Omise Go is the future extension and planned upgrade of working online payment gateway Omise. Omise now have an active base of merchants, which have a yearly profit over 30B USD. Omise payment gateway are currently using for example Burger King Thailand, McDonalds Thailand or Bose

Omise Go works like ERC 20 Token (OMG) on Ethereum. The main goal of OMG is enabling real-time, decentralized and transparent peer to peer exchange of fiat money and cryptocurrencies between individual financial institutions and traders

Simply said, OMG want to use technological possibilities of Ethereum and create the decentralized financial network, where all rules and processes will be defined by smart contracts.

What is the main purpose of OMG token?

Currently, the token is traded on major crypto exchanges and it has only an investment function. When the final product is finished, the OMG token will be an entry gate into the entire online payment ecosystem of Omise. All transactions between individual entities will be settled on the decentralized exchange (DEX) and token OMG will serve as the main means of exchange.

Clearing House in a few seconds or minutes

The Clearing House is a system for settling transactions between individual financial entities. Simply said, if you pay with your credit card, it takes 1-3 business days then money will be transferred to the merchant. Thanks to the Ethereum and Plasma technology, the clearing house will be secured within a matter of minutes, thanks to the high scalability of transactions.

How will scalability be solved when Ethereum can only handle 15tx / second?

Omise Go as one of the first projects will use the Layer 2 off-chain Plasma Protocol, which is designed to handle up to 1,000,000 transactions per second. Plasma was created by Vitalik Buterin and Joseph Poon.

The core team of Ethereum right now working on Layer 1 scalability protocol Casper, which will speed up the main chain of Ethereum. Connection with Layer 1 scalability protocol Casper with Plasma, can create a really interesting scalability network for Dapps.

How OMG network will work?

OMG want to solve network decentralization using Proof of Stake, where transactions will be verified through OMG holders who will be rewarded by user transaction fees in the network.

Omise creates a calculator, where you can calculate a theoretical profit from deposited OMG into Proof of Stake protocol. The calculations are applied to the theoretical situations when the network processes volume 100M USD per day.