Community Q&A

Community Q&A

Hello and sorry for the delay. Omise is a payments processing business for Asia-Pacific; something sort-of like Stripe in the West. Omise GO is a blockchain-powered, white-label ewallet platform for the region, which will use fiat-backed tokens (FBTs). Two separate businesses under one roof. We believe that the ewallet business supports that payments business and vise-versa; white-label ewallet customers will for example be able to immediately pay to all Omise merchants.

I like many things about this. Lots of respect for donating $100,000 to DEVGrants last year. Also, OMG is a kickass name for a token.

Thank you very much. :) We hope to offer more support to open Ethereum projects in the future, importantly including proof-of-stake research. If you have any questions or comments please feel free to join our Slack.

Hi! So sorry for the slow reply, it's been hectic, to say the least..

(1) It's not clear yet if there will be a requirement regarding a token minimum bond for validation, but there is definitely an advantage to the validator to have more tokens staked, in the same way that there is advantage to a miner (in a PoW network) to have more hashpower aimed at the network. And token staking can be delegated as well..

(2) Validation happens per block, not per transactions.

(3) It's essentially the same process as a PoW design (like Bitcoin and current Ethereum), or a PoS design (like Tendermint, or the future 'Casper-based' Ethereum). Beyond this, please wait for Joseph's upcoming paper this summer (mentioned in the whitepaper) which will discuss validation in detail.

Thank you very much for your questions!

The tokens created and allocated now, as laid out in the sale document, are it; we have no plans to create more tokens in the future, and doing so would require a fork (or 'upgrade' as some people might prefer to call it when there is some technical necessity).

The rate of return for processing transactions will depend on fees accepted by validating nodes and the tx throughput, similar to how it works in Bitcoin and Ethereum. Validating nodes that have more coins bonded (staked) will have an advantage in receiving more of the tx fees, yes.

The key word there is "pledged" (not "accepted") - that was the sum of rough figures Bitcoin Suisse gave us that people asked for (they can't be specific due to client confidentiality) and value from people that pledged to us directly over past months (who didn't register with BS in time before registration closed), factored by rise (and fall) in ETH value. To be clear, we are a bit overwhelmed by the level of interest, though we really appreciate the clear support. We will make an announcement on Monday about how we can proceed in the best interests of our community and project first and foremost. Please wait till then!

Since the video is recorded for posterity, he chose to speak Japanese because it's the language he is most fluent and expressive in. In person he speaks English (just with a heavy Japanese accent), and at the office, people go back and forth between Japanese, English, Thai, Chinese, and some others ... everyone can communicate just fine :)

Come to our slack, Jun also chats in English there!

  1. Simply put, it's expensive tech to develop and build business on, both in terms of financial commitment and community commitment. We spent over a year doing dedicated research on it in our Ethereum lab, before we decided a token sale would be the perfect way to both kickstart this push to commercial development and to build community.

  2. Ethereum is great for checking our validator proofs and maintaining economic security, among other things, but it doesn't have the scalability we need now, and we can't wait for Casper to be ready and advanced to the point where we can use it for our needs (or the needs of decentralised exchange in general).

  3. From the sale document: 'The underlying OmiseGO network consists of cutting-edge crypto-economic constructions, including an on-chain decentralized exchange built into consensus that bonds to Ethereum for economic security, and a high-volume payments network capable of wider uses, with the ability to scale via off-chain channels.' (https://cdn.omise.co/omg/crowdsaledoc.pdf)

A short answer is that Ethereum doesn't have an on-chain exchange built into consensus (nor does anything else). The OMG chain will. If you read the whitepaper, you may find that what you are looking at is the successor to Lightning Network. What Lightning is to Bitcoin, the constructions underlying the OMG chain are to Ethereum... this is not merely a rapid, high-volume payment channel system, it's a scaling strategy. Unlike Lightning though, it's not something that can be thrown on top of another blockchain.

The OMG chain will offer a kind of Ethereum scaling that goes beyond just what we (Omise) plan to use it for, while remaining very linked to Ethereum, which it will rely on for economic security (and therefore, economically, OMG chain activity drives value to Ethereum and ETH).

Thank you for your questions!

The ICOAGE presale was meant to be China-oriented (because thousands of Chinese buyers were facing obstacles registering their docs with Bitcoin Suisse for weeks), but it was also meant to be open to a global audience. However, shortly before the sale started ICOAGE had problems with their email verification system necessary for non-Chinese users to pass the Sybil test (non-trivial KYC).

