Omise is a payment services company focused primarily in Thailand, Japan and Singapore. OmiseGO is a payment solution extension of the company.
OmiseGO launched their ICO (Initial Coin Offering) July 5th, 2017 and raised $20 million.
The goal of the project is to introduce a new solution for payments and an exchange of assets. As money is becoming more and more digitized, OmiseGO is in a good position as countries look for solutions. Taken from Omisego.network:
OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework.
The core of the project is a digital wallet or eWallet that functions on top of the blockchain. This wallet is different from what you would usually expect. It is white-labeled and allows for developers/companies to build their own inclusive software. OmiseGO is not looking to compete with other wallets, such as TenX. In fact is is looking to break-free from the limitations of a single asset.
This development on the OmiseGO network enables an exchange in which users can swap from any currency to another, even digitized cash. This network of exchange is called the OmiseGO Decentralized Exchange. When building a cashless society, a network like OmiseGO is needed to seamlessly facilitate payments between multiple digitized assets.
You will only need one wallet to exchange and process payments between any digital asset you own. For instance, you go to buy a coffee at a shop. You open your wallet and pay with your balance of Bitcoin. The purchase is then completed. The vendor receives payment and you get your coffee. Yet unknowingly to you, the vendor only takes the United States Dollar and he received USD in return for the coffee. Using OmiseGO there was a seamless exchange from Bitcoin to USD in a trustless manner.
In order to have a seamless exchange of assets, the transaction had to be validated. OmiseGO works using Proof of Stake (PoS). Holders of OMG (OmiseGO ticker) can stake their holdings in order to validate the transactions and are rewarded with the transaction fees of the users. This presents a clear and effective use case for OMG. The reward value is directly proportional to the adoption of the OmiseGO network. This reliance on Ethereum’s development of it’s Proof of Stake model, Plasma, should be kept in mind when trading. Keeping up to date on the latest Ethereum development news is essential when discussing pricing models of the OMG token.
OmiseGO is also the first plasma.io project and is one of the only two projects Vitalik Buterin, Founder of Ethereum, is advising on.