ICO Review of: OmiseGo
The project I am going to review today very much resembles Basic Attention Token ICO. Why? OmiseGo is also going to be built on the existing product, Omise. It is a very popular payment management platform in Southeast Asia, especially in Thailand. And let’s check out what they want to do with the blockchain technology and why they need initial coin offering .
Team consists of Omise core team and well-known blockchain developers. The advisors are the strongest part of OmiseGo project because they almost all are from Ethereum foundation.
Founded in 2013, Omise is a venture-backed payments company operating in Thailand, Japan, Singapore, and Indonesia.
Omise has been a big supporter of Ethereum and its technologies, contributing funding to the foundation's DEVGRANTS initiative in 2015, as well as funding the development of Raiden.
Omise team also collaborated with many other blockchain technologies including Hydrachain, Golem, Tendermint, and Cosmos.
OmisGo advisory board consists of the most famous blockchain and Ethereum developers. Vitalik Buterin, Gavin Wood, lightning network creator Joseph Poon. Stars.
Basically, OmiseGo is an e-wallet and payment platform operating across currencies and assets.
OmiseGo will create a platform for managing fiat/cryptocurrency/other assets with its powerful wallet Software Development Kit. OmiseGo builds a liquid on-chain decentralized exchange and off-chain payment network to make its ecosystem work
OMG tokens will be native currency of the OmiseGo blockchain. OmiseGo is going to be a new blockchain.
With OmiseGo the users will be able to manage: fiat tokens, cryptocurrencies, other assets (such as loyalty and reward points).
Software Development Kit will be provided to ensure full interaction with OmiseGo network.
The OmiseGo blockchain will be closely integrated into Ethereum mainnet. You can get to know more from reading technical whitepaper.
The OmiseGo will solve a lot of problems, including settlement time, fees, transparency, security, finality.
OmiseGo wants to be the place where you do not need a bank account to cash in or cash out.
One of the biggest markets OmiseGo wants to cover is Remittances market.
Of course, OmiseGo wants to cover more markets , such as: payments, loyalty and rewards, gaming and messenger platforms.
As you can see, the biggest remittances destinations are in Southeast Asia. This is the market where Omise team is really concentrated.
In 2016 the remittances market was evaluated at $442 bln.
Having certain advantages like low fees, fast transaction time, easy cashouts and cashins can be a powerful argument for usage of OmiseGo e-wallet.
The profit generation comes from holding OMG tokens. They will be used to validate the Proof of Stake network of OmiseGo and that’s how tokenholders will get rewards.
More transactions on the OmiseGo blockchain = more rewards go to tokenholders.
I made assumption that OmiseGo collects all $19 mln. and compared this project with major payment companies. Some incredible gains possible if the project is a success.
Any on chain acitivity needs to pay fees for validating the network.
Simple value appreciation leads to investors’ portfolio value increase.
OmiseGo tokenholders must wait until the blockchain is created.
OmiseGo has its own Proof-of-Stake blockchain with validators and other important variables of POS networks.
Here is the scheme of the OmiseGo network. Everything is built to support Digital Wallet functionality.
The main use cases of OmiseGo:
- Remittances
- Loyalty points
- Mobile banking
- Asset tracking
- Digital gift cards
- Tokenized fiat
In my opinion, this project is one of the most solid ones and , at the same time, less demanding from investors than others.
First of all, OMG is ERC-20 token on Ethereum until OMG blockchain is created. After the creation, the OMG tokens will be transferred to its own blockchain.
ICO starts on 27th of June and ends 1 month later. Seems to be without any time bonuses.
65,1% of all OMG tokens will be distributed to investors, 20% - reserve, and 9,9% - team.
Max cap is $19mln, minimum is $8mln.
5% of tokens is intended to encourage incentive alignment with Ethereum stakeholders.
Almost all the money goes to research and development. This is how allocation of of ICO funds is made: 62% - staffing, 16% - Scalability research, 7% - Operating expenses, 6% - marketing, 5% - legal, 4% - consultancy.
Advantages and disadvantages. First of all, I want to mention that I haven’t found a lot of disadvantages so you should tell your opinion about it in the comments.
Team is rock solid with existing selling product.
Advisory board consists of Ethereum and Bitcoin stars.
They have a clear vision of their product and the existing customer base which will use their product.
The biggest disadvantage for me is that they are building their own blockchain.
Another disadvantage is that they are now exclusively concentrated on Asia, I hope soon they will expand to Europe and America.
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Well organized and put together, thanks, very few looks at ICOs and projects or it together as well. Only time will tell if Omise is any good but this gets potential investors and observers a head start on looking at it.
The video link and text are pasted for source material:
OMG just dropped some info, why is it important? From a psychological standpoint, the move was genius. Do not miss this pick.
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Thank you very much. I hope to do better analysis of cryptocurrencies in future. I will try to cover more in the future
Coo, I look forward to them. In general, I am much more likely to upvote stuff if I know it's unique to Steemit and not posted in other channels too (Medium, etc).
I agree with you that there must be some exclusivity for this platform. I will think about that. And I already have a great idea! I will make longer and deeper review of ICOs here =) In videos and medium I will post the usual stuff but here I will expand on many points. Hope, it will create that much needed additional content for the readers of Steemit
Dear Dan.
I am writing this becasue you always ask for feedback and I really value your opinions.
First of all, I think you should be proud of the quality of the content you provide.
Second, I totally agree that your idea here, and I think that it would be good for you to put a referral to your steemit articles at the end of your videos for "those who want a deeper analysis and additional information" (but I am sure you already thought about it).
Third, you could analyse both ICOs and current projects and promoting (yes, I know you already do it, but stay with me a little longer) and promote your videos and articles in this way. You could focus in a deep analysis of those projects that have real value (in my opinion Steemit, Waves, Ethereum, etc.) and also, in a kind of debunking and / or puting some reason behind those hyped projects everybody is talking about as if they were that best of all.
Fourth, I am really very interested in knowing your opinions about the Neo/Antshares project, LBRY (library), Stratis, and Lykke (which i think is the OmiseGo of the west, with some limitation). I tracked them among your videos and posts but could not find anything. I am sure you know about them and perhaps you thought about an video, but I only mention them just in case.
Keep up the excellent work and thank you
♥
i found out about OMG shortly after the ICO, needless to say I think anyone who bought it any time recently is pretty happy!
Thanks for the post and welcome to Steemit! Love your videos :) Keep up the great work!!
Thank you for the great article, very detailed and without any bs, straight to the point. I've been researching Omisego myself, and i am excited about this project and it future.
Thanks for the review!
No problem! Soon I will make a review of Status
I am from asia, i am really hoping for this currency to succeed
Graet report! By as I know from twitter, Vitalik said he is not going to be an advisor for any future ICO's. Are you sure he will advisedthis team and will be involved in the project for sure? Thank you!
Great review and great platform! I've been reading a bit more and found their target audience to be people without bank accounts. With a general correlation between low-income status and people without bank accounts in South East Asia, I'm wary mass adoption could take longer than desired. I believe it falls on the capacity of their marketing team. Never the less, with an already wide distribution of Omise itself, I have strong faith :)
Nice review Dan, This is the hidden gem of ico this year I think. So much potential with omisego parent company already has working business & relationships. The potential market cap from remittences alone is in the billions, invested in this one will see what happens.
Amazing post , i already bought 1000 OMGs and will keep adding and holding :) and the cool this that it shows in myetherwallet tokens section so you dont need to add it manually !