Allocating to Bitcoin Suisse and ICOAGE isn't a perfect system but it is unquestionably superior to the ways BAT, Bancor, or Status did it. We are able to avoid having a whale-dominated sale, and we are doing it without recklessly raising more money than we actually need and/or clogging the Ethereum network for days. Sorry you missed the contribution period but many people did; we did zero advertising, it has been pure word of mouth, and people who have been following us for a while (since we announced at EDCON Paris) were able to get in. Hope you can pick up some OMG later and come help run the network when it's time to use the token.

Yes just to clarify, that $45M figure in crunchbase includes the $25M token sale that OmiseGO - the blockchain unit of Omise - just did. Otherwise, Omise has previously raised around $20M.

The $25M raised in the token sale will be used exclusively to build and maintain development for the OMG network, which will be a totally open and public (permissionless) blockchain that we won't control. The funds won't be used to fund other Omise operations outside of OmiseGO.

Yes, we are the first Japanese startup to do an Ethereum project. We've been involved with Ethereum since 2015, and actually we were one of the first 3 companies in any country to support Ethereum (the other 2 were Microsoft and Wanxiang Group in China).

Unlike in China and Korea, Ethereum hasn't really taken off yet in Japan.. however, we hope to be able to do our small part to help.

Though much of our business is also abroad, in other parts of Asia-Pacific, we had a Tokyo meetup in June and are trying to do a 2nd meetup sometime by the end of summer or beginning of autumn. Might have some special guests too (hint: see who our advisors are). Please stay in touch!

Article has some good points but one thing that should be pointed out is that, unlike several other projects, our product isn't for 'the Unbanked' ... it's for Unbanking the Banked!

From the beginning of our sale document (found at https://omg.omise.co):

'At OmiseGO, “Unbank the Banked” means disrupting banking services: providing alternative financial and digital commerce tools for everyone without having to go through traditional banks, institutions and card networks. OmiseGO is a next-generation Ethereum-based financial platform enabling real-time, peer-to-peer value exchange and payment services agnostically across national jurisdictions and organizational silos, and across both fiat money and decentralized currencies; enabling true financial inclusion as well as freedom from monetary limits that are not aligned with the people's interests.

'Our target customers are both the 73% of the Southeast Asian population who do not currently use or have access to formal financial services (the so-called “unbanked”) and the 27% of the population currently using formal financial services (“banked”) because it's been their best option until now.'

A large number of Western banks will flag any activity abroad for fraud unless their card-holder notifies them in advance travel plans. Unfortunately we can't stop this practice, nor is it necessarily a good idea, as it does catch a lot of fraud that happens in high-risk places. All the more reason for us to develop better payment solutions in Asia-Pacific!

Almost! Joseph Poon is the guy who invented Bitcoin's Lightning Network (original paper here: https://lightning.network/lightning-network-paper.pdf), and Raiden Network is the Lightning concept re-written for Ethereum. Both concern enabling a way to do secure, cheap, and super-fast transactions using 'payment channels', which allow network actors to transact do a lot of transactions off-chain then settle on-chain.

However, what Joseph is working on with us is different, and goes beyond payment channels: it's a decentralized exchange that happens in a blockchain itself (in the consensus rules). You could say that it's the successor to Lightning Network - a scaling solution that makes full use of Ethereum's scripting capabilities. See more here: http://www.coindesk.com/striking-twice-lightnings-joseph-poon-takes-on-ethereum-exchange-project/

Beyond that we can't say too much yet, more details later this summer!

We are definitely going hard.

We are also racing to make this the very first real, completely mainstream, product using Ethereum.

Paysbuy was also the first digital wallet service to open in Thailand. It's historic, as the takeover marks the moment that the first digital wallet service will also become the first digital wallet service to decentralize onto Ethereum.

From a community angle, we're launching OmiseGO to support Ethereum scaling and to provide a decentralised exchange, that is not only totally decentralised but also has correct incentive alignment with Ethereum (because it uses the Ethereum mainnet for economic security, OMG will not siphon off value from ETH like most other tokens have the potential to, but will rather support it).

But from a business angle, we're launching OmiseGO to support Omise Payments and all existing stakeholders, including our existing and future merchants, such as McDonald's in other countries in Asia - McDonald's Thailand is just the start. Through OmiseGO, all Omise merchants will be able to seamlessly accept payments in multiple currencies, including ETH or BTC or other cryptos, without needing to know what their client is paying in.

And any other payment gateways, including Omise's biggest competitors, as well as global giants like Stripe or Cybersource, will benefit from using OmiseGO/OMG, and are welcome, no partnership or permission needed. The OMG chain will be an entirely public and permissionless network, connected to Ethereum.

