Omise/OmiseGO Ecosystem Primer

3년 전

Background
A couple days ago I posted an article "5 Common Misconceptions About Omise/OmiseGO":
https://steemit.com/omisego/@solveforh/five-common-misconceptions-about-omisego

I was surprised to see the article retweeted by Jun (the CEO) himself. It encouraged me to share this post below...

You may remember when Jun tweeted that people did not understand what is involved and how big the #Omise < > #OmiseGO ecosystem was and proceeded to publish this medium article:
Omise/OmiseGO Strategy Vol. 01 - https://medium.com/@jun_omise/omise-omisego-strategy-vol-01-5c7269bb2008

In this post I hope to add some resources to better your overall picture of the ecosystem in which they exist without expanding relationships beyond what has been announced or details that are already known.

Primer:
A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties. It is coming whether you like it or not and with it comes challenges regarding payments.

Interesting read about the motivation and differences between countries:
https://hbr.org/2016/05/the-countries-that-would-profit-most-from-a-cashless-world

The four core challenges according to Jun’s medium article:

  1. Limited availability of digital currencies or online payment acceptance by merchants.
  2. Siloed wallet and payment services impeding the usability and functionality.
  3. Low rate of credit card adoption. This is particularly true in the Asia-Pacific region where information about a user’s credit score, needed to apply for credit card, is not as easily accessible.
  4. Continued limited coverage and penetration of traditional financial services- e.g. bank branches, bank accounts.

Jun breaks the solutions into 3 layers: the acceptance layer, the decentralized exchange network layer, and the decentralized cash-in/out layer. It is helpful to keep this multilayer solution in mind as you read along.

OmiseGO Overview.jpeg

We will discuss Thailand first, then Japan, then globally.

Thailand
In late December (2016), the cabinet approved the Finance Ministry’s national e-payment master plan to promote electronic payment across the board with a view to creating a cashless society. Few people know however that Thailand has actually launched a new interbank mobile payments system “to enable money transfers that were cheaper and easier than those offered by conventional banks”. The system is called PromptPay and authorization in participation is by the Finance Ministry. Thai Alliance Payment System is one of two bank consortiums that was granted authorization by the Finance Ministry and includes the following five: Siam Commercial Bank, Krungthai Bank, Bank of Ayudhya, Thanachart Bank and TMB Bank.
https://asia.nikkei.com/Politics-Economy/Economy/Thailand-rolls-out-PromptPay-money-transfer-service
https://www.bangkokpost.com/tech/local-news/1242542/promptpay-nears-tipping-point.

How is Omise/OmiseGO positioned?

Thailand’s E-Payment System
Thailand’s three biggest e-payment service providers included: Paysbuy, AIS (mPAY), and True Money.

I find TrueMoney the most interesting and worthy of further discussion.

Who is TrueMoney?
“TrueMoney was founded in 2003 as part of True Corporation but now reorganized under Ascend Group in 2014, a spin-off of True Corporation and a subsidiary of C.P. Group.” The C.P. Group is the sole operator of over 9000 of the 711 stores which allows “The company (True Money) makes use of its extensive 7'Eleven network in the country. The service produced other spin-offs like WeCard, in partnership with MasterCard, and TrueMoney Cash Card, for specialized top-up services like gaming... TrueMoney has offices in Thailand, Vietnam, Cambodia, Myanmar, Indonesia and the Philippines. TrueMoney has licenses to operate e-money in almost every Southeast Asian country. As the flagship venture, Thailand's TrueMoney counts Google and Alipay as partner payment platforms.”
https://en.wikipedia.org/wiki/TrueMoney

TrueMoney is connected to the PromptPay system through Siam Commercial Bank. This way “more members of the public can enjoy easy, convenient access to financial services via PromtPay, which has until now only been available via a bank account” and “SCB will serve the more than three million TrueMoney customers by letting them top up eWallet Prompt Pay through the bank’s three major channels: SCB Easy App, SCB Easy Net and ATMS, which are all available 24 hours a day”.
https://www.pressreader.com/thailand/the-nation/20170918/282011852532440

Japan
Meanwhile in Japan there are talks of launching a digital currency via the banks to push towards a cashless society before the Olympics in 2020.
https://www.technologyreview.com/the-download/608963/japanese-banks-are-planning-to-launch-j-coin-a-digital-currency-meant-to-kill/

How is Omise/OmiseGO positioned?

Globally
Alipay currently is the leader in online and mobile payments. It has 520,000,000 users and it is making its way to the US. Alipay has seen more than 1 billion transactions in a day.
-https://intl.alipay.com/
-https://www.forbes.com/sites/helenwang/2016/10/30/will-alipay-dominate-global-mobile-payments/#21ca8b1760af
-https://www.techinasia.com/alibaba-alipay-1-billion-transactions

Alipay is connected via investment to Ascend (the corporation invested in TrueMoney and Omise/OmiseGO):
“Ant Financial, the company behind China's digital payment giant Alipay, has ramped up its global expansion with an investment in Thailand's Ascend Money."
https://www.cnbc.com/2016/11/01/ant-financial-invests-in-thailands-ascent-money-as-part-of-global-expansion-play.html
https://www.pressreader.com/thailand/bangkok-post/20170623/282071981903554

Omise has already been involved in Fintech that allowed merchants to accept Alipay outside of China without needing to have a Chinese bank account.
-https://www.omise.co/alipay

With all of this said, I look forward to hearing the release of their white-label SDK Wallet details regarding the cash in/out points that have been stated to be announced this quarter. For those who wondered what what meant by Blockchain release "by 2018" in my previous article - I believe the release will occur in stages starting at the transition of the year from my reading of the information that has been provided in the white papers and via Jun's twitter.

Disclaimers: This is not investment advice and it is merely sharing information that is publicly available. Any speculation or decisions regarding your money are your own. I own OMG and really admire their company and I have no other formal relationship.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

Incredible post my friend, really I already love OMG and do my best to follow them on social media, but you have really joined up all the dots, so much new information - I am very grateful for you putting all this together for us, thank you so much ;-) OMG and EOS are incredible imho ;-)

This is not description of a decentralized project.
I meant to reply here, but I accidentally posted in another post so I'll paste here:

OmiseGo fails at PoS security

In PoS distribution = security.

OmiseGo was distributed in pre-sale to limited number of people that even required AML/KYC, so not permissionless sale. Obviously, AML/KYC doesn't prevent sybil attack as anyone can buy identities/people to buy tokens for them.

Effectively they used a permissioned sale with a cap (making it easy to displace other people) to distribute coins to be used for PoS where coin distribution provides security.

  • 65.1% - capped permissioned ICO = decentralization fail
  • 20% - premine they keep = decentralization fail
  • 9.9% - premine team keeps = decentralization fail
  • 5% - airdrop on eth (also premined/ICO'ed eth) = too little to make a diff

source.

OmiseGo failed at decentralization already

Centralized company in control

  • The company and its members hold 29.9% of coins
  • The company has full control over $19m from capped sale
  • Most of the value comes from connections in Asia Omise has

This means Omise can do any changes (e.g. taking others money or censorship) with a fork and then:

  • Decide which blockchain is called OmiseGo (OMG)
  • Use premine to damage value of any original chains dissenting from Omise company decisions
  • Hold updates and ICO funding hostage to keep all value on their chain
  • Control of codebase where they can set changes to default
  • Force all the business connections of Omise to only operate with chain of their choosing

All of these were done by Ethereum in the past to subjectively & forcefully confiscate $100m+ and censor an unknown user.

Decentralization is measured by being resistant to attacks from an individual or organization. Omise, themselves or under influence of external force, can single handedly destroy the value and thus incentives for the entire network at any time or even use their stake to attack it.

There is nothing effectively decentralized about governance decisions on their network with enormous advantage given by massive premine and ICO.

OmiseGo will not be decentralized

Plasma is unsecure & not scalable

  • Fraud proofs do not work because they make it profitable for everyone to cheat the system (thread)


image link

Everything OmiseGo hopes to do has already been done in decentralized manner.

Not important. But why not mention they had 0 reason to create OmiseGo other than to raise money. And it's still vaporware that's for 0 reason valued higher than projects doing everything they hope to do since 2014. Well, there is 1 reason - it was marketed to the most tech-illiterate community in crypto next to onecoin - ethereum community with 0 talented developers, 0 innovation, and 0 tech since no one intelligent would ever choose to be associated with proven fraud of a project and went into other projects like altcoins a year ago. But that's exactly the type of community that happens to be stupid enough to throw most money at ICO's.

·

I love the enthusiasm but...

  • 25 million divided by 1 ETH each was a very reasonable limit. Public presale that required registration helped ensure distribution
  • 513341 token holders
  • Those are pretty weak arguments against plasma. For example - if it was doing 1 billion tx/s and was successfully attacked it could take years for people to get their money back. Doesn't that also mean at Visa's 24,000 tx/s level it would take no more than a few minutes?
  • I know of other decentralized exchanges but no other blockchain acts as the settlement layer for real life transactions
  • Those people who bought at the ICO are up about 25X on their investment.
  • Lastly, I trust the team - they're awesome humble individuals who look for "win-win" solutions.
·
·
  • most of 513341 token holders is the 5% airdrop, doesn't count, 29.9% + part of airdrop held by 1 group, 65.1% held by few dozen people that could easily all working together and no one else can enter b/c cap, 5% distributed to give a fancy number like 513341 holders that means virtually nothing at fraction of a %.

  • registration doesn't help distribution, it limits it, and easily gameable and limited only to people who can do it.

Those people who bought at the ICO are up about 25X on their investment.

eth and onecoin are centralized vaporware and wereup a lot too, go figure, fraud pays off in crypto despite all experts universally despising onecoin/ethereum

doesn't make it more decentralized. plus only a few permissioned people were able to get in anyway - problem with the premine.

·
·

Omise is backed by mega money and far from being a decentralized exchange is looking to become thailand / Southeast Asia's #1 payments processor and e-payment provider. A fine, mighty corporate (centralized) model. For a true decentralized exchange, wait for Bitshares DEX Thailand which will be operational soon. Check @apasia.tech for further details ...

·

fud!!! fud!!!., keep buying shitcoin buddy. omg to the moon in 2018

·

VladZamfir Vlad Zamfir tweeted @ 17 Sep 2017 - 13:13 UTC

The main problem with plasma is the child chains don't survive 51% censorship attacks on the main chain

petertoddbtc Peter Todd tweeted @ 10 Aug 2017 - 07:56 UTC

Sounds like I need to do a writeup on why fraud proofs don't work...

Also, Plasma's description of Treechains comp… twitter.com/i/web/status/8…

Disclaimer: I am just a bot trying to be helpful.
·

This is extradorniary. Thank-you.

3000 views 15 upvotes pathetic community..

·

I don't think it's very obvious how to do it. Steemit should change the button for it to "Upvote" or something like that.

·
·

Owh you're right too. ya first time I was in steemit , it's very hard to find it too. But out of all 4k views, 21 people upvoted and other 3979 people are all incapable to find it too? That seems... ridiculous. Or your traffic of people are not in steemit themselves, but showed up on google search. Well at least google search honor your hardwork. I really wish to upvote you more.

·
·
·

Thank you. Appreciate it.

·
·
·

What you seem to neglect is the fact, that in order to upvote, one needs

  1. A steemit account
  2. Be logged in to the account
    6,833 views, as of writing this, is great! It shows, that content on Steem can reach a bigger audience. Especially when having strong backlinks from a famous twitter account ; ). However, the majority of these readers do not have an account on Steem, therefore can not upvote even if they wanted. And some other who have an account maybe stumbled over this article while browsing on their mobile phone, where they're not logged in to the account. Like myself, for example. So I had to either manually browse to this article in the eSteem app, or on a laptop. The nature of how the passwords look like to access the Steem blockchain does not make it easy to quickly log in anywhere to vote.
    Conclusion: This is not a pathetic community, this is a rather small but growing community. And not every member of this community can vote all the time on every device. Many readers are outside this community and cannot vote at all.
    This noted, less than $1 for such an article that was even featured by the CEO... well that could be considered pathetic indeed. Makes one wonder why people with more Steem Power do not upvote this aritcle. Did they not see it? Is there a political motivation to keep OMG small? Do they all think OMG is just a pump and dump or scam, hence don't support it? Without feeding conspiracy theories, probably the first is true. This is a rather new account, so it will need a bit of time to get noted inside the community. Good luck for the future : )
·
·
·
·

Alright I'll take back my words on pathetic community. Sorry for my words. But yeah it's still a mystery with such low upvotes. Hmm why would you think OMG and STEEM is not having an eye for each other? Other crypto works well here.

·

Or a community with a lack of desire to participate in Steemit. I like Steemit, but many do not.

·
·

Hmm maybe it's really hard for minnowers and it's definitely not get rich quick scheme. Thats what deter lots of people I think. Well same with life, if you didn't pour in any hard work, never do expect any outcomes.. Life a trial and error anyway.

·
·
·

I would add that I just tried to upvote this article and the icon was charging not even if I was downloading the whole pentagon's servers. I had to refresh and upvote again... not really encouraging sometimes.

OMG is awesome! Good info, thanks!

yes more great info! OMG seems to have a hell of a lot more going on than most. it is hard not to see them going the distance with such relationships. but hell, what do i know? i know it looks like a winner to me!

Upvoted, keep up the great work. I'm a HODLER of OMG

Excellent news. I love the way you put it together. Thank you