OMG is an ERC20 token whose main function is to be staked. Staking the token means purchasing an arbitrary amount of tokens, and put it at stake to validate the transactions going on the network, generating passive revenues for its owner.
It is backed by Omise, an established South-East Asia company, already running transactions for over XX merchants. While they are currently running theirs txs on their own network, they'll eventually migrate them to the OMG network to lower their costs.
While a lot of blockchain projects start without actual usage, OMG is practically assured to have some tx from the get go. Read the roadmap for more information about the different stages of the launch.
OMG is also partnering with other projects/companies to provide an easy access to their network, enabling 3rd parties to access their DEX (decentralized exchange, enabling currency exchanges instantly and seamlessly for the end user, include link to the KB) and the eWallet SDK (toolkit provided to other companies to interact with the blockchain, enabling among other things to create a reward program or top up a shop-specific account, include link to KB). More to be announced about the partnerships ~soon~. All these partner's txs would be run on the OMG network, tx fees being redistributed amongst stakers (OMG will be staking 20% of the tokens themselves).
OMG is leading the Ethereum research on Plasma, a layer-2 scaling solution (link for "layer-2") that would enable a much higher throughput of transactions, ultimately secured on the Ethereum chain (root chain).
Thanks to Plasma, an efficient DEX backend will be built, on top of which any front end could plug in.
The eWallet SDK is a toolkit provided by 3rd parties to build applications that interact with the OMG network, allowing access to the DEX and enabling anyone to create its own "currency" or rewards program on the network.
Fully open source, check the repos here and there.
OMG's core values are aligned with its baseline "Unbank the banked" which is to provide a way to exchange values anywhere in the world, even to people who can't afford to be included in the banking system. While it is not an "anti-bank" movement, it intends to democratize access to basic financial services, targeting first SEA as it is an ever growing market with a real need for such service.
OMG has proven a deep implication in the Ethereum ecosystem by giving a grant to the ECF and being involved with Ethereum founders and core team since 2015. It also shares its mission by building a fully decentralized network, completely open source.