OmiseGO

Omisego (OMG) is an ERC-20 token built on the Ethereum network which aims to enable transparent, peer-to-peer transactions in real time. OmiseGo are building a blockchain which hooks into other blockchains to allow for trading across token/asset classes, largely backed by Ether. The OMG Blockchain manages matching and managing order execution on the Ethereum chain. Activity on the OMG ensures the validator activity also may be enforced on the Ethereum chain via native Ethereum smart contracts.
Share:
Price
Basic
Announcement Date:
2017-10-05
Initial release:
2017-10-05
Smart Contract Support:
Yes
Smart Contract Language:
Solidity
Consensus Mechanism:
Proof of Stake
OmiseGO101

What is Omisego?

Omisego (OMG) is an ERC-20 token built on the Ethereum network which aims to enable transparent, peer-to-peer transactions in real time.

Traditional financial institutions, payment processors and gateways have a fundamental coordination problem. For example, if a bank customer wishes to make a payment to a merchant on another network, the centralized networks involved can't change the mechanisms, which results in significant transaction costs. In this context, OmiseGo aims to create a network which decentralizes market liquidity, order book matching and execution, clearinghouse custodianship, and high-scalability payments to help resolve payments across emerging e Wallet payment networks.

Omisego was developed by Omise in 2017, a company that processes online payments and already used by thousands of customers.

 

How does Omisego work?

OmiseGo are building a blockchain which hooks into other blockchains to allow for trading across token/asset classes, largely backed by Ether. The OMG Blockchain manages matching and managing order execution on the Ethereum chain. Activity on the OMG ensures the validator activity also may be enforced on the Ethereum chain via native Ethereum smart contracts.

OmiseGO is not owned by any single one party. Instead, it is an open distributed network of validators which enforce behavior of all participants. It uses the mechanism of a protocol token to create a proof-of-stake blockchain to enable enforcement of market activity amongst participants (coin holders can stake their coins which in turn gives them voting power on the network).

The network wishes to provide individual users worldwide a banking account to send and receive funds. This is advantageous for the user as they can avoid the need for bank transfer approvals, thus giving full control to the user.

The second type of user that OmiseGo is targeting is the payment providers and merchants. The network will allow this user to provide their products/services to a customer, and the customer can pay using any type of value from any network to any other network.

 

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