What is Omesigo (OMG)?
Omisego is a cryptocuurency dApp built on the Ethereum blockchain. It aims to be a decentralized payment processing network in which anything of value can be sent and traded for.
Omisego is the Asian-based cryptocurrency platform built by Japanese payment company Omiseo. They had an ICO and launched the token in August 2017, raising about $25m, and they have Ethereum’s Vitalik Buterin among many other huge names as an advisor..
They have announced many partnerships including Japanese finaincial giant Nomura, Shinhan Financial Group, and McDonalds Thailand to name a few.
Payment Processing Industry Set for Shake Up
The payment processing industry is one of the biggest industries in the world, and legacy companies VISA, Mastercard, PayPal and Alipay have done very well in the past making a few percent of every single payment.
But the problem with said payment transmitters is that they’re closed networks. They don’t interact with each other. Example if you have a PayPal account but someone else has an Alipay account there’s no way you can transact, unless one of you opens an account in the other transmitting platform.
It’s meant to be this way, because PayPal wants everyone to go to them and of course, Alipay is the same.
Omisego Will Be The Payment Processor
This is where Omisego comes in. It aims to be the platform that helps every single digital asset interoperate. And not just fiat currencies.
On Omisego you’ll be able to move and trade your airmiles, timeshares, ingame assets. Imagine being able to monetize an avatar or a plot of digital land that you’ve built up in Second Life. With Omisego you will be able to do that.
Literally any asset that has value will be able to be traded and sent across the Omisego network, no matter which network the asset came from.
The network will have its own decentralized exchange, an SDK wallet in which any company will be able to integrate into its system, saving any company so much time, effort and money.
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- What Is DeFi?
- What Is Ether (ETH) and How Can I Use It?
Unbank The Banked
Omisego’s mantra has been: ‘unbank the banked’, and what they mean is that they aim to disrupt the banking industry.
They’re targeting Asia initially, but the world is their aim. There are more than 2 billion people worldwide who do not even have a bank account. Think about that for a moment. 2 billion people can’t get access to the banking system.
With Omisego, these people will immediately be connected and will be able to trade, transmit or have the facilities that any other banked person is so commonly used to.
This alone will generate so much wealth, and the Omisego network aims to be the underlying technology that generates all this trade.
If Omisego is to fulfil its promise, it needs Ethereum to scale and that means Plasma. Anyone who knows anything about Ethereum will understand the problems with Plasma. That said, The Omisego developers are working on Plasma, and are hopeful it will be launched within the next 12 months.
Omisego launched at the perfect time, and there was a lot of excitement around it in the first six months. However, after the crash, it has gone quiet, and many are uninterested in it.
However, the team are still hard at work creating the platform, and it’s during times like these that platforms and startups either crash and die, or plant seeds for an amazing future.
Once Plasma is launched, I believe Omisego will play a huge role in the DeFi world, and will be one of the main dApps on the Ethereum blockchain.
Author: Tommy Limpitlaw