OMG is a token that secures a public permissionless POS network, whose primary use case is to host a decentralised exchange for digital fiat and crypto alike. It is backed by significant mainstream financial firms in Asia who will use it as the backend for existing digital wallets - think Venmo, Google Wallet, WeChat Pay (examples of digital wallets only) - and for hosting digital fiat tokens for their existing merchant payment network.

OMG holders can use OMG to validate the network. If they validate a block correctly, they get paid the tx fees from that block (but if they validate incorrectly, they get punished). Like mining but without the need for hardware (and if you do bad stuff the network doesn't accept, you don't burn expensive electricity, you lose money in other ways).

Because you may want help validate the OMG chain, and process transactions going across the network and through the decentralised exchange that's baked into its consensus layer. It's unlikely OMG will be used as a currency the way ETH has started to be (though that wasn't the original intent for ETH either).

Roger Ver got into crypto to help bring about the rise of fair money, not to advance any particular clique or faction. He threw his support behind OmiseGO because the project isn't about Bitcoin vs. Ethereum vs. others, it's about fair finance for everyone. Quoting from https://omg.omise.co:

"The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win."

That's why Roger joined us.

Bitfinex listing came as a real surprise to us but a very welcome one. Judging by their announcement, they are in this for the long. They clearly understand the benefits of the tech and financial relationships we're developing, so we really welcome their support.

I think Bitfinex have far better things to do than try to pump OMG, especially since we refused to raise more than 25M.

Ps. we sold in 'presale' for the anti-Sybil properties, and the sale was totally open and public.

Wow, you really did post it here. Ok, so for redditor context, that would be like if a foreign country's Stripe, or Square, bought a Venmo connected to the userbase/user data of AT&T or T-Mobile, and said, "Hey we're going to make this an Ethereum-based thing now."

Staking token, used for bonded validation of the (decentralised exchange happening in the) network.

It depends on the amount (in tx fees) that it will take for validators ('miners') to include transactions in a block in a reasonable time, and is dynamic, which is to say that it depends on the validators, like bitcoin or Ethereum mining depends on the miners, the network congestion, the transaction size, etc, and will probably constantly adjust. More specific than that is near impossible to model at this point, and won't be in OmiseGO's control.

In short, it's too early to say.

No, a validator would have to stake their coins by putting them into bonded deposits (as a kind of insurance against validator misbehaviour). You lose money if you try to cheat the network and get caught.

Most users won't know their everyday mainstream wallet backend is running on the OMG network.

National regulations aren't really an obstacle for OmiseGO, as they're for prospective wallet providers to handle themselves, and more than enough already have (that's actually part of the problem!). From a wallet provider's perspective (especially a pre-existing one), the product is mostly a backend, facilitating interoperability and removing the limitations around their systems. The wallet framework is a nice-to-have; the real gem is the blockchain and the decentralized exchange inside it, finally tying together crypto and mainstream online consumer money, and allowing for mass adoption of both.

We have already encouraged several other major sales to do this. The response was very positive. Keep watching :)

In short, and not an exhaustive list:

  1. Problems being solved on the crypto side:

  1. Problems being solved on the mainstream side:

  • Online money is hard to access, credit-based money is not currently suitable for most communities (high fraud/expensive), coordination problems between online money issuers prevent network effect and mass adoption.

  • Transactions are more difficult and expensive than they should be, especially for low value transactions.

  • Full reserve banking is not available to most depositors.

We expect that exchanges have a strong incentive to distribute OMG to their ETH holders, they make money in trading fees! So if it's technically feasible for them (might depend on how they have their ETH deposit system set up), they will probably do it. But this is up to them and their users, not the project owner.

We expect the pressure is unlikely to be but barely noticeable, if even that. At today's prices, the majority of people will get airdropped an amount of OMG worth cents. Very few people will get more than ten dollars, and the only people who will are likely to be people for whom ten dollars is not worth selling.

Sticker photo not fake.

But don't read too much into it. Of course he supports us, we're the Plasma decentralized exchange, he's co-author of our paper. But please judge OmiseGO by its total merits, not just by who's got our sticker on their laptop. We guarantee there's a lot more going on! The tech is real, the biz dev is real. We don't do aggressive marketing (or any marketing at all, to tell the truth). We don't need to; OmiseGO isn't hype, or built on derivative tech. We are fiat-and-crypto decentralized exchange backed by a multinational mainstream payment company's business development and financial integration, pioneering the use of the flagship Ethereum 2nd layer scaling solution.

