OMG Coin Review: Beginners guide
OmiseGO (OMG): A decentralised plug-and-play exchange
Industry type: Decentralised exchange.
What is OmiseGO?: OmiseGO is a decentralised exchange that is in development and based on the Ethereum network for users to make peer-to-peer transactions with smartphone devices. It promises to ‘unbank the banked’ and enable transactions between states, countries, banks, and blockchains, with FIAT and cryptocurrency to provide a service that is historically centralised, inefficient and expensive.
What gives it value?
- It promises to process 1 million transactions per second.
- The proposed exchange will be decentralised and agnostic to all currency.
- It will unbank the banked and access a previously untapped market.
- Its parent company Omise, launched in 2013, has already established a popular payment gateway in Thailand, Japan, and Singapore.
- It is closely partnered with Ethereum and will be the first Plasma project.
- Other blockchains can offload transaction traffic onto the OmesiGO network to scale to demand.
- It is being designed as a Plasma-based child-chain to the Ethereum parent-chain network. Plasma is a proof of stake smart contract scaling solution that is in development for the Ethereum network. A popular way of explaining Plasma is to imagine Ethereum as the trunk of the tree whilst Plasma child-chains are the branches of the tree that absorb and process traffic away from the main Blockchain.
- Participating blockchain networks can set up OmesiGO channels through an Ethereum contract that operates as a bridging pool of funds for crypto-to-crypto, and crypto-to-fiat transactions.
- It works on proof of stake where account holders can stake their tokens, process transactions, and earn transaction fees for reward.
- Jun Hasegawa is the founder and CEO of Omisego. Hasegawa also co-founded life management app LIFEmee and Thailand based payment gateway Omise.
- Donnie Harinsut is the co-founder and chief operations officer of Omise. Harinsut worked for 12 years at Japanese advertising company Alpha-do Inc, as an international trading manager.
- Vitalik Buterin, the founder of Ethereum and one of the most highly respected developers in the cryptosphere is an advisor to the OmesiGO project.
- OmiseGO was one of the biggest and earliest venture capital projects funded and supported by the Ethereum foundation.
- South Korea’s largest credit card company Shinhan has signed a memorandum with OmiseGo to bring Shinhan Card payments to Asia.
- Omise has signed a memorandum with the government of Thailand to develop a national digital I.D. system.
OmiseGO Review: The Good
- It’s a decentralized fiat and crypto gateway that can facilitate and bring solutions to large global populations.
- It’s parent company Omise is a successful payment gateway company with a popular working product.
- It’s closely supported by the Ethereum foundation and is set to be a pioneer in Ethereum’s Plasma technology.
- Users won’t have to trust a 3rd party with their banking information.
- Its mission to bank the unbanked and be agnostic towards all currencies will support and grow the international free market.
OmiseGO Review: The Not So Good
- It doesn’t have a working prototype.
- It could take a long time to develop.
- It requires adoption by users in a market to be successful.
- It has competitors who are attempting to develop similar solutions.
- Completion of its Decentralised exchange (DEX). Date unknown
- Completion of its Scalable Blockchain. Date unknown.
At this point in time, it is difficult to find any faults with OmiseGO as it has a successful parent company, great ideas, a professional team, and plenty of support. The fact that it doesn’t have any working product to speak of cannot be overlooked though, and as promising as it might seem in theory there is still no guarantee of its success.
The current OmesiGO price, market cap and charts.
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: www.exodus.io
Online wallet: www.myetherwallet.com
Mobile wallet: www.eidoo.io
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