets create that interact with the OMG network, making the exchange of assets much easier.
The incentive system in the OmiseGo network
Since the OmiseGO blockchain works via the proof of stake system, a small premium is usually generated for every transaction. Staker will receive this reward as a reward and that will encourage and encourage them to continue using their coins. It is this network that keeps OmiseGo going.
The Omise company
The original organization called Omise is a huge, successful fintech company that has made a mark in the financial market by making a name for itself in Southeast Asia by facilitating cross-border payments. It also serves as a payment processor for Alipay and WeChat Pay. There is still a lot of potential in this, as these organizations know what they are doing and are already dealing with the solutions that blockchain technology can make possible.
Source of thumbnail image: https://images.app.goo.gl/at9GbwP6mwiteQw26
