Checking Out OmiseGo and the OMG Token

Omise, pronounced Oh Mee Say, is a payments company operating in Thailand, Japan, Singapore, and Indonesia. It's a payment app like Stripe. OmiseGo will enable users to transition between fiat and decentralized money.

The company is not new on the scene and has been around since 2013. It’s done a couple rounds of venture backed capital funding, one in May 2015 raising $2.6 million and one in July 2016 that raised $17.5 million.

It’s latest round of funding happened in a token sale on June 7. It was actually the pre-sale, and it did so well OmiseGo never made it to the public sale. OmiseGo had $60 million in demand for it’s sale capped at $19 million. It ended up collecting $25 million.

The tokens started trading July 14 and we’re relatively unimpacted from the general crypto sell-off. The OMG tokens are up nearly 70% in the last few days.

OmiseGo has its own blockchain and it runs on top of the Ethereum blockchain. The OmiseGo Blockchain comprises of a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. The way it works is that clearing and settlement will happen over the OmiseGo blockchain while transactional value is protected on the public Ethereum blockchain.

It’s unique in that users don’t need a banking relationship to use Omise. Users can exchange fiat and decentralized currencies without trusted gateways. Other payment services like Wechat require you to have a bank relationship.

It’s also unique in that the OmiseGo wallet has a software developer kit which other payment providers can use to build on top of the OmiseGo platform.

Service providers would use the OMG token to establish consensus nodes to secure the network and access payment processing and exchange services.

OmiseGo has some heavy hitters as advisers including Joseph Poon (who wrote the white paper), Vitalik Buterin, Dr. Gavin Wood, Vlad Zamfir and Roger Ver.

OmiseGo (OMG) is likely rising now due to rumors its payment service will be used at McDonald’s in Thailand. Rumors here and here.

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