OmiseGo is a cryptocurrency ecosystem where you can exchange cryptocurrency on a peer-to-peer manner (via its DEX facility) and send payments across platforms and devices. The crypto exchange launched in 2013 and seeks to answer to a variety of issues raised in regard to payment processors, gateways and financial institutions.
For instance, the aim is to unbank the banked with Ethereum in addition to enabling, real-time, peer-to-peer value exchange and payment services across jurisdictions and organization silos and across both fiat and cryptos.
Also, it refers itself to as currency agnostic in that you can convert directly from one currency to another without interconversions. For instance, if you have BTC and wanted ETH, you can do direct conversion from BTC to Eth without having to first convert the BTC to USD and then the USD to ETH. This lets you avoid excessive fees.
The ecosystem isn’t a platform and is first plasma.io project. Its central asset is Ether.
How it works
The crypto exchange allows interoperability between closed payment systems (for example; Paypal, Alipay, Visa, WeChat, Apple Pay, TenX Cards). For instance, it is possible for Alipay users to send payments to PayPal users in a cross-platform manner without having to create accounts with native ecosystems in order to send payments.
The same Alipay users can send payment to users of Venmo in a cross-platform manner. Euros and USD users can also transact that way. Additionally, the ecosystem allows users to spend a number of other types of assets such as Gift Cards, AirMiles, and Rewards locked in closed systems.
The blockchain has a decentralized exchange, liquidity provider mechanism, clearing-house messaging network and asset-backed blockchain gateway. On creating the orders, they are synchronized and validated with every block in a decentralized order book. It uses smart contracts to facilitate transactions among users. In addition to this order book validation features, there is crypto pair matching and compliant clearinghouses. However, without taking full-custody of funds.
Each transaction on the network also attracts a fee, which is distributed to holders as a stake. It means the more OMG tokens held, the more fees you receive proportionally.
OMG holders using the OMG wallet application to validate transactions via proof of stake model can earn OMG tokens. Thus, buying OMG tokens buys you the right to confirm blocks.
The crypto exchange accepts two types of users, namely Individual Users. This enables individuals across the world to easily and quickly be able to send and receive assets on an open network, without needing a bank account.
The second kind of customers is the Merchants, Wallet Providers, Electronic Payment Providers. Thus, who are able to let their customers make seamless transactions or transfer money from any network to another.
Operating in Thailand, Japan, Singapore, and Indonesia, OmiseGo is based on the ERC-20 standards. OMG developers also have access to maintained gateways, credit and virtual cards, over the counter and direct debit, and real-time settlement of transactions.
OmiseGo is advised by a variety of people from the crypto space. Including co-founders of Ethereum, Golem, Tendermint, Cosmos and even the Lightning Network.