OMG-Nemmo Coin Introduction details
In 2013, the financial technology company Omise was established. The company has a project called OmiseGo, and the abbreviation of the OmiseGo project is OMG. Therefore, the tokens issued through the project are also called OMG coins. The OmiseGO token is based on the Ethereum blockchain. It hopes to help users "get rid of the shackles of banks", which means to provide everyone with alternative financial and digital business tools. With OmiseGO, anyone can conduct financial transactions in a fully distributed and relatively inexpensive way.
OmiseGO has built a blockchain gateway with decentralized transactions, liquidity provision mechanism, clearing information network and asset support. OmiseGO does not belong to any party. On the contrary, it is an open distributed verification node network, and the verification nodes in the network will restrict the behavior of all participants.
It uses the protocol token mechanism to create a proof-of-stake blockchain to enable market activities among participants. This high-performance distributed network allows transactions between different asset classes-whether it is an issuer backed by legal currency or a fully decentralized blockchain token (ERC-20 category and localized encrypted digital currency). This is a new structure that uses Ethereum to guarantee clearing activities and uses Ethereum smart contracts to guarantee historical transaction data.
OmiseGO is a blockchain network that deals with basic coordination issues between payment processors, gateways and financial institutions. Through the realization of a large number of OmiseGO, it provides a new generation of asset transfer services that cross different currencies and asset types, cross, low-cost decentralized transactions, and cross national boundaries and corporate ledgers.
Through the OmiseGO network, anyone can flexibly complete payment, remittance, salary storage, B2B commerce, supply chain financing, credit system, asset management and trade, and various on-demand financial services under low-cost conditions. In addition, millions of mainstream users in the Asia-Pacific region, the world's largest developing economy, will have the opportunity to switch from using legal tender to using decentralized currencies such as ETH and BTC.
In the current financial system, assets such as currency are always locked in a chaotic network of indirect ownership and delayed settlement. Transferring assets from one party to another usually requires peer-to-peer interaction between multiple intermediaries and reconciliation of the ledger. This consumes a lot in many aspects, including time, cost, transparency, security, irreversibility, etc. OmiseGO hopes to solve the payment coordination problem of a large number of small and medium-sized payment processors around the world. Large payment processors have greater network effects and are exclusive, while smaller payment processors are more open to Internet payments (in order to expand their smaller networks). Due to high costs and cumbersome management, smaller payment processors cannot cooperate with centralized clearing houses. On the other hand, due to cheaper, faster integration and lower operating costs, small and medium-sized payments are more willing to open their network for OmiseGO to integrate.
The target customer group of the project is 73% of the population in Southeast Asian countries who have not used or cannot use formal financial services (the so-called "unbanked people") and 27% of the population who currently use formal financial services ("bankers") . The project team believes that OmiseGo "is their best choice so far."
OMG's digital wallet
Digital wallet is a kind of stored value account. Users can store money for any future online transactions, such as payment, or remit money according to fixed business arrangements. OmiseGo digital wallet is the best combination of mainstream digital wallets and cryptocurrency wallets, because it can realize secure real-time and equal value exchange and payment services in different jurisdictions and establishment barriers. Its payment range covers legal currencies and Decentralized currency.
Any OmiseGo user can conduct payments, remittances, payroll deposits, B2B commerce, supply chain finance, loyalty programs, asset management and transactions, and other financial transactions on demand services in a fully distributed and low-cost manner. OmiseGO eliminates the intermediary layer and the cumbersome operations it brings, so that valuable assets (such as currency, loyalty points, game points, etc.) can be circulated in different ways. This opens up more possibilities for new types of financial and value exchange services.
1. Fierce competition in the payment field
Competition in the Southeast Asian payment field is already very strong. Omise’s competitors include local payment startup 2C2P, and global payment giant Stripe, China’s Alipay and Tencent have also deployed the Southeast Asian payment market, as well as numerous small payment companies.
2. Policy risk
The payment field is very important, and the state will supervise it (the country is also rectifying the third-party payment market), especially when it comes to cross-border payments, which poses greater legal and regulatory risks.
3. Project progress risks
OmiseGO is a complex system. The team needs to do a lot of work, such as PoS consensus algorithm, DEX implementation, Plasma, SDK e-wallet and compliance functions. This means that there are many risk factors that may cause the project to be delayed. In addition, the product's success requires promotion and market recognition.