January 14, 2019
Name of Token: OmiseGo (OMG)
Leadership: Jun Hasegawa
Token Ecosystem: ERC20 Token on the Ethereum Blockchain
Main Use Case: Payment, Interoperability
Market Cap: $182,991,284 (January 12, 2019)
Volume :$25,253,104 (January 12, 2019)
Price: $1.30 USD (January 12, 2019)
Circulation Supply: 140,245,398 OMG
History of the OMG Token:
OmiseGO in an open payment platform and decentralized exchange on the Ethereum public blockchain. A scaling solution for financial institutions, OmiseGo enables transparent, peer-to-peer transactions in real-time. OmiseGO’s stated objective is to provide better financial services for everyone – including both people who have access to traditional banking and other financial services and those in locations which lack reliable financial infrastructure.
OmiseGo is an ambitious projects that aims to become a three-pronged product: a blockchain, an exchange, and a decentralized bank. It has focused its efforts in obtaining mass adoption mostly in Asia (India, Southeast Asia, Japan, and China), where many people are still detached from banking in any form. It also aims to create a platform for foreign workers to send their money back home in developing countries.
The OMG token is designed to pioneer the Plasma architecture, which is described as the leading Ethereum Layer 2 scalability solution (which is an issue on the Bitcoin Blockchain). The OMG network uses a Proof of Stake model and is an infinitely scalable Plasma blockchain with a decentralized exchange built into its core consensus layer. The Plasma construction allows for low-cost security, scalability, and settlement for all financial applications that will run on OmiseGO. Its token, OMG, was the first Ethereum ICO to exceed $1 USD billion total market cap in August 2017. OmiseGO is a subsidiary of Omise Pte Ltd, a widespread payments processor located in Southeast Asia. Using this direct relationship to the well-established Omise, OmiseGo seeks to become a digital asset for everyday use that promotes financial inclusion.
In 2017, OmiseGO was hyped up as one of the most promising projects in the crypto world. Their sturdy team, solid and plausible value proposition, combined with their robust advisory board made OMG into an extremely promising project. The biggest name on their roster? Vitalik Buterin, creator of Ethereum. However, the OmiseGO team experienced great challenges but also progress in 2018 as it struggled to fulfill its promises regarding the full launch of Plasma and their eWallet within their proposed roadmap. Besides the underwhelming management of deadlines and expectations, the OmiseGO team is still working and communicating professionally with their community base.
Industry Case Studies:
OmiseGO is a payment processor for businesses with a decentralized exchange behind it, which means that transactions can be processed in the choice of currency of each party involved. The final objective of OmiseGO is to replace the payment system in Asia into a decentralized, paperless, and hassle-free process.
With OmiseGO, completing payments while in a foreign country can be done to the satisfaction of both parties involved in a transaction. For example, while travelling to Thailand, you decide to stop by McDonalds and order a Big Mac meal. Using OmiseGO, you can pay in Bitcoin, Ether, USD, any fiat currency, or digital asset of your choice and McDonalds receives it in Thai Baht. This is highly convenient for both yourself and McDonalds, in addition to the lowered processing fee relative to Visa or MasterCard.
Major Partnerships, News, and Notable Achievements:
OmiseGO has the financial backing of many giants across different verticals throughout Asia. These include SBI Investment (a leading Japanese investment firm), SCG (Siam Cement Group, the largest cement and building company in Thailand), McDonalds Thailand, Allianz Ayudhya (a leading insurance group in Thailand), Thai Airways, and Tsuruha (a Japanese drugstore that is widely present in Thailand).
In April 2018, Shihan, one of the largest commercial banks in South Korea, agreed on a business improvement partnership with OmiseGO. This comes shortly after their announcement of having started developing a vault system and wallet for users and bankers to store bitcoin. They are also collaborating to make Shinhancard, a credit card issues by the bank, more sophisticated by using OmiseGO technology.
In March 2018, Vitalik Buterin and OmiseGO donated $1 million USD to refugee relief charity GiveDirectly, a New York-based organization with a missions to “send money directly to the extreme poor”.
The most high-profile partnership created by OmiseGO is that with McDonalds Thailand, who are planning to double their outlets in the Kingdom of Thailand to 400 by 2020. Furthermore, in November 2018, OmiseGO announced a partnership with the popular Singaporean ride hailing app TADA. These collaborations are examples of how OmiseGO is creating working relationships with established service and product providers to adopt and accept the OmiseGO payment gateway.
Despite a year of ups and downs in 2018, the OmiseGO team managed to create new partnerships, while also raising funding from Japan’s largest private VC firm, Global Brain. Because of this, combined with the belief and support of its large community, we can only hope that OmiseGO will fulfill its potential and work to deliver its full product in 2019. Given the scale and complexity of this project, their enthusiasts will have to show some patience.
While some may still doubt the potential of OmiseGO, its support from parent firm Omise, a renowned and respected fintech in Asia, may convince doubters that the blockchain firm still has much room to grow into. We can also expect the establishment of many new partnerships in 2019, as well as finally completing their integration to Plasma. It seems like this year will be one that OmiseGO either makes it, or breaks it.
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