OmiseGO (OMG): Blockchain Token – What is it?

4 min read

In Blockchain Token, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now.  We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.

Episode 23 covers the e-wallet development platform, OmiseGO (OMG) – pronounced ‘oh-me-say‘. OmiseGo, built atop Ethereum, wants to “Unbank the Banked.” The project is Asian-based and started in 2013. It’s an e-wallet and financial platform meant to reduce boundaries between fiat money and digital currencies, making it easy to exchange value in real-time, with lower costs and a higher volume. Our video explains the project in greater depth, so check it out or read below!

OmiseGo hasa digital wallet development kit and exchange framework that enables financial institutions and payment processors, among others, to easily interchange value and coordinate with one another through the OmiseGO network.

With their platform, transactions like payroll, deposits, asset management and trading, remittances, and more are made possible and interoperable. This would also enable blockchain-to-blockchain transactions as well, using various currencies and in a decentralized and low-cost way.

One opportunity and perk of a network like this is a simple way to transition into cryptocurrencies from fiat money. This is a goal of the OmiseGO project to create a pathway between these different currencies and fiat for ease of access and interchangeability.

Their team has stated that financial access is a right, and not a privilege, which the values of their project seem to reflect. It makes it simple to do something like send money back to your family, without the worry of financial institutions roadblocks or hefty transaction fees and currency exchanges.

Being simply an electronic wallet development platform, OmiseGO wants to make it easy to access various currencies without the need of a bank account, gives users control of their money and are able to access your funds whenever needed.

OmiseGO’s blockchain uses Ethereum’s mainnet, and run their own network atop it, making their token OMG, an ERC20 token. This is intended to change in the future, as OMG plans to form their own blockchain and break from Ethereum’s chain.

Their network provides a decentralized exchange, liquidity, messaging capabilities, and an asset-backed blockchain gateway. This is all apart of their wallet development system titled the White-Label Wallet SDK (software development kit) that provides the ability to create a wallet for your specific needs. This allows for different wallet providers to customize various payment solutions that can be applied to different use-cases, and to be compatible with other wallets.

The OMG token is not a big player in the Omise network, making this project primarily a blockchain network. The OMG token is mainly used as the native token on the network to validate transactions and reward tokenholders and stakeholders.

Some of OmiseGO’s competition includes trading exchange platforms, or ones that include these functions, like Omega One, Waves, Ripple, and Request Network. What OmiseGo holds over these other projects is their ability to work compatibly with fiat and the opportunity for different wallets to remain interoperable.

For more information on blockchain technology disrupting financial industries, check out our section here. And if you want to learn more about cryptocurrencies, check out our WTF is Crypto page.

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