Actually, we have over 2 000 cryptocurrencies on the market. In my opinion, the public still see cryptocurrencies like a very risky investment only for gamblers and madmen. It is true, that a lot of crypto projects are scams or doesn’t make sense.

But there are projects that make sense, have a good team, a meaningful product and fulfill their obligations from ICO. These projects mainly shifting technological usability of blockchain technology is closer to reality and to real use by ordinary people.

One of the projects, which make sense is Omise Go

  • Omise GO is a side project of company Omise.
  • Omise provides online payment gateways to merchants (something like Paypal, Stripe, etc.).

Business overview of Omise

Omise Go – Upgrade online payment gateway of Omise

Omise Go is the future extension and planned upgrade of working online payment gateway Omise. Omise now have an active base of merchants, which have a yearly profit over 30B USD. Omise payment gateway are currently using for example Burger King Thailand, McDonalds Thailand or Bose

Omise Go works like ERC 20 Token (OMG) on Ethereum. The main goal of OMG is enabling real-time, decentralized and transparent peer to peer exchange of fiat money and cryptocurrencies between individual financial institutions and traders

Simply said, OMG want to use technological possibilities of Ethereum and create the decentralized financial network, where all rules and processes will be defined by smart contracts.

What is the main purpose of OMG token?

 

Omise go

Currently, the token is traded on major crypto exchanges and it has only an investment function. When the final product is finished, the OMG token will be an entry gate into the entire online payment ecosystem of Omise. All transactions between individual entities will be settled on the decentralized exchange (DEX) and token OMG will serve as the main means of exchange.

Clearing House in a few seconds or minutes

The Clearing House is a system for settling transactions between individual financial entities. Simply said, if you pay with your credit card, it takes 1-3 business days then money will be transferred to the merchant. Thanks to the Ethereum and Plasma technology, the clearing house will be secured within a matter of minutes, thanks to the high scalability of transactions.

How will scalability be solved when Ethereum can only handle 15tx / second?

Omise Go as one of the first projects will use the Layer 2 off-chain Plasma Protocol, which is designed to handle up to 1,000,000 transactions per second. Plasma was created by Vitalik Buterin and Joseph Poon.

The core team of Ethereum right now working on Layer 1 scalability protocol Casper, which will speed up the main chain of Ethereum. Connection with Layer 1 scalability protocol Casper with Plasma, can create a really interesting scalability network for Dapps.

How OMG network will work?

OMG want to solve network decentralization using Proof of Stake, where transactions will be verified through OMG holders who will be rewarded by user transaction fees in the network.

Omise creates a calculator, where you can calculate a theoretical profit from deposited OMG into Proof of Stake protocol. The calculations are applied to the theoretical situations when the network processes volume 100M USD per day.

Upcoming events and upgrades in Omise Go

Omise Go team has successfully completed development of Plasma Cash and Plasma MPV, which together creates a functional plasma scalability protocol. Right now, Omise Go running internal test net of Plasma, which is detailed tested and audited for all potential vulnerabilities.

Last Update of Roadmap – 30th October 2018

Plasma public testnet is coming very soon

If you look on Github tracker of Omise Go, you can see that plasma external testnet (Tesuji) is almost complete. This will be the major milestone for Omise Go team because they finally deliver real technology, which is almost ready for real use on mainnet.

Future of Omise Go

Omise Go will be a great example of the real use of Blockchain technology, Ethereum and Smart Contracts in the world of finance. It will be the first financial network on a blockchain, which is truly scalable and serves real customers who will not even know that they are using the latest cryptographic technology like Smart Contracts or Plasma.

It is very funny, that everybody still talks about prices of cryptocurrencies but no one talks about breakthrough technologies, which is in development. These technologies like plasma, casper will certainly influence or change a lot of businesses. I think, that this is the main purpose of cryptocurrencies – enable to do something to make it more efficient, more secure, or enable new opportunities.

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