OmiseGO

Overview of OmiseGO

OmiseGO will be the first project to implement the Plasma technology, but as Plasma is currently under development, it’s worth noting that OmiseGO will be able to start without using Plasma at the beginning, and will use the Cosmos Network for the same purpose with intermediate scalability in a first phase, where the OmiseGO network will not be fully public yet (see below “What is OmiseGO’s roadmap?” for details).

OmiseGo is a result of hard work of the Omise corporation, a payment service provider that operates mainly in Southeast Asia, established in 2013.The initial objective of OmiseGo and its OMG token was to eliminate the need for consumers to access financial services through a bank account, expanding payment and financial services to millions of non-bankable people and regions across Asia.

OmiseGO is an extension of Omise, born in 2017 to leverage the blockchain technology to propose a whole system that aims to revolutionize the way people take control of their financial and valuable assets and exchange them with each other, by providing a secure and completely open way to do so without boundaries and without depending on a third-party.

OmiseGo (abbreviated as OMG), the token economy-centric initiative by Bangkok-headquartered payment startup Omise and Tokyo-based VC firm Global Brain, held a joint press briefing/meetup in Tokyo today and announced that they will start building a global network of blockchain-focused co-working spaces called Neutrino (named after a fermion) together.

OmiseGo’s decentralized service suite includes decentralized market liquidity, a decentralized clearinghouse, and a decentralized exchange, all in hopes of changing the landscape of cryptocurrency exchanges and payment platforms for the better by removing the power from sovereign entities, and returning that power to the platform users.

OmiseGO (pronounced ‘Oh-me-say-go’) is a Proof of Authority (PoA) network, based on the Plasma framework and built alongside Ethereum that aims to provide the infrastructure to facilitate decentralized payment processing from e-wallet operators, which include Alipay and Venmo via a highly scalable blockchain architecture.

OmiseGO’s statement is that already existing major players will have an interest to develop their own blockchain and their own wallets, but that there is a long tail of medium and small size wallet providers coming soon on the financial and value transfer market, that would highly benefit OmiseGO’s SDK.

OmiseGo identifies how centralized networks which include SWIFT, FedWire, CHIPS, and ACH serve alternative functions and operate through various mechanisms, creating a system that requires significant transaction costs, due diligence, and contractual enforcement by all participating parties.

OmiseGO is collaborating with Toppan Printing to start offering a new type of advertising and purchase process, thanks to which scanning a QR code on an advertising medium, for instance a magazine, will automatically allow the customer to order the advertised product.

OmiseGo has had a long development path and although it has released two alphas, Ari and Samrong in February and June 2019 respectively as well as the deployment of its P2P network in September the same year, the main OmiseGo network still remains in testnet.

Blockchain

Mine

It must finally be pointed that the OmiseGO network is not designed with the goal to be a high-volume low-value network, to handle a very high volume of micro-transactions, but with the goal of being « the preeminent high-value exchange and settlement platform ».

Network

– Providing alternative financial and digital commerce tools for everyone without having to go through traditional banks, institutions and card networks – Through the OmiseGO network, anyone will 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 – Token holders will be eligible to earn transaction fees for interchange payments and decentralized exchange

Support

– Ant Financial, the Chinese company owning China’s digital payment giant Alipay, and belonging to the Alibaba Group, recently invested in Ascend Money from the Ascend Group, which is, according to OmiseGO’s CEO Jun own words, « [OmiseGO’s] investor / partner / supporter ».

Transactions

This said, the investor’s business model is to rely on the idea that the OmiseGO network will handle a very high number of transactions, that these transactions will generate a very high amount of fees, and that, these fees being distributed to the OMG stakers, the more OMG you will hold and stake, the more amount you will receive per year, which, if the project keeps its promises, can turn into a very profitable passive income.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e.Coinbase or Kraken), there are other very well-known industry leaders that are located all over the world.For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein.While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

Did you know?

The Thai Ministry of Finance officially endorsed OmiseGO a month after its public sale.

Did you know?

OmiseGO’s wallet software will enable banks and payment providers to add customisable features, to make it feel more like their own.

Did you know?

The OmiseGO Foundation donated over a $1m to a refugee charity in late March 2018.

Got your OmiseGO wallet ready?

Open your OmiseGo wallet if you want to exchange your coins for Euros.We recommend the use of a OmiseGo wallet where you own your private keys.In case you do not have such a OmiseGo wallet, you can click on the button below to see our selection.

How did I get here?

In 2013 I founded Omise as an e-commerce platform based out of Thailand.Though the efforts to grow out this business I experienced first hand how outdated payment processors, gateways and financial institutions impeded e-commerce growth across the Asia-Pacific region.In realizing this, my co-founder and I pivoted Omise to became a fully-devoted fintech company focused on providing the most reliable and secure online payments services.

How does OmiseGO work?

Clearinghouse – OmiseGO is used for quick and easy asset transfers between two separate parties.Banks and financial institutions use the network as a trustless intermediary that enables them to transact with one another securely.

How does OmiseGo works?

The OmiseGo platform is an open source project.Ethereum is also based on the Proof of Stake consensus, which generates profits for transaction fees.The token is based on ERC-20.There are exactly 140,245,398 tokens in total and all of them are already extracted.Average time between blocks is 15 seconds.

How Does the OMG Network (OMG) Work?

The OMG Network enjoys the security of Ethereum (ETH) with some advantages.The platform introduces features such as a white-label wallet, zero fees, and near-instant transaction times.

How is More Viable Plasma different than Minimum Viable Plasma?

More Viable Plasma is designed to improve user experience.In Minimum Viable Plasma, when a user sends a transaction, their transaction is not finalized until they send a 2nd “confirmation message.” A user is only supposed to send this confirmation message once they recognize that their transaction was added to a plasma block.This additional step was required in order to secure their funds against malicious actors.

How is More Viable Plasma different than Minimum Viable Plasma?

More Viable Plasma is designed to improve user experience.In Minimum Viable Plasma, when a user sends a transaction, their transaction is not finalized until they send a 2nd “confirmation message.” A user is only supposed to send this confirmation message once they recognize that their transaction was added to a plasma block.This additional step was required in order to secure their funds against malicious actors.

How Is OMG Network Secured?

The OMG Network mainnet will eventually move to a proof-of-stake (POS) consensus system, which will allow users to stake their tokens to help secure the network and earn rewards.

How is OmiseGO produced?

OMG tokens were pre-mined and released in a private sale.Participants had to first pass through AML/KYC checks.A small number were also released in an airdrop to Ether holders in July 2017.The total supply is hardcapped at 140m tokens.

How Many OMG Network (OMG) Coins Are There in Circulation?

Like most cryptocurrencies, OMG Network tokens have a fixed maximum supply.This is set at exactly 140,245,398 OMG and will never increase beyond this point.Unlike many other cryptocurrencies, this total supply has already been fully minted, with the majority already in active circulation.

How to buy OMG coins?

You can purchase OMG coins on Coinbase.All you need to do is buy BTC or ETH with FIAT currencies and then exchange them to OMG coins.That’s it.

How to Buy OMG Coins?

You can buy OMG coins on the EXMO exchange.

How To Get A OmiseGO Wallet?

1.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally.For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange.

How to use OMG Network?

Money transfers.OMG Network is able to speed up and reduce the cost of traditional money transfers, especially if you need to perform currency conversion.At the same time, anyone can connect to the platform.For individuals, a special application and a peer-to-peer exchange is available, while for organisations, a White Label wallet (SDK) was designed.

What Are OMG Tokens?

There’s a total supply of 140,245,398 OMG.The supply is capped, and the token isn’t mineable, nor will more be created in the future.

What can you do with OmiseGO?

Although they can be used for payments themselves, OmiseGO tokens are principally designed for the validation process.Network fees and transaction costs are denominated in OmiseGO tokens, which are used to reimburse those who confirm transactions.Validators have to stake their coins, providing some sort of assurance that they will be accurate record keepers.

What is an OMG coin?

OMG coin is a white-label eWallet.It was built on the Ethereum blockchain by a Thai financial services company called Omise.Its full name is OmiseGo.

What is Bit2Me Academy?

Online educational platform for professional content for the cryptocurrency industry and Blockchain technology.In your language, at your own pace and for free.

What is happening?

Liquid will be listing GYEN, a JPY stablecoin described by its issuer as “the..

What Is OMG Network (OMG)?

OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain.As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.

What is OMG Network?

OMG Network (first developed as OmiseGO) is a non-custodial, Layer 2 scaling solution for transferring value on Ethereum.How the protocol processes transactions is centralized, but its Plasma-based design aims to decentralize network security.It also relies on Ethereum at its final arbitration layer.Most blockchain ecosystems are limited by low throughput, high and unpredictable transaction fees, and poor user experience.The project’s team believes these are barriers that need to be overcome before businesses and developers will adopt blockchain for real-world applications, leading them to develop the OMG Network.

What is OMG Network?

The idea behind the product is to integrate currency exchange and payment services.As a result, it is possible to transfer money without having to think about which currency the counterparty uses.An exchange will take place without the participation of banks, with reduced costs and speeded up transactions.

What is OmiseGO (OMG)?

OmiseGO (rebranded to OMG Network) is a Layer 2 solution for transferring value trustlessly on Ethereum.It aims to reduce transaction fees and times without compromising the security of Ethereum.

What is OmiseGo?

OmiseGo is an interoperable decentralized exchange and payment platform that allows value transfers across blockchain networks and provides fiat-to-crypto and crypto-to-crypto investment gateways.OmiseGo was created to solve the value transfer issues between payment processors, financial institutions, and individuals, and is ideal for people who lack access to financial services, market liquidity, network security, or experience problems with scalability because it aims to solve those issues.

What is OmiseGo?

OMG is available for trading on Liquid against ETH and BTC.

What is OmiseGo?

OmiseGo is a blockchain platform that aims to transform the way payments are made and accepted.Headed by parent company Omise, the OMG token is designed to make it simple to pay for your fast food burger, or your online shopping, with the OmiseGo financial platform.The Thai payment system wants to turn Ethereum-based blockchain code into a bank account on your smartphone.

What is OmiseGO?

The OMG network is a scaling solution for finance on Ethereum, enabling transparent, peer-to-peer transactions in real-time.The decentralized network facilitates self-sovereign financial services across geographies, asset classes and applications.

What is OmiseGO?

OmiseGO is a decentralized network offering a flexible and effective solution for payment providers.It is built as a dApp for Ethereum.

What is OmiseGO?

OmiseGO Plasma architecture enables developers to build a L2 Applications with high throughputs and strong safety guarantees.

What Is OmiseGO?

OmiseGO was built due to its product called Omise and it is the most common payment management framework / platform in Thailand and any part of the Southeast Asia.

What is Plasma?

Plasma is a Layer 2 technology in development that aims to scale Ethereum so that it can handle higher transaction rates by reducing the amount of data that is stored directly on the main Ethereum blockchain, also referred to as Layer 1 Ethereum.Plasma aims to create blockchains that exist “on top of Ethereum” that enable faster and cheaper transactions but that ultimately rely on the main chain for security.

What is Plasma?

Plasma is a Layer 2 technology in development that aims to scale Ethereum so that it can handle higher transaction rates by reducing the amount of data that is stored directly on the main Ethereum blockchain, also referred to as Layer 1 Ethereum.Plasma aims to create blockchains that exist “on top of Ethereum” that enable faster and cheaper transactions but that ultimately rely on the main chain for security.

What is the difference between a crypto exchange and a brokerage?

In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.The exchange platform (i.e.Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer).With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party.When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange.This is done for the sake of simplicity.

What is the OMG Network (OMG)?

The OMG Network is an Ethereum-based blockchain ecosystem that provides investors a variety of ways to earn profits.Specifically, the OMG Network is a decentralized exchange, a liquidity provider mechanism, a messaging network, and a blockchain gateway with digital assets.The platform earned a reputation for its alternative financial and digital commerce tools.These systems work together to enable cross-chain asset transfers without the need for a crypto exchange.

What is the OMG Network?

The OMG Network is a decentralized, public network that allows high throughput, low-cost peer-to-peer transactions.With the OMG Network, anyone can transact value across geographies, asset classes, and applications.

What Makes OMG Network Unique?

OMG Network believes that Ethereum’s significant speed and cost barriers will need to be overcome before mainstream businesses will consider building their products and applications on the network.

What Problems Does OMG Network (OMG) Solve?

The OMG Network seeks to revolutionize the world through its open approach to financial services.The goal of the project is to create a more inclusive financial system.To accomplish this monumental task, the OMG Network works directly with banks to help promote more financial inclusion globally.

Where Can You Buy OMG Network (OMG) Tokens?

OMG tokens are highly liquid and can be purchased or traded on well over 200 different exchange platforms, including several top 10 exchanges — such as Coinbase Pro and Binance.Some of the most popular trading pairs include OMG/USDT, OMG/BTC and OMG/ETH.

Where should I store OMG coins?

The easiest way is to store your OMG coins in crypto exchange wallets.However, it’s important to understand that online wallets are not as secure as cold storage, such as Ledger Nano S and Trezor.

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use.While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.That said, many users believe that Coinbase is one of the simpler exchanges on the current market.

Who Are the Founders of OMG Network?

The OMG Network currently consists of a team of more than 50 employees scattered across the world.It was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech firm that was formerly known as Omise Holdings.

Who created OmiseGo?

OmiseGO was developed by the Thai financial platform Omise in 2017.The company sees itself as the PayPal of South-East Asia; it is a well-established payments gateway in the region, already accepted by tens of thousands of merchants, including McDonald’s and Alipay.

Why buy Omisego (OMG) on Bitnovo?

Because at Bitnovo we offer you the best price for Omisego (OMG) so you can buy online, by credit card, cash or bank transfer.So, if you’re wondering where to buy OMG, you’ve come to the right place.

Why decentralize services?

When services are centralized, a single entity controls and validates the transactions taking place, the result is often costly transaction fees from working through an intermediary.

History of OmiseGO

In 2015, the Omise Blockchain Lab was formed to explore how blockchain technology could solve real-world payment issues for businesses.

In 2017, Omise founders Jun Hasegawa and Donnie Harinsut created OmiseGO and held an ICO that raised over $25 million for the OmiseGo cryptocurrency token on the Ethereum blockchain.

In 2017, the OmiseGO ICO was launched, and the project raised USD $25 million.

In 2019, it was reported that OmiseGO was bought by Thailand’s largest private company, Charoen Pokphand Group, for USD $150 million.