Overview

OmiseGo is a public financial technology built on the Ethereum blockchain by Omise, a payment company based out of Thailand. The project is designed for use in mainstream digital wallets, enabling real-time, peer-to-peer value exchange and payment services across jurisdictions and organizational silos.

OmiseGo uses the proof-of-stake consensus algorithm and operates as a decentralized bank, exchange, and asset-backed blockchain gateway. The platform aims to enable financial inclusion and disrupt existing institutions, and has coined the slogan “Unbank the Banked”.

OmiseGo is the first plasma-based project built on Ethereum, where Plasma is a scaling solution using child chains that report to main chains (i.e. Ethereum) that was written by Joseph Poon and Vitalik Buterin. OmiseGo will utilize Plasma to support a scalable, fully on-chain decentralized exchange without sacrificing security.

Users of OmiseGo will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply chain finance, loyalty programs, asset management and trading, and other services in a decentralized manner.

The parent company Omise was founded in 2013 and has since helped over 6,000 merchants move towards digital money and card processing. Omise was featured in Forbes as “Fintech Rockstars” in November 2016.

OmiseGo was founded in 2017 and the token sale occurred on June 23, 2017. In September 2017, the team airdropped 5% of the OMG supply to Ethereum addresses with a balance over 0.1 ETH (snapshot taken July 7, 2017). Advisors for the project include notable people such as Joseph Poon and Ethereum Co-Founders Vitalik Buterin, and Dr. Gavin Wood.

Since then, the team has focused on building out three verticals of OmiseGo: decentralized exchange, scalable blockchain, and application interface.