OmiseGo: Unbanking the Banked with Ethereum Gamification

On August 10th, 2017, OmiseGo had a market cap at USD $615,421,473 for an equivalent of 180,693 BTC or 2,020,816 ETH with a circulating supply of 98,312,024 IMG at a price of $6.26 per coin.

OmiseGo is the HOTTEST cryptocurrency today, which is saying a lot on a day when cryptocurrencies such as Civic, Asch, districtox, NEO, and Storj, are up 75.55%, 68.13%, 57.52%, 46.33%, and 45.71%, respectively.

OmiseGo blows them all away at posting a +81.46% today.

Doesn’t that sound ridiculous? Surely, that can’t last (?). I’m sitting in my RV, writing, thinking, “WTF is going on here!”

The volatility in the cryptocurrency market never fails to amaze me.

Is it a bubble? No… it cannot be. The market is too small, and adoption still too low, for there to be a bubble. Once your 401-k starts offering Bitcoin as an investment, THEN we can talk about bubbles. Until then, LONG cryptocurrencies in general, and Bitcoin/Ethereum/Litecoin specifically.

The jury is still out on OmiseGo, though, so let’s check out this coin to find out what traders are ‘diggin.

Unbank the Banked with Ethereum

“OmiseGO is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions.”

By enabling decentralized exchange on a public blockchain at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types.

Through the OmiseGO network connected to the Ethereum main net, anyone can conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way. Further, millions of mainstream users in the largest growing economies in the world are now enabled to make the transition from using fiat money to using decentralized currencies such as ETH, BTC, and others. The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win.

  • OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.
  • The OmiseGO Blockchain comprises a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway.
  • OmiseGo offers a scalable and totally public (permissionless) blockchain whose Proof-of-Stake consensus is bonded by the activities of the chain itself. The network is designed as a highly performant system leveraging interlinked blockchain construction: while clearing and settlement occurs over the OmiseGO blockchain, the costs of protecting transaction value is externalized to other chains in ways that directly promote the value of those chains.
  • Omise has been a big believer in Ethereum and its family of technologies, contributing funding to the foundation’s DEVGRANTS initiative in 2015, as well as funding the development of Raiden, the Ethereum version of Lightning Network.
  • Founded in 2013, Omise is a venture-backed payments company operating in Thailand, Japan, Singapore, and Indonesia, with rapid expansion plans to neighboring countries across Asia-Pacific.
  • OmiseGo uses a protocol token to create a proof-of-stake blockchain which enables enforcement of market activity amongst participants. “Unlike nearly all other decentralized exchange platforms, this allows for decentralized exchange of other blockchains and between multiple blockchains directly without a trusted gateway token.”
  • The OmiseGO wallet SDK is flexible in all respects. Create your own styles and designs, embed your custom apps. It’s “the best combination of the mainstream digital wallet and cryptocurrency wallet.
  • OmiseGO aims to break down the silos of digital wallet interchange by building a blockchain which directly integrates with the Ethereum mainnet and Ethereum smart contracts.
  • “Distributed open protocol allows different wallets to seamlessly talk to each other – unlocking the full power of mobile commerce.”
  • Gamification: With OmiseGo, you can earn points, win prizes such as gift cards, and collect rewards. No only that, but you can trade points, convert points to cash, and even get a bonus for referrals.
  • OmiseGo: Instant Settlement, Low Cost
  • OmiseGo is not mineable.
  • The Twitter handle for OmiseGo is: ‎@omise_go
  • The primary markets for OmiseGo are:
    • Bitfinex (under currency pairs: OMG/USD, OMG/BTC, OMG/ETH)
    • Bittrex (under currency pairs: OMG/BTC, OMG/ETH)
    • Yunbi (under currency pairing OMG/CNY)
  • Market Cap History:
    • On July 16th, 2017, the market cap for OmiseGo was $42,380,400.
    • From July 23rd to July 24th, 2017, the market cap for OmiseGo exploded from $86,413,600 to $148,581,000, and finally passed $150,000,000 for the first time on July 25th, 2017.
    • August 2017 was crazy for OmiseGo… from August 3rd to August 4th, 2017, the market cap for OmiseGo blew up from $135,528,000 to $192,003,000.
    • No to be outdone, the market cap for OmiseGo continued its insane momentum.
    • On August 5th, 2017, the market cap for OmiseGo was $274,109,000.
    • On August 6th, 2017, the market cap for OmiseGo was $356,183,000.
  • At OmiseGO, “Unbank the Banked” means disrupting banking services: providing alternative financial and digital commerce tools for everyone without having to go through traditional banks, institutions and card networks.
  • “Our target customers are both the 73% of the Southeast Asian population who do not currently use or have access to formal financial services (the so-called “unbanked”) and the 27% of the population currently using formal financial services (“banked”) because it’s been their best option until now.”
  • The underlying OmiseGO network consists of cutting-edge crypto-economic constructions, including an on-chain decentralized exchange built into consensus that bonds to Ethereum for economic security, and a high-volume payments network capable of wider uses, with the ability to scale via off-chain channels.
  • In 2016, Omise was featured in Forbes as ‘Fintech Rockstars’.
  • “Our technical advisory board includes some of the leading minds in the blockchain space, such as Vitalik Buterin, the creator of Ethereum.”
  • The primary value in creating an open blockchain and token with Omise as a technology provider is in creating a “future-proof infrastructure for payments.”
  • There are many reasons why companies may wish to use OmiseGO, such as creating a loyalty points system for a consortium of brands or issuing digital gift cards onto a network which can support multiple wallet vendors.
  • The beauty of the OmiseGO white-label digital wallet is that end-customers will not necessarily know that their service is powered by OmiseGO, they will simply know that it works and that they get benefits passed down in terms of reduced costs, real-time transactions, and increased flexibility.
  • “OmiseGO is also an introduction for mainstream end-customers to blockchain and cryptocurrency technology in general.”
  • Omise has helped over 6,000 merchants move towards digital money and card processing.
  • “Logically for Omise, as a payments provider, in order to keep our business ahead of the market, we are required to support any popular digital wallet platform that may emerge.”
  • OmiseGO removes layers of intermediation and its associated complexities to allow valuable assets (e.g. currencies, loyalty points, or game points) to move in different ways. This opens up the possibility for new types of financial and value-exchange services.
  • Using OmiseGO, it is possible for gaming publishers to allow direct purchase through the network. Publishers can continue to recover the usual revenue split with the marketplace. The combined option of gaming marketplaces and integration of OmiseGO network would open the gaming market to a much larger user-base.
  • “Realizing the power of blockchain in supporting in-game purchasing, OmiseGO has begun working with several regional telcos to design and roll-out a solution for in-game purchasing on our network.”
  • Whitepaper: here. Joseph Poon, best-known as the creator of Lightning Network, is the principal author of the OmiseGO whitepaper.
  • The OMG chain is designed to operate trading across chains (e.g. ETH-BTC) without using full-custody issued assets for native cryptocurrencies.
  • “With the emerging popularity of eWallet platforms, siloed networks are becoming a problem. This creates a unique opportunity for fiat tokens to interchange across a decentralized network, along with cross compatibility with cryptocurrencies.”

“OmiseGO allows for stakeholders, from individuals to issuers, to have significantly greater assurance in the financial mechanisms of society.”

Thanks for reading!

Make sure you get you free subscription to my daily digital newspaper, Quotidian Disruption: “The FUTURE is NOW” and don’t forget to check out my other cryptocurrency articles, collected here: A Growing Cryptocurrency Resource

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