We will deliver something first class: a public Plasma network that is open and scalable and useful not just to OMG token holders but to the entire ETH and crypto community, fully justifying the purpose of an ETH token sale. Further, the work we will do on top of it will be useful to the entire populations of the countries we can reach, serving millions in their everyday lives, bringing crypto to the masses and bringing the masses to crypto.

And we're not leveraging legacy centralized tech like VISA/MasterCard, we're using Ethereum to replace it. With a decentralized solution that is almost ready to go to market, and run by you.

Forget the sticker!

Just for posterity, don't forget OmiseGO (OMG) - the Plasma decentralized exchange. https://twitter.com/omise_go/status/897003999403982848

(And we're supportive of all 3 other projects to the extent that they can provide useful services to people. Especially interested to see how Kyber's on-chain matching system will work out!)

Plasma works without Casper. Does not need PoS on the root chain.

Oops... The article missed the fact that the OMG network is a scalable on-chain decentralised exchange :-)

He skates, just mostly between the car and office these days.

Don't make too much of the stickers guys. Like someone else here said, we do zero marketing, so this isn't any different. Same as Vitalik's laptop, it's just taste, enthusiasm, and sentimental value.

Hi! Thanks for the great video talk. It's really inspiring to see community members engaged and supportive. Just in case it's helpful, we would like to offer a few clarifications on some topics discussed.

  • We moved from doing a simple capped 'first through the gate' on-chain sale to a 'presale-only' sale because of unacceptable whale attacks on simple capped sales. Because our project goal is to launch a public PoS network (that works on top of the Ethereum mainnet), getting a strong distribution of token holders is crucial; it would have been terrible if what happened with BAT and other simple capped sales happened to OMG, and so we thought about it very seriously and decided to run everything through 'presale' platforms for their property of non-trivial Sybil resistance. Other models were considered in long discussions with our advisors but ultimately we decided this would be the way to go. It is also important to please note that all 'presales' were 100% public (according to the terms of service of the platforms used); there was no private sale whatsoever.

  • The OMG network is the Plasma decentralized exchange, and contributes directly to Ethereum scaling via Plasma development and to Ethereum's economic security by driving value to ETH (on which hashrate OMG will depend for its own security). OmiseGO will use the network for our own business purposes but ultimately once it is built, it is out of our hands and we will have no more claim to its power than anyone else. Community service has been the chief spirit of our engagement in Ethereum since 2015, and OMG will be a 100% open and decentralized network, no less so than Ethereum or Bitcoin.

  • Our advisors have been strongly engaged in OMG development because, simply put, OMG is good not just for the Ethereum community and network, but for entire crypto space as a whole. Two of them participated in writing the whitepapers that describe what we are building: OMG network & Plasma. However, ultimately we take full responsibility for what we are building under their stewardship.

Thank you so much for all your support. We will work tirelessly to accomplish our goals. 🙇

The OMG network will be a Plasma chain that uses Ethereum as its root chain. Vitalik has called it an Ethereum sidechain several times but Joseph is adamant that that's not the right way to look at it. While we get the vocabulary sorted out, see https://plasma.io to understand what the vocabulary refers to. Alternately, this reddit comment provides a decent summary: https://www.reddit.com/r/ethereum/comments/6sqca5/plasma_scalable_autonomous_smart_contracts/dleskw5/

Hope that helps!

Sure, and even more accurate still to describe the relationship as root <> trunk, with branches (and various orders of twigs and leaves) coming off of the trunk. The only thing that connects to the root is the trunk, otherwise known as the Plasma parent chain (and the sub-chains are known as child chains.

Root, parent, children.

Possibly, or possibly it would get forked and switch over to a different root chain. Ultimately Plasma is root chain agnostic but it would be easiest if the root chain ran the EVM.

So an immediate difference between RSK (Rootstock) and Plasma is that Plasma doesn't depend on merge-mining, nor is it a federated sidechain (so it has better decentralization and security properties than a sidechain would permit). See section 4 of the plasma whitepaper draft (and relevant citations) for more details: http://plasma.io/plasma.pdf

That said, something like Plasma could run on Rootstock, if the goal were to use Bitcoin as the root chain.

However, OMG - the Plasma decentralized exchange - will use Ethereum as its root chain.

The OMG network is a Plasma chain (see plasma.io) with a decentralized exchange built directly into its Proof-of-Stake consensus layer. It is a totally open, public, permissionless blockchain, like Bitcoin or Ethereum, except it has the unique feature of being directly linked to, and ultimately depending on, the Ethereum mainnet for its economic security. In this way, OMG has a special incentive alignment with Ethereum that no other ERC20 token shares.

OmiseGO is the business building this network, so that we can use it for our business applications. Anyone else can use it, for any reason they see fit, too.

OMG holders can use OMG to validate the PoS network. If they validate a block correctly, they get paid the tx fees from that block (but if they validate incorrectly, they get punished). Like PoW mining but without the need for hardware - and if you do bad stuff the network doesn't like, you don't burn expensive electricity without reward like in PoW, instead you lose some of your OMG.

Hope that helps!

The token described in these articles is for sharing a form of company revenue. That is a totally different use from what OMG is for. The utility-value of OMG is as a network validation token, on a public decentralized exchange (that will serve as a single point of execution for trading liquidity which will be mostly unrelated to OmiseGO's own business uses).

Both the business use cases of the tokens, as well as the network use cases of the tokens, are completely unrelated. Please don't mistake them!

Yes. OMG functions as a security deposit which solves the "nothing-at-stake" problem, comparable to Casper (the planned Ethereum PoS upgrade).

It's the same as any staking token (or, ultimately, currency, for that matter). Ultimately, the expectation of value, which is a security assumption for the network, is predicated on the expectation of value. Relatively, if we are to ignore this 'turtles all the way down' aspect of the nature of monetary reality, we can say that the expectation that people will use and continue to use an OMG-based decentralized exchange with high transaction volume, is what gives OMG value. Hope that helps.

Yes, Plasma enables OMG to perform mass transactions that the Ethereum network isn't suited for. The OMG network isn't a system where the network token is used to propose trades (for which ETH could well be the token used), it's one where the token is used to secure the network consensus. Mechanically it works out better if it's a separate token from the root chain's token.

It's a protocol token for a protocol that really does need a token, yes, and this protocol is really far down the stack. Can't comment on Kik Kin but as for other projects... well, I hesitate to write it because it's becoming a bit of a meme for us lately, but "news coming soon" (sorry! It really is) [insert waiting skeleton here]

Good points in this response, especially concerning the business use cases. One point to add: the OMG network is actually a single-point-of-execution decentralized exchange for all fiat and crypto that runs across it. Unlike the projects you mention, which run mechanisms either off-chain or as applications in Ethereum, the OMG decentralized exchange uses Plasma to run on-chain, and directly in consensus, alongside Ethereum. So we're fully decentralized, and also fully on-chain, without either the security loss or performance loss. As a further note, the OMG network is also cross-chain compatible (it can also handle decentralized trades sent from other blockchains).

Brief summary here: https://www.coindesk.com/striking-twice-lightnings-joseph-poon-takes-on-ethereum-exchange-project/

Tl;dr: OMG network is the Plasma decentralized exchange

OMG network does not require Casper. But Casper and sharding on the root (Ethereum) blockchain would help even more!

There is no Ethereum Foundation involvement with OmiseGO, but we have been supportive of the entire Ethereum community since 2015, and we genuinely believe correct and careful application of Ethereum can responsibly address many of society's financial needs. Plasma will be a big part of that, which is why we have been backing scaling and proof-of-stake research intensively, and why the OMG network has ended up the Plasma decentralized exchange running on a proof-of-stake network alongside Ethereum.

We hope that our efforts will lead to benefit for the entire Ethereum community, and the general crypto community as a whole. Further, we hope this work will help bring the technology and economic benefits accessible to people in the crypto community to mass adoption for the benefit of all people, going beyond financial inclusion and into harmonious financial equity.

Not exactly...

The OMG network is a Plasma chain (see plasma.io) with a decentralized exchange built directly into its Proof-of-Stake (PoS) consensus layer. It is a totally open, public, permissionless blockchain, like Bitcoin or Ethereum, except it has the unique feature of being directly linked to, and ultimately depending on, the Ethereum mainnet for its economic security. In this way, OMG has a special incentive alignment with Ethereum that no other ERC20 token shares.

OmiseGO is the business building this network, so that we can use it for our business applications. Anyone else can use it, for any reason they see fit, too.

OMG holders can use OMG as a security deposit to validate the PoS network. If validators validate a block correctly, they get paid the tx fees from that block, but if they validate incorrectly, they get punished. It's like Proof-of-Work (PoW) mining but without the need for hardware - and if you do bad stuff the network doesn't like, you don't burn expensive electricity without reward like in PoW, instead you lose some of your OMG.

Hope that helps!

Nakamoto consensus was "too good to be true" too but here we are.

Potential threats: lack of network effect due to unpredictable coordination dynamics, short-sighted state-level interference early on, critical flaws in Plasma that can't be fixed.

Negative things that people complain about, as far as we can tell from reddit: perception that Jun (CEO) hypes the project by posting misleading photos or comments on his personal Twitter; no public repo available means we aren't committed to open source; redditors (presumably token holders) excitedly posting OmiseGO/OMG related content where people are tired of seeing it. All these things are genuine misunderstandings and we'll address them as soon as we have time (coming soon! sorry couldn't help the joke).

Thanks for the support!

We have a dedicated team working with potential implementers to explore possibilities with the OMG tech stack - we'll DM with contact info.

Dateless roadmaps are actually pretty common. To name a few (randomly chosen but well known) examples:

  • Stellar put out a single post at the beginning of 2018 with broad goals for the year, then periodic (postmortem) progress reports and announcements of completed major developments throughout the year: https://www.stellar.org/blog/2018-Stellar-Roadmap/

  • Cardano doesn't give dates but shares progress trackers similar to our own: https://cardanoroadmap.com/

  • Zcash shares product releases and upgrades at the time of release: https://z.cash/upgrade/

  • EOS shares past and present phases by season, with a one-sentence description of what they're working on in summer/fall 2018, no target dates for any specific milestone, and no indication of dates beyond the current phase

Presumably all of these projects have internal roadmaps with target timelines, as do we. Early on we chose to share those internal targets in the interest of complete transparency; but despite disclaimers that all targets were estimates and subject to change, it became clear that people were making investment decisions based on far-future milestone estimates. The cryptosphere is particularly susceptible to impulsive speculation, and we don't want to play a part in that if we can help it.

Between Jun's well-meant but admittedly overenthusiastic comments in 2017, to the widespread interpretation of best guesses as guarantees, we've learned our lesson. From here on out we will be as transparent as possible about progress on our task list; continue to provide detailed weekly updates; share our broad goals and the work to be done to accomplish them; and of course never excite. But we're going cold turkey on dates.

If your concern is limbo: we aren't in limbo and we haven't hit any major unexpected roadblocks. We're not hiding anything. But the thing about unexpected roadblocks is that they're, well, unexpected. On the off chance that progress slows because of something we didn't anticipate, we do not want to have made promises we can't keep. One promise we can and will keep is to continue to work hard every day to keep checking tasks off the list, and share that progress with you as we go.

The one thing that is out of our hands to be fully transparent about is announcements about specific companies that have decided to implement OMG. Dates of those announcements are entirely up to the implementers and many of them want to wait until they have a working proof of concept. All we can say is that we haven't had anyone pull out of PoC development and our efforts to bring volume to the network through partnerships and implementation support are ongoing.

Full interview here.

This is all leading up to Ethereum integration; the features we're working on are required to provide a smooth integration and save us from making assumptions about how providers want to run their eWallet.

Everything we’ll do to interact with plasma will require prior interactions with Ethereum - Ethereum wallet creation, creation and minting of tokens, ENS registration, deposit and exit of funds to/from Plasma all require direct connection with Ethereum.

The reset password feature introduced for end-users is only enabled when running the eWallet in standalone mode (which means there are no other web application running in front, users interact directly with the eWallet). By default, this mode is disabled, and that’s the way it should stay if you have a website where your users sign up, and only your website actually interacts with the eWallet. When standalone is disabled, end users don’t have passwords in the eWallet since they already have one in your system.

It’s up to the eWallet providers to take the appropriate precautions in terms of their own security, creating sufficient redundancies and ensuring coins aren’t lost - the same way that both private and commercial users of crypto do now when dealing with their Ethereum or Bitcoin accounts.

Contents
Community Q&A
What is the difference between Omise and Omise Go? And why aren't Omise's current investors funding Omise Go?
I like many things about this. Lots of respect for donating $100,000 to DEVGrants last year. Also, OMG is a kickass name for a token.
From what I understand, OMG tokens grant users the right to validate transactions. The user runs full node and receives additional tokens for validating, and if they validate incorrectly their bond gets slashed. Couple questions about that:
(1) Do you just need 1 token to run a node?
(2) Does having more tokens allow you to validate more 'transactions' simultaneously? Or is having 1 token or 1000 tokens the same from the standpoint of running a node?
(3) What is involved in validating and what could cause an incorrect validation?
Will all the tokens be created in the crowdsale, or will there be a possibility of more tokens created, released or sold in the future? The token distribution is layed out in the crowdfunding document, but it doesn't overtly say that more tokens will not be created after the launch period.
Is the proof-of-stake system here going to provide an approximately standardized rate of return, say 5% compounding for example, to minters/nodes? If this is the case, are there any additional benefits to owning more coins as a minter other than the obviously larger return? For instance, does owning a larger percentage of total coins grant higher chances of winning new coins? Thanks!
How is this possible? The max you could contribute in the pre-sale is $100,000 per person and according to your numbers the average investment would be $133,333 per person. Also, the pre-sale cap was $4M. I think this might just be slack talk? I am going to wait for an update from an official source. u/omise_go?
How does Omise's CEO communicate with his team if he doesn't speak english?
So for now OmiseGO will be run on the ethereum blockchain and than a switch to Omise's own blockchain?
Has the contract for the ICO been posted?
Fintech startup Omise raises $25M in ICO that bucks ‘money grabbing’ trend
Thai Startup Omise Unveils Ethereum-Based Digital Wallet for the Unbanked
Omise is fairly well known company in SE Asia, especially Thailand where they are one of the biggest processors of online payments. My firm uses them but there’s nothing special about the service they currently provide. ~10% of western banks will flag a purchase for fraud if you make a purchase through their payment gateway so they are far from well established on the international scene.
Joseph Poon, the guy behind Raiden network, is also working for Omise. Overall, very impressive team and in contrast to other ICOs they have a proven track record of running a successful business.
Omise acquires online payment business Paysbuy from Thai operator DTAC
Very excited for what's to come for Omise, a big move to see them have more of a share in the online payments market. With a fantastic team and a great advisory board including Vitalik, Joseph Poon and Gavin Wood I'd definitely keep your eye on this one. For those wondering who Paysbuy is... Paysbuy is a payment processor and one of Thailand's 3 major payment service providers. Paysbuy is licensed by the Bank of Thailand to operate e-money.
McDonald's to start using OmiseGO as a payment channel!
Can anybody explain how OMG get their value?
So then, why purchase OMG Tokens when I can just purchase ETH?
I was not aware that Roger Ver was one of that gang.. did i miss out ? as he is listed as an adviser as well
Bitfinex strikes again: OmiseGO (OMG) trading to go live today!
Funny that two of the recent ICOs who were mostly sold in presale started trading in bitfinex, while few of the "open" ICOs have. Santiment and OmiseGo. It's almost as if bitfinex bought the presale and is pumping the coins. Buyer beware
More on Omise's Paysbuy deal. A deal we should not ignore.
I understand and agree with the value of the service and project as it is a platform for interoperability between different currencies, fiat and digital, but what use case does the actual OMG token have?
If OmiseGo successfully reaches the "unbanked" in Southeast Asia, what do you expect the share of transaction fees for OMG holders to be?
Depends on the transaction sizes, right? Or are you commenting on using your tokens to validate / confirm transactions? That's something I'm not very well educated in. Can you elaborate on how that works? Do we just hold our coins in a wallet, or something?
You know I really don't...when ride can cost any where from 75c (USD) to whatever...I don't see a taxi driver pulling out a phone that he may or may not have that supports OMG to receive payment. A lot of people here do have the latest tech...but would you catch a ride and assume driver takes OMG or what ever form of digital currency? Yes most people ask price before they accept rides...but now have to ask if they accept D.C.?
Seems many fail to grasp OMG is not going to be a global ewallet P2P system. They hope to be able to provided their customers (merchants) the ability to launch their own ewallets and have them be legally recognized in their country of operation. If this was easy, we'd all be using Alipay or Paytm by now - but clearly the hurdles of nation state regulations make this a country by country challenge. As Omise has a base in Thailand - we'll see their product here first, but I'd expect slow goings in securing the rights to offer this service in new countries.
Imagine a world where all token sales did this. That would be pretty cool.
I looked at the whitepaper briefly, and it seems to be some kind of decentralized exchange concept but I don't really understand. Can anyone eli-5 what problem they are solving and how they are solving it with omisego?
Really cool. I hope OMG is successful. This is another instance where exchanges will reap big reward for clients holding their assets in the exchanges' wallet. I understand the exchange's stance of not supporting an endless list of tokens, but not distributing air dropped tokens to the clients who's assets earned them is disappointing. Just another in a long list of reasons not to HODL on an exchange.
Expect a certain amount of inflationary pressure (ie downward pressure on the sell) from this. I don't think it will be much though, and I do think it'll be rather transitory. At the very least, this is excellent marketing at the expense of current holders. At best, it's widespread recruiting which will yield more investors, greater liquidity, and wide(r) spread adoption.
Vitalik knows whats up ;)
0x vs. omega one vs. kyber network, which ones your favorite and why
As I understand Plasma works with PoS - we can't have it until PoS transition is finished.
Vitalik & omisego Joseph poon cooperate tackle scalability issues
This is the CEO of OMG's twitter profile picture! I don't even think he's trying to be subtle.
No problem! Thank you for taking the time to watch. You've been around here as long as I have, so you know I have the best intentions when it comes to Ethereum, this sub-reddit, and the people that populate it. Hopefully some of the newcomers over the past 6+ months can benefit from our trials and tribulations. :)
Is OmiseGO planning to break off of Ethereum and form its own protocol? If so, when?
My understanding of plasma is that the Ethereum chain functions as a tree trunk with each "sidechain" branching off, possibly into smaller and smaller chains for various applications. Would it be more accurate to describe Ethereum as a root chain and OMG as the branch chain?
Omg linked to ethereum
I once noted that the RSK would be much more useful as a side chain at ETH than BTC (more compatibility and cooperative development). Plasma reminds me of this idea. OMG is looking to be a unicorn. The team is impressive, and the BIG advisors are not just on the sidelines. I've stuck with ETH (and a tad of BTC/BCC) in my crypto portfolio for a very long time, but I made an exception for OMG. Too much of a no brainer. I like many other tokens, but I typically support them indirectly, through ETH.
Value proposition for ERC-20 tokens like OMG
If you are seriously interested in looking at valuation of OMG and other financial tokens, these two articles are a good place to start. They both address TenX, but the thinking behind them is solid and equally applicable to OMG. Disclosure: I am long OMG and PLU. I believe that OMG is overpriced here and that PLU is undervalued.
Thanks, that helps a lot. So the value proposition for the token is the possibility to partake in the validation process and earn money from fees?
But you get paid in OMG for staking right? So the value of OMG is you can get more OMG? How does that actually give value? Could you elaborate on that?
Arent you describing exactly what ETH is...a staking token? What seperates OMG from ETH? Im still not totally getting it. Is what makes it unique is that its using Plasma to handle mass transactions?
Ahhh okay...so its semi-protocol token? Do u envision projects like Kik Kin using...
how does omg compare with zrx or kyber coming up? are they competing platforms or complementary? i see omg as more ambitious and more end to end with payment interfaces, exchange protocol, and proof of stake-style blockchain technologies that revolutionize payments, transfers, and decentralized trade across multiple blockchains using plasma while interoperating with lightning network. oh boy, that was long! but curious who we consider competitors or potential partners
Is OmiseGo the Ethereum Foundation's test ship for Proof of Stake?
Here's OMG in a nutshell. It's sort of like an insured payment system for crypto. You want to buy a cup of coffee, so you wander into Starfucks and buy one using XMR - You blip your card to pay with XMR but OMG makes the payment instantly so you get the coffee without having to wait half an hour for the payment to go through. Meanwhile OMG is the one that sits and waits for the payment to go through. Now that it's explained go and invest in it. Oh and it rewards you for holding - every transaction the fees get split among OMG holders.
That sounds really cool and exciting. The potential seems unbelievably huge, almost so much that I think I must be missing something. What are the major threats to this really taking off? I keep looking for negative information on OMG to try and get a better sense of what kind of an investment potential is there, but so far there isn't much that I've found. Is this way too good to be true or is my imagination getting a little over excited? Or...?
How Do I Integrate with OMG?
Wasn't it Optimistically Q3, Pessimistically Q4? Does anybody else following a roadmap with no dates?
Where can I find the Stewart Brand Keynote from DevCon4?
In the Github milestones there are 25 open issues under 1.1. Why is it that we are working on so many details in 1.1 rather than moving to 1.2 that has the important feature of Blockchain Integration?
Can you elaborate on “ethereum integration"?
Appreciated on the thorough answer. But I got that, the store owner can create their own accounts, as they can create their own proprietary tokens. Thus they are the admin. But when the admin forget their password, or loses it, or (sorry to say) dies, there is usually an authority that can still access the accounts. Who watches the watcher in a decentralized economy? We are in beginning phases and maybe I'm getting ahead of myself, but if it's complete autonomy (as only I know my private keys) there is too high a risk of loss! What happens if Ms. Seven-11 CEO loses billions of Seven-11 rewards points because of the admin password problem?