After an ICO with $25 million obtained in fund, OmiseGO – A proof of stake electronic payment network – was born. Their idea is to build a scalable, public blockchain which will allow their users to exchange currencies to cryptocurrencies or another FIAT currency, keep their fundsin the OmiseGo Wallet and more.
How does OmiseGo work
OmiseGo is technology created using the Ethereum blockchain. It allows a decentralized exchange to run on a public blockchain. The OmiseGo founders are Jun Hasegawa,CEO and Donnie Harinsut, COO. Jun Hasegawa is the CEO of Omise, a multinational payments company operating in Singapore, Japan, Thailand and Indonesia.Jun Hasegawa launched OmiseGO – the crowd-funded blockchain division of Omise – to improve the Omise actual system by introducing the blockchain technology in it.
Their mother company is a multinational payments company. As a future plan, Jun Hasegawa wants to upgrade all Omise clients to OmiseGo technology – where Vitalik Buterin, Gavin Wood and Vlad Zamfir are some of the advisors of this project.
Their peer-to-peer, real-time exchange system was created to ease the transfer of cryptocurrency and fiat cash. OmiseGo team announced that by 2018 a POS system will be implemented over the OmiseGo network. The proof-of-stake system will allow OMG holders to obtain a certain amount of bonus tokens over the time, if they will keep their OMG Tokens.
The OmiseGo Token
OMG – the token that Omise use – was already implemented in a major Fast-Food chain from Thailand. You can also transfer the OMG to someone else without using an IMT (International Money Transfer). The OmiseGo service that allows you to cash in or cash out without a bank account. The OMG tokens can also be kept in the OmiseGo White-label Wallet. Besides keeping the tokens there, the OmiseGo Wallet is also a White-label solution that companies can use to operate on the OmiseGo blockchain.
Using Omise, all the merchants who use their platform will be able to receive payments in multiple currencies like ETH, BTC or other cryptocurrencies. The main use case is to host a decentralized exchange for digital fiat and cryptocurrencies. This means that the OmiseGo system can be used by different digital wallets as a backend. Besides this, OMG holders can use OMG to validate the network. Unlike other POS cryptocurrencies, you will get punished if you validate incorrectly. OmiseGo was also mentioned on TV on 18 August, 2017 in Thailand at the Ministry of Finance, where they launched their artificial intelligence technology – FacePay.
If you want to buy OMG, there are a lot of places to do that. You buy from different exchanges like: Bittrex, BX Thailand, Bitfinex and so on. Latest news announced that OmiseGo is planned to be listed on Binance starting September 12, 2017.
In conclusion, OmiseGo network has an active development team with experience in the payments field, a network which will be connected to the Ethereum mainnet in the future and people would be able to send payments, payrolls, B2B transactions and other on-demand service.