Decentralized Future Finance

Blockchain enables transactions in a peer-to-peer network to be validated without the need for an intermediary. Thus, many people expect that value exchange via the blockchain network will create more innovation in the finance industry in times to come. OmiseGO is a Ethereum-based blockchain project started by Omise, the parent company created as an online payment gateway in Thailand, Singapore, and Japan. OmiseGO provides a white label wallet, which supports trading of various assets including fiat money; cryptocurrencies; gift cards; and loyalty points, and notably, the OMG team is building a unique decentralized exchange (DEX) called ODEX and payment network, where assets can be exchanged and managed. The OMG team aims to create a future that lets people cash money in and out and transfer it to other users — all without the need of a bank account. Korbit has decided to list OmiseGo(OMG), a token for OmiseGo network, which verifies transactions on the OmiseGo blockchain.

OMG Blockchain and OMG Token

The OMG blockchain is built upon the Ethereum blockchain, and these two separate chains utilize a validator network where verified information is exchanged via smart contracts. Furthermore, the OMG blockchain is Proof-of-Stake, and the token is an ERC-20 token. If a holder of OMG has a certain amount of the token in their wallet, they get the opportunity to “stake” and earn rewards for confirming transactional blocks.

Plasma Technology: New Scalability Solution for the Ethereum Network

The OMG project has garnered considerable public attention from the beginning by having notable members as advisors in the team, including Vitalik Buterin, founder of Ethereum; Joseph Poon, founder of Lightning and Plasma; and Jae Kwon, creator of Tendermint and Cosmos network. Plasma is a development of Vitalik Buterin and Joseph Poon designed to solve the scalability issue of Ethereum, and OMG has been one of the first tokens to begin development on the Plasma Network. Plasma minimizes the amount of data being computed for transaction authentication through child chain networks connected to the parent chain, enabling much faster authentication than the Ethereum network. Considering the speed of Plasma development, OmiseGo (OMG) and Tendermint teams have been working together in order to develop the “Honte milestone,” a Tendermint chain. The classical Byzantium Fault Tolerance, BFT, consensus algorithms of Tendermint also allows for a fast network and high transactions. The OMG blockchain built upon either the Plasma network or Tendermint chain will be even faster than the Visa network even though it is based on the Ethereum technology. There is no doubt that OmiseGo comes in to offer a real-time payment solution.

Compliance Note