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46. OmiseGO (OMG) (Published: 18th Aug, 2017)

OmiseGo is an Ethereum- based technology for use in mainstream digital wallets that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.OmiseGo is offering two main products, namely the OmiseGO blockchain and the wