OmiseGO is an open payment platform and decentralised exchange issued on Ethereum, an open-source public blockchain. Its slogan is "Unbank the Banked" and the stated objective is to provide better financial services for everyone, including both people who use traditional banking services and people in developing countries and locales which lack traditional banking infrastructure. Its token OMG is currently the fourth highest market cap Ethereum project in the world and was the first Ethereum project to exceed USD $1 billion valuation. The project is supported by co-founders of Ethereum: Vitalik Buterin and Gavin Wood, and is designed by the creator of Lightning Network and Plasma, Joseph Poon. The first public release of the wallet SDK is expected to happen in the first quarter of 2018. The SDK and blockchain will continued to be worked on and functionality added.
Founder and CEO of OmiseGO Jun Hasegawa at TechCrunch Disrupt SF in September 2017
OmiseGO offers a solution to the co-ordination problem between payment processors; financial gateways and financial institutions. It enables financial transactions, including “payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services.”
OmiseGO is a startup by Jun Hasegawa and Donnie Harinsut, the founders of the already operating company Omise, which was founded in 2013, in Bangkok, Thailand. OmiseGO's initial coin offering (ICO) in 2017 raised over USD $25 million , turning down over USD $100 million in the process , and is currently the 3rd highest market cap ERC20 cryptocurrency token in the world, valued at over USD $2 billion (however this valuation fluctuates due to volatility). OmiseGO's advisors include the co-founders of Ethereum: Vitalik Buterin and Gavin Wood. It also has the endorsement and support of the Bank of Thailand and the Thai Ministry of Finance. Omise was awarded Digital Company of the Year by Thai Prime Minister Prayut Chan-o-cha at Digital Thailand Big Bang 2017, an exhibition organised by the government to showcase its digital economy agenda. Omise is supported by institutional investors and partnerships including Alipay, McDonald's and Minor International.
Public and Permission-less
The completed network will be freely available to the public and not owned by the founding company Omise, which will use the network to support its existing payment business and benefit from network effects. Formalised partnerships are not required to use the OmiseGO network, which is public and permission-less in the same way that Ethereum and Bitcoin are.
The OmiseGO blockchain is a fully on-chain and massively-scalable decentralised exchange, liquidity provider mechanism, clearinghouse messaging network, and an asset-backed blockchain gateway. The OmiseGo blockchain provides an incentive for large holders to gain more tokens by securing the network and putting those tokens at stake. It has low fees, fast transaction times, cash-out options.
The first public release of the OmiseGO White-label Wallet SDK is expected to happen in the first quarter of 2018. The White-label wallet SDK will allow a range of payment solutions which can be easily deployed on the OmiseGO network. It will allow users to exchange fiat money, cryptocurrency, card payments, gift cards, top-ups and credit payments for other digital assets on the OmiseGo decentralized exchange. Digital wallet providers have the flexibility to enhance, add, and customise payment solutions for different industries and markets. All transactions across digital wallet providers will be conducted on the OmiseGO network.