Why OmiseGo will disrupt financial institutions and methodologies

Blockchain by Blockspectator News  | 12 months ago
3 min read

OmiseGo (OMG) is developing an open payment platform and decentralized exchange on the Ethereum network to facilitate sovereign financial services across geographies, asset classes, and application.

In support of the goal to decentralize finance, OmiseGo is heavily involved in both plasma research and implementation. It is also worth noting that OmiseGo is a subsidiary of Omise- a leading online payment gateway and service provider, operating in Southeast Asia.

OmiseGo places emphasis on individuals worldwide, but specifically, those in Southeast Asia to have a more accessible, simpler and more convenient way to transfer money from the country they’re working in, to back home.

Omise already offers this service with fiat, but with OmiseGo, it’s now possible to do so with crypto; avoiding several obstacles with fiat remittances such as high fees and delays.

One of the concepts of OmiseGo which will help provide the foundation needed to disrupt traditional financial markets is their use of platform building tools that allow other developments or financial institutions to build applications and services on those tools. This essentially makes OmiseGo an agnostic platform that can be used in a variety of different ways depending on what capabilities people can see within those base tools.

So instead of just having a single blockchain or decentralized application that has a minimal use case, with a platform such as OmiseGo, the possibilities are tremendous; thus the value creation on OmiseGo has vast capabilities and opportunities long term.

OmiseGo is building a software development kit that allows other businesses and companies to create an application using the OmiseGo White-label SDK, but to brand it as their own.

Looking ahead to the future, several of these blockchain games, services and wallets, and financial applications have matured, there will be decentralized applications linking value exchange between blockchains. This is a very significant aspect for blockchains to scale, for applications to become useable and ultimately to have utility for mainstream adoption.

As long as these back-end value exchanges work, are efficient and secure, this will be sufficient for a mainstream usage- something that OmiseGo are aiming to develop.

OmiseGo is building a layer two scaling solution called plasma that will sit on top on Ethereum. Essentially, Ethereum will be the base chain, and plasma will be the scalable, fast second layer protocol that decentralized application built on OmiseGo will use. The entire project has required vast amounts of new and innovative research in being able to implement their ideas to superior quality.

There are some concerns regarding OmiseGo, however. Among this is that despite having a capable team and a well-researched idea- the product still needs to be realized and this has not happened just yet. Especially as the concept is still very new and in its infancy, it will be a slow-burner to execute correctly.

The project can be considered over ambitious, but this is yet to be confirmed, as the team is working diligently to fulfill their ambitions.

So OmiseGo is one of the ‘sleeping giants’ of the crypto world. Their team contains some of the top-brain in the cryptocurrency industry and combined with a passionate and dedicated community allows it all the necessary ingredients needed for sustained success.

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