What You Need to Know About OmiseGo (OMG)

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OMG. In case you haven’t heard about this one yet, it’s called OmiseGo, and it’s managed to catch the attention of many people in the crypto space. On their website they have a very impressive list of advisors that include, Vitalik Buterin, Gavin Wood, Joseph Poon, the co-author of Lightning Network, along with the founder of Golem and Roger Ver.
If you haven’t had the chance to read their white paper or do much research on this one yet, let me break it down for you.
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The Omise company launched in 2013 and has been providing payment services in countries like Singapore, Thailand, Indonesia.
They are now tapping into blockchain technology and cryptocurrency. They’ve recently released an ERC20 token on the Ethereum Network
and will be releasing an ewallet and payment platform called OmiseGo.
OmiseGo will allow it’s user base to send money locally and across borders.
They have already established a customer base with a large number of business owners in Asia,
Many people in Thailand are already accustomed to using e-wallets. The catch is that the current system works on a closed network so they don’t have the ability to transact with different countries, or currencies.
OmiseGo will Introduce them to the blockchain and to ledgers that are private yet are capable of allowing them to transact with the world.
OmiseGo is open sourced and they will also implement a white label ewallet service.

I’ve gotta say that I really enjoy seeing companies like this getting into blockchain technology so that they can provide their current customers with better options for not only transferring money, but also giving them a chance to make better investments.

They have a very detailed white paper that is available on their website. It describes how they can:
facilitate and coordinate among payment processors, gateways, and financial institutions,
accomplish cross-chain transactions,
provide the ability to trade with fiat and cryptocurrencies,
and what their goals for the future look like. So if you haven’t already done so, and you’re interested in learning more about OmiseGo, their white paper is a great place to start.
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As I stated earlier, this project has Joseph Poon listed as one of their advisors, he’s also a principal author of OmiseGo, so I’m going to go ahead and assume they are interested in implementing Lightning Network for off-chain transactions. OmiseGo will also have the ability for cross-chain transactions since their blockchain will be able to hook into other blockchains to allow for trading across token and asset classes.

I had briefly mentioned cross-chain transactions in my recent video that covered the Tenx card, and I know there are other projects out there looking for ways to make this work. So if there are any projects that currently utilize cross-chain transactions that have sparked your interest please feel free to leave a comment down below. I’d love to take a look at all of the option out there thus far and see how they are implementing this new feature.

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