OMISEGO

Introduction

OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. The company has been operating in Thailand since 2013. They are a subsidiary of Omise — a payment services company also working in Thailand since 2013. Omise’s current business model allows customers to upload cash into their wallets through an ATM. They have significant adoption and are looking to be the industry leader in Southeast Asia.

Currently, one of the main problems with cryptocurrency exchanges is that blockchains cannot interact with each other. This means that there has to be a base blockchain through which all other currencies have to go through to buy other currencies. Simply put, each currency has to be paired to another. So if you hold Monero and would like to buy another token (eg. Bee token) only paired to bitcoin, you will have to buy bitcoin with the Monero, then use the bitcoin to buy Bee token. Exchanges are dealing with this by having many different currency pairs. However, this is not optimal as all currencies simply cannot be paired with each other. The need for anchoring pairs creates extra transaction fees in many cases. Omisego is trying to solve this problem by creating a backbone blockchain that would allow other blockchains to interact with each other. So all the blockchains would be connected to the Omisego blockchain, which would then process transactions between all the blockchains connected to it. With this feature, users will be able to apply features like index fund rebalancing without going through several intermediaries.

In addition to being able to send and receive payments through a wallet, users of the OMISEGO platform will be able to purchase any currency in the world in a much simpler fashion than is possible today. This will include fiat currencies (see Tether). This should allow parties to exchange currencies across borders. This is meaningful as there is currently a huge market for micro-payments in Southeast Asia. The majority of the population in these developing countries are unbanked. Developing physical banking infrastructure for all of these people to have access to will be difficult. However the level of smartphone adoption is relatively high and has been growing at a very high rate. So it is very feasible that mobile wallets could be the most effective way to provide these services to this population. This is one of the main value propositions of Omisego.

Omisego’s tokens gain value through dividends paid by the fees for transactions on the Omisego network. This is how holders of Omisego’s tokens, increase through adoption of the network.

OMISE (the mother company) has been recognized by the press quite extensively. They were listed as a fintech rockstar by Forbes in November of 2016.

Team

Their team is quite large. Below is the management team.

  1. The CEO is Jun Hasegawa. His summary is as follows:
  2. The COO Donnie Harinsuit
  3. The Managing Director is Vansa Chatikavanij

The Company’s network is solid. Notable partnerships include Apple, Hubii, Arcadier, and McDonald’s Thailand. The Company is also quite connected with the Thai government and has been publicly backed by the Thai ministry of finance.  

Worth noting: 1) Omisego was endorsed by Vitalik Buterin (Ethereum’s founder). This is a large reason for their current Market Cap. 2) Omisego’s token is an ERC20 token. 3) Should Ethereum figure out how to scale, companies like Omisego already being built on the Ethereum platform will solidify the position of Ethereum as the primary platform for smart contracts. However, with increased capacity for interoperability, the company could also switch to higher performing blockchains.

 


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