OmiseGo is an interesting cryptocurrency to have emerged on the scenes and has managed to garner much attention lately. It is built upon the much famous Ethereum blockchain network and has become extensively popular in regions of the world specifically towards South-East Asia, including India, China and Japan. OmiseGo is strongly focusing on people who do not own bank accounts by offering them a mode of daily transaction. The technology is ambitiously looking forward to become an exchange, a blockchain and a decentralized bank.
The advent of OmiseGo cryptocurrency is closely related to its parent company Omise. Omise is an online payment gateway company like Paypal, based in Thailand and founded by Jun Hasegawa. Omise already had a strong user base in different countries and was being used by many people worldwide. Omise released OmiseGo, amidst a lot of media hype and high profile partnerships, to provide its users a quick and easy solution for decentralized transactions. OmiseGo has an experienced team at its back-end, with advisors like Vitalik Buterin and Gavin Wood, the co-founders of Ethereum. Additionally, OmiseGo has made a strong hold in the South-East Asian markets, particularly due to its parent company Omise. It has been endorsed by the Bank of Thailand and Thai Ministry of Finance.
Omise has some aspiring plans to disrupt the financial sector in countries where it is being widely used. They have already started to use OmiseGo as a mode of payment on their platforms, introduced a purposely-built wallet SDK to complement the OmiseGO transactions, promised lower transactional costs with an increased throughput on the network. OmiseGo offers complete solution, form the exchange of cryptocurrency tokens to fiat-currency based transactions. It is gaining momentum because of the already wide acceptance of the Omise network among retailers and customers, and soon it can become the PayPal of cryptocurrencies. Currently, Omise is accepted by more than 10,000 businesses across the Asian region, the most notable of them are Mcdonalds Thailand, Alipay, Allianz, BurgerKing, and Bose.
It is important to not get confused between Omise and OmiseGo, as both are different companies, OmiseGo being a subsidiary owned by Omise. OmiseGo is supported by Omise as the latter has incorporated the OMG token in its network. While the initial growth of the OMG token was internally linked with the connections and partnerships of Omise, it is now gaining momentum and becoming a force of its own.
The technology behind OmiseGo was developed by Vitalik Buterin, the co-founder of Ethereum. OmiseGo is based on the Plasma Network, which enables it to be run as a child chain on top of the Ethereum network. OmiseGo released its plasma network in 2018, and has grown in to a peer-to-peer network now. Plasma network eliminates the scalability issues related to the cryptocurrencies with a theoretical throughput of as large as 1 million transactions per second .
The blockchain is based on the Proof-of-Stake method and is considered to be an ERC-20 token. The total supply of OmiseGo has been capped and is already in circulation in the market. There are no plans to introduce more tokens into the market and the OMG token is not mineable as well. Currently, the total market capital stands at around $146 million making it somewhere in 40s in ranking.
OmiseGo was once the talk of the town, in the initial days of its release, particularly due to its parent company Omise. Thought the hype has decreased considerably, the potential to overturn the markets is still there, as a large user-base is already registered on the network. The technology has the team and the infrastructure at its execution that will enable it to become of the largest name in the world of digital payments. It is surely a project to keep an eye on in the coming days.