In four words or less: Global banking, exchange, remittance
OmiseGO (OMG) is a Southeast-Asia based company working to create a next generation financial network and decentralised economy. OMG is developing a decentralised peer-to-peer value exchange platform that enables the mainstream use of digital wallets across organisational silos and across borders. This will allow you to exchange between Bitcoin, or fiat currency, or even your retail vouchers or airline points as well as make day to day purchases. Their services will be targeted at the 550 million people in Southeast Asia who currently do not have access to formal financial services.
What problem does OMG solve:OMG provides a next-generation value transfer service operating across currencies and asset types, and across national borders.
Properties of OMG:
- OmiseGO enables interoperability between closed payment systems. (You can pay someone with BTC or USD or even Air miles even if they only accept Euros)
- OMG is the first project designed to use the Plasma architecture, the leading Ethereum Layer 2 scaling solution. This will enable the OMG Network to serve all global transactions simultaneously
- OMG runs on a proof-of-stake blockchain
- The OMG network will be able to interact with Bitcoin and other blockchain platforms via clearinghouses and smart contracts
Adoption and penetration:
OmiseGO’s pilot programs are targeted to the Asian market. One noted potential partnership is McDonalds Thailand. The OMG platform was chosen by McDonald’s Thailand to be the payments gateway for its website and the McDelivery Thailand mobile app.
Management and governance:
OmiseGO has a very large and experienced team, some of whom were involved in the early days of Ethereum. They have a highly credible team of advisors, most notably Roger Ver and Vitalik Buterin.
Risks and limitations
Proof of stake blockchains are unproven on a long time frame. OmiseGO is a long term, complex and very ambitious project. Investors will need to have long term confidence.
Competition: EOS, NEO