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OmiseGO (OMG)

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OmiseGo (OMG) is a cryptocurrency made by the parent company Omise and co-founded by Jin Hasegawa and Donnie Harinsut in 2017. It is a decentralized blockchain project that is a next-generation financial network, open payment platform and decentralized economy. 

OmiseGo is aiming for financial inclusion for everybody as well as interoperability. Created by Omise, a South-East Asian venture-backed payments company, the team over at OMG have managed to create a decentralized bank, exchange and asset-blockchain gateway. The cryptocurrency project launched with a successful Initial Coin Offering (ICO) which had raised around $25 million in 2017.

OMG uses a Proof-of-Stake consensus mechanism that rewards stakers that hold OMG in their wallets to secure the network. OMG is said to be the first cryptocurrency that will implement the Plasma technology created by Joseph Poon. Plasma is an Ethereum-based scaling solution that will aid in the Ethereum network being able to process thousands of transactions per second (TPS). Currently, Ethereum can produce around 25 TPS, therefore the research conducted by OMG in implementing Plasma into their blockchain will be paramount for Ethereum moving forward.

Although the core team of OMG is very strong, their advisory board includes cryptocurrency titans such as Joseph Poon, Vitalik Buterin and Gavin Wood - very well known cryptocurrency figures. Furthermore, the Omise and OmiseGo team have managed to secure some high profile partnerships over the course of their time. One of their most compelling partnerships was with McDonalds back in September 2017, who partnered with Omise to be its exclusive payment gateway for their Thailand McDonalds website. OmiseGo has also been involved in discussions with the Thailand Finance Ministry and The Central Bank of Thailand with regard to digital currency and cashless societies.

 


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26 Dec 2020 1 minute read 1 comment Hephaistos

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7 Dec 2020 1 minute read 1 comment Abhimanyu Krishnan

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