There are specific components that make wheat nutritious than other meal. For a decade now, the world had experienced immense contributions from the blockchain. The technology is little drops of rain that made an ocean.
Starting off as individual words used in a white paper by a relatively unknown technocrat, the technology had hinged its footprints in the financial system. Satoshi Nakamoto will undoubtedly bedazzle with how the little concept he imprinted on paper had become a force to reckon with.
At the moment, speculations are pointing towards the financial industry. Though many banks litter the world, over 40% of the world population are not in tune with the system. Thus, the number of banked population is slightly higher than the unbanked.
In the interim, the banked populace is merely bearing the system’s exigencies. Haven taken into cognizance the upside of the blockchain in addition to cryptographic currencies, it is only a question of timing before they port their loyalty to the former.
Omise – Birthing a Healthy Child
Behind the screens of this project is its parent company – Omise. Likened to a pregnant mother, Omise has finally brought forth a healthy child. Omise had been serving the public as a payment gateway. The company had so far spread its tentacles across Japan, Indonesia, and Singapore to Thailand.
OmiseGO is the first project created by the company. The idea is to create more value through this. At the moment, Google is forging partnerships with the company. McDonalds has also integrated the project for its payments. Forging further, OmiseGO had seen daylight as the Thai and Japanese governments have bought its idea in their quest to forge cashless economy.
A Bridge Builder
It is stale news that the blockchain is not what it was meant to be. Opining decentralization and still caught in the web of its solutions is a paradox many investors are yet to unravel. At the moment, financial payments have taken digital outlook. Merchants and users opt for cashless transactions using the net as a foothold. To this end, payment gateways have been set-up. The seeming downside is their inefficiency to meet up with workloads.
OmiseGO became the solution for scalable transactions. It’s a bridge builder since it hedges existing downsides. Backed by open-source technology, the project is interested in forging solution to issues bothering on financial gateways and payment processors.
Banking the Unbanked
With over 40% of its population unbanked, the world economy will undoubtedly be having ripples. OmiseGO’s goal is to help individuals with limited access to banks enjoy even more privileges than those banked. The positioning is not to be regarded as another altcoin or cryptographic currency. Bringing the real-time solution to the populace is at the core of OmiseGO’s vision.
As expected, the project is hinged on the blockchain foundation. Haven recognized centralization of information on banks; the team opted for a platform that will hedge risks emanating from such. Shelter has been test-run for years, the blockchain became a willing tool in the hand of OmiseGO’s team. The distributed ledger will be of preeminence in securing its users’ data.
Multiple Transactions with Unified Fees
Tons of projects are out there seeking to mend fences in the blockchain. A good number of them are busy deploying chains that will capsize in the long run. Few opted for interoperability of altcoins and cryptocurrencies. To this latter school of thought was OmiseGO classified.
In recent times, digital currencies got interoperable earning them conversions from their state to fiat. There are however exorbitant fees drawn to this. OmiseGO changes the dance step by bringing forth agnostic currency. Its token aside being interoperable, attracts low fees in its inter-functions.
Tri-Layers for Interoperability
The acceptance layer supports multiple functionalities such as debit and credit cards. eWallet is also supported with the inclusion of cryptocurrencies and IPs. Funds can be withdrawn by agents and at designated ATMs using the decentralized layer. There is also the decentralized exchange network layer that presents scalable chain and supports trading multiple digital assets.
Disrupting Centralized Exchanges
OmiseGO (OMG) offers a platform that can accept and process transactions without hassles. Facilitating crypto trades is at the apex of its goal. Hence, cryptographic currencies are merged into its eWallet. From this, you can easily trade on any exchange at low costs.
Plasma is backing the project
OmsieGO uses the Proof-of-Stake algorithm for transactions. However, it was built atop the Ethereum blockchain. Hence, it borrowed some leaf from the network. This project is using the Plasma architecture. Plasma is viable in settling financial scores while providing scalability and low transaction costs.
Technocrats at their best
Behind the scenes, there is a four-man team that developed OmiseGO. Initiators were OmiseGo’s co-founders and two founders behind Ethereum. During its ICO, OmiseGO surpassed the $1 billion benchmark. In later years, OmiseGO will become unanimous payment processor for the unbanked and banked populace.
OmiseGO (OMG) will change the phase of the blockchain. The project will disrupt existing payment processors while presenting more viable channels to make payments.