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What is OmiseGO (OMG) – All You Need To Know

OmiseGO is an open-payment platform and a decentralized exchange that runs on the Ethereum network, which is an open source blockchain.

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OmiseGO, a startup by Jun Hasegawa and Donnie Harinsut, founders of an already operating company, Omise founded in 2013, in Thailand and now working in several other countries like Singapore, Japan, and Indonesia.

The OmiseGO blockchain is a scalable decentralized exchange, clearinghouse messaging network, liquidity provider, and an asset-backed blockchain. The OmiseGO blockchain gives incentives to token holders by securing the system by staking their tokens. OmiseGO is a low fee, fast transaction time network.

Omise (the company behind the project) is a major supporter of the Ethereum blockchain and contributing hugely to its establishment in 2015. The group also worked on more blockchain projects like the Golem, Hydrachin, Cosmos, and Tendermint.

The project is administered by the best brains and well-known blockchain engineers and programmers, which includes Vitalik Buterin, Gavin Wood, and Joseph Poon, the lightning system guy.

The team has announced the public release of the OmiseGO white-label wallet SDK as expected. This allows payment solutions to be quickly deployed on the OmiseGO network. Users are also able to exchange cryptocurrencies, fiat, card exchange, top-ups, credit payments, gift cards, etc. on the OmiseGO decentralized exchange. Digital wallet developers who use the development toolkit can enhance, add and implement payment solutions for various markets and industries to their taste. Every transaction initiated digital wallet providers using the OmiseGO SDK is conducted on the OmiseGO platform.

What Makes OmiseGO Exchange Different From Others

OmiseGO is a decentralized exchange that aims to bring a change to the current method of buying, selling, and exchanging cryptocurrencies from digital exchanges. By connecting its wallets to the central blockchain, users can trade their cryptocurrencies quickly and easily.

Unlike many cryptocurrency exchanges out there that keep databases containing transactions performed on the platform on their servers with all user personal details which include identification document. OmiseGo offers all functions of the regular exchange and a bit more but keeps transactions private and anonymous by storing them on the blockchain.

Another remarkable difference with OmiseGO exchange is the fact that it is currency agnostic. Whether converting Ether to USD or Ether to Bitcoin, processing fees remain the same.

Lastly, OmiseGO plans to set up a distributed open protocol that enables different cryptocurrency wallets to interact, allowing a cross wallet transaction.

OmiseGO is therefore set to disrupt other exchanges by slashing exorbitant fees when trading one cryptocurrency for another. With the cheaper alternative offered by OmiseGO, charges on conversions are much lower compared to other exchanges.

Exchanges To Buy and Sell OmiseGO (OMG) Tokens

OmiseGO has been listed on quite some exchanges. It can be exchanged for fiat and digital currencies.

OmiseGO can be exchanged on Upbit, Ethfinex, Binance, Huobi, Bittrex, Poloniex, OKEx, BX Thailand, Coinbene, Neraex, Koinex, ChaoEX, AEX, HitBTC, Gate.io, Kucoin, IDAX, Cryptopia, Bancor Network, Liqui, ForkDelta, Mercatox, Livecoin, BigONE, TDAX, Coinnest, Cobinhood, Lykke Exchange, COSS, Coinrail, Bit-Z, Radar Relay, Tidex, OpenLedger DEX, and GOPAX.

Trying to exchange without depositing on any platform? You can make use of ShapeShift and Changelly platforms.

OmiseGO’s Management Team and Advisers

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Jun Hasegawa (CEO and Founder)

He currently leads a global team of engineers and business personnel across Asia. He has 16+ years experience in web and product design, marketing, and he possesses an in-depth understanding of Thai’s payment system.

Donnie Harinsut (COO and Co-Founder)

He has helped with the growth and expansion of OmiseGO in Japan, Indonesia, Singapore, and Malaysia. He graduated with a Bachelor’s Degree in Business Management and Marketing. He has been involved in 2 major projects with NTT, which is Japan’s leading telecom firm, administering production in China, Thailand, and Vietnam.

Wendell Davis (Product Design)

Wendell is the Product Designer for OmiseGO, an Ethereum founding team member, and also the special adviser to the Golem Network. He has been involved in some projects, like the Hive (an easy to use Bitcoin wallet), Vizor, and WebVR development platform.

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OmiseGO’s Board of Advisers

OmiseGO’s advisers consist of highly prominent people in the cryptocurrency world. Three (3) notable individuals though are Vitalik Buterin, the founder of Ethereum blockchain, Joseph Poon, the coauthor of Bitcoin lightning network, and Roger Ver, who is the CEO of Bitcoin.com. Others on board show the support the OmiseGO project as got from market leaders and tell a great deal about how far the project will go.

Notable Things About The OmiseGO Project

The opportunity it presents: though there are some ways OmiseGO is a top project, these three significant opportunities include remittance, mobile wallet management, and it’s cryptocurrency trading features.

OmiseGO’s decentralized exchange: it’s said to be the powerhouse of the project. It’ll run all the platform’s transactions. The main difference between OmiseGO’s decentralized exchange over other decentralized exchanges is it runs on its network, unlike others which run on an existing blockchain infrastructure.

The first plasma project to be released: at launch, OmiseGO announced it’ll be the first project to implement the Plasma. The project, therefore, will be the first of its kind to achieve the high on-chain scaling solution as anticipated.

Final Thoughts

The platform is undoubtedly running a race of its own. It’s a looking to achieve and solve problems facing the blockchain as no other project has ever done. With these project, Blockchain and crypto assets will possess the ability to change the way we interact, transact, and communicate globally.

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