What is OmiseGO (OMG)?


         OmiseGO is an Ethereum-based financial technology aimed at enabling financial inclusion through peer-to-peer asset exchange and payment services between fiat and decentralized currencies. Built on the Omise payment management platform based in southeast Asia, OmiseGO consists of a decentralized exchange, a high-volume payment network, and a digital wallet software development kit that will allow digital wallet providers to integrate payment solution technologies hosted on the OmiseGO network. Their unique approach allows for exchange between fiat-backed and decentralized digital currencies.


            The decentralized exchange incorporates unique, smart contract-based systems for handling liquidity and message clearing hosted on a scalable blockchain that externalizes the security costs associated with transactions via interlinking, off-chain channels. The blockchain will use a proof-of-stake consensus algorithm to enforce market activity among participants, which avoids the disparity between miners and holders that exists in blockchains using a proof-of-work algorithm. A smart contract regularly calculates the volume-weighted average price between Omise and other currencies and publishes the results on the OMG blockchain. By providing coordination between payment processors, gateways, and financial institutions in a decentralized manner, OmiseGO wants to provide financial services on a wider scale for less money than ever seen before and change the way people think about traditional banking.

            Cofounded by CEO Jun Hasegawa and COO Donnie Harinsut in 2014, Omise advisors include Vitalik Buterin, Dr. Gavin Wood, Vlad Zamfir, and Martin Becze of Ethereum, Golem founder Julian Zawistowski, Tendermint creator Jae Kwon, Professor of Quantitative Finance David Lee Kuo Chuen, LinkTime founder Pandia Jiang, and bitcoin.com CEO Roger Ver. 9 Hasegawa previously worked as Director of Alpha-do Inc from 1999 to 2015 and CEO/Co-founder of LIFEmee Inc, developers of a personal management app, 7 while Harinsut acted as International Trading Manager of Alpha-do Inc from 2000 to 2013. 6 Lightning Network developer and fellow advisor Joseph Poon authored the white paper along with the OmiseGO team on June 17, 2017 and more recently released a white paper with Ethereum inventor Vitalik Buterin detailing a scaling solution called “Plasma.” 2

            The initial coin offering for OmiseGO had a cap of $25 million to be raised within a month; they reached their goal on the first day of the pre-sale when 450 individuals pledged over $60 million. 11 The token sale required participants to pre-register and also capped the amount each person could contribute. 10 Via the smart contract, 65.1% of the funds created went to investors, 5% will be airdropped to stakeholders in the Ethereum mainnet and OMG proof-of-stake network validators, 20% will remain held for at least a year for future development costs, and 9.9% went to early contributors with a year-long vesting schedule. According to their crowdsale document, funding includes allocations for offices in Bangkok and Poland with most of the money dedicated to staffing. 1

            Forbes featured Omise in 2016 as “FinTech Rockstars” and the team recently made headlines by partnering with Mcdonald's Thailand as the exclusive payments gateway for www.mcdonalds.co.th and the McDelivery Thailand mobile app and receiving a Digital Prime Minister's Award for Digital Start-Up of the Year at the Digital Thailand Big Bang 2017 conference. 5, 6 Omise also announced the completion of a Series B round led by Krungsri Finnovate, a subsidiary of the Bank of Ayudhya and a member of the Mitsubishi UFJ Financial Group who plans to adopt OmiseGO's technology to improve its online payment services. 3

Sources

http://www.trustnodes.com/2017/07/04/ethereum-exchange-omisego-ico-literally-finished-even-started

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