What is OmiseGO?

Last updated 4 months ago

Please note: the OMG Network is still in development, and some details cannot yet be included. This knowledge base will be revised regularly to include updates and additional details.

What is OmiseGO?

OmiseGO is a subsidiary of Omise, a leading online payment gateway service provider operating in Southeast Asia. The OmiseGO blockchain team has been involved in the Ethereum community from its very beginning—starting in 2015, Omise Blockchain Lab began research work focusing primarily on scalability. By the end of 2016, research had expanded into proof-of-stake (PoS) consensus design and in 2017, OmiseGO was created to achieve two goals:

  1. Create the OMG Money Gateway as a scaling solution for Ethereum focused on enabling payments, trades, and other financial transactions in both crypto and at. OMG is a fully public, currency agnostic decentralized exchange (DEX) network which will be secured by Ethereum and built to scale infinitely using the Plasma architecture. The OMG Network will be able to interact with Bitcoin (or Bitcoin-like blockchains) and other blockchain platforms through clearinghouses in state channels or smart contracts, as well as with digital at platforms and economies through collateralized at tokens. This, in combination with virtually unlimited scalability, will enable the OMG Network to serve essentially all global transactions simultaneously.

  2. Develop the OMG open-source, white label digital wallet Software Development Kit (SDK). The SDK will be free for anyone to use and will make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network. The SDK allows wallet providers the flexibility to enhance, add, and customize payment solutions for many use cases. More detail...

OMG is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions. By enabling decentralized exchange at high volume and low cost, OMG provides a next-generation value transfer service operating across currencies and asset types, and across national borders and corporate ledgers.

Through the OMG network, anyone will be able to conduct real-time, peer-to-peer financial transactions, including but not limited to payments, remittances, payroll deposit, B2B commerce, supply-chain nance, loyalty program activity, asset management, and other on-demand services in a completely decentralized and inexpensive way, and including highly performant and fully decentralized trading.

OMG offers mainstream end-customers an introduction to the many benefits of blockchain technology—the wallet SDK will make it easy to create dapps that let the end user take advantage of Ethereum’s immense potential without having to leave their comfort zone.

Omise will use the OMG network as the platform for their own payments processing needs, but neither Omise nor OmiseGO will own or control the network.