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HomeINFOWhat is OmiseGo (OMG)?

What is OmiseGo (OMG)?

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OmiseGo is a DApp built on the Ethereum blockchain. It is part of the parent company Omise which is payment gateway provider aiming at the South East Asian market. If you know anything about payment systems in China you will have heard of WeChat pay and AliPay. The premise is that everyone has access to a smart phone and allowing you to pay everything from bills to street vendors with a swipe of your phone is not only convenient but has become the predominant form of payment in China. Omise aims at establishing this same system in South East Asia and OmiseGo is it’s attempt to incorporate cryptocurrencies into this system. The positioning is unique for a couple of reasons. Firstly it allows people access to secure funds without the need for a bank account. In South East Asia only 27% of the region’s 600 million inhabitants have a bank account. Secondly it is working towards facilitating payment in FIAT as well as cryptos and making the whole process easy to understand and set up which is crucial for vendor and customer adoption. Could this be the key to mainstream cryptocurrency usage?

Consensus Based on the Ethereum blockchain

Intended Uses Banking services and payment gateway

Risks

  • Very early stages. No proven track record yet.
  • The marketing has been very slick and as a consequence there has been a lot of hype. Most likely overvalued (Could be said about most cryptocurrencies to be fair)

Advantages

  • Many high profile advisors including Ethereum founder Vitalik, Lightning network co-author Joseph Poon and the founder of Golem, Julian Zawistowski.
  • In talks with the Thai Government.
  • uniquely positioned in East Asia with directed efforts towards accessing SEA, Korean and Japanese markets.
  • Professional presentation and organisation

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