OmiseGO (OMG) the Next Generation Financial Network and Decentralized Economy
OmiseGO is an Ethereum-based financial technology company offering a decentralized exchange (a blockchain) and a payments platform (a wallet).
They are trying to allow people without bank account or financial institution to manage accounts and send money domestically as internationally.
The company behind OmiseGo called Omise was founded in 2013 and it’s a venture-backed payments company operating in SEA.
Omise held ICO in June 2017 where they raised $25M
Tokens and usage
OmiseGO network is running on Ethereum mainnet and it supposed to be the first project to use the new Plasma.io framework which is scaling solution
Projects aims for anyone to be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way.
OMG token will be used to validate the network meaning holders might make gains through proof of stake. It will also be used for fees.
The team is getting closer to implementing plasma solution making it the first project on Ethereum that incorporating it. This is a big deal and if successfuly done could increase the interest and value of OMG.
They have recently provided more details about the OMG DEX – a decentralised exchange that will be incorporated into the OMG network and work closely with the payment aspect
They have been audited by Quantstamp to ensure Plasma MVP contracts are bug free
The team participated in the popular Devcon4 which took part in Prague, Czech Republic where they were providing imformation mostly about the Plasma solution
There is roadmap available but slightly out of date so the better source of information is the tracker where the progress of the different project parts is tracked.
The ultimate goal of the OmiseGo is fully scalabale PoS blockchain and Dex running on Plasma. The process of implementation is divided into steps which team explains nicely in the blog post.
The recent updates include:
eWallet and apps on Android/ iOS
OMG Ecosystem + Roadmap
The Omise recently reached almost 100 employees but not all are working on OMG.
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