What is OmiseGo (OMG) in a Nutshell
Description
OmiseGo OMG Summary: http://boxmining.com/omisego/ OmiseGo is a decentralized exchange and wallet blockchain focused on banking for the unbanked. 0:23 Who is behind Omise 1:35 What is OmiseGo 3:25 Ex...
AI Analysis
OmiseGo (OMG) is an incredibly ambitious project aiming to revolutionize payment solutions in Southeast Asia by combining traditional financial services with blockchain technology. Building on the established success of its parent company, Omise, OmiseGo seeks to create a decentralized exchange and wallet solution that tackles the complexities of cross-border payments and banking for the unbanked, all within a trustless digital environment. It's a huge undertaking, promising a future where value can be transferred instantly and cheaply across fragmented financial landscapes.
Here's a breakdown of what OmiseGo is all about:
* Who is Omise?
* Omise is an existing, successful company that provides payment solutions across Asia, much like Stripe.
* It helps e-commerce businesses integrate payment receipts from credit cards and traditional financial institutions onto their websites.
* The company is well-backed and has been expanding significantly in Asia since 2016.
* Omise provides a crucial service in Southeast Asia, which is a very fractured market with many small countries (like Thailand, Indonesia, Singapore, Malaysia, Philippines, Vietnam) each having their own unique banking systems.
* Omise excelled at getting these disparate parties to work together, enabling easy payment acceptance across the region.
* They started in Thailand, expanded to Japan, and are now moving into Indonesia, Singapore, and Malaysia.
* What is OmiseGo?
* OmiseGo is the next evolutionary step for the Omise company, aiming to combine its proven financial services expertise with blockchain technology.
* The project plans to build its own blockchain.
* It's a massively ambitious project designed to integrate a decentralized exchange, liquidity provider mechanics, a clearing house messaging network, and an asset-backed blockchain gateway all into one platform.
* It's genuinely hard to describe everything OmiseGo plans to do because it encompasses so many different functionalities.
* The team behind it includes notable figures like Joseph Poon, known for devising the Lightning Network and Plasma, which gives the project significant credibility.
* At its core, OmiseGo is leveraging what cryptocurrencies introduced: the ability to transfer value between parties and nations digitally in a trustless system.
* A trustless system means you don't have to rely on a central body that could potentially abuse its power or hold funds; instead, you're trusting a program whose code can be reviewed and is designed to behave predictably. This eliminates the extensive due diligence needed for traditional central entities.
* OmiseGo also aims to be a wallet solution for the "unbanked" population in Southeast Asia – those who lack bank accounts or prefer not to deal with traditional financial systems due to identity verification difficulties or other reasons.
* Users will be able to sign up for OmiseGo and transfer value to others on the network.
* Crucially, OmiseGo will also accept other cryptocurrencies like Bitcoin and Ethereum, providing a way to transfer their liquidity and verify asset ownership.
* Examples of Use:
* Despite seeming simple, the ability to transfer currencies between nations is a massive need in Southeast Asia, which, unlike the European Union with its Euro, is geographically fragmented and lacks a unified currency transfer mechanism.
* For instance, migrant workers in places like Hong Kong face significant challenges and high costs when transferring money back home, making services like BitSpark (a remittance service) very popular.
* OmiseGo aims to take this a step further by enabling international currency transfers that are nearly instantaneous and incur very low fees, which is a huge improvement over expensive traditional services like SWIFT or Western Union.
* Consider Indonesian workers in Myanmar sending small amounts of money home; high fees from traditional services can significantly eat into their earnings. OmiseGo offers a vital alternative.
* OmiseGo plans to launch its own APIs and payment gateway, leveraging Omise's existing relationships and experience with companies to ensure its success.
* OmiseGo (OMG) Token:
* Currently, the OMG token is a standard ERC-20 token, meaning it runs on the Ethereum blockchain.
* It represents a promise of future value until the dedicated OmiseGo blockchain is launched.
* Once the OmiseGo chain goes live, the OMG token will transition into a proof-of-stake token on that network.
* This means holders will be able to "stake" their tokens and earn fees from the transactions processed on the OmiseGo network over time.
* Current State of OmiseGo:
* It's important to understand that OmiseGo is still largely a concept; the wallet and the dedicated blockchain are still under development and haven't been built yet.
* Therefore, when you acquire OMG tokens now, you are essentially investing in the promise of future value and the success of the project's ambitious goals.
* OmiseGo has been actively engaging with official bodies, including meeting with the Ministry of Finance in Thailand, where Omise is heavily established.
* The project is working to gain support and ensure government approval in its key operating regions.
* While Omise has a proven track record, it doesn't automatically guarantee OmiseGo's success, as the blockchain venture is incredibly ambitious.
* The services OmiseGo plans to offer are still somewhat speculative in terms of how much demand there will be for them over other emerging solutions, especially given the increasingly competitive landscape where even big banks are developing their own payment apps and methods across Asia.
Transcript
What's up everyone my name is Michael and today I'm going to talk about Amize Go. I want to talk about who's behind Amize Go, what the Amize Go project is, what the token OMG token Amize Go token is, and also the current an update on the current status of the Amize Go project. So let's start off with what is Amize Go and more importantly who is Amize. Amize is actually an existing company. It handles payment across Asia. It's a little bit akin to Stripe, so payment solutions for e-commerce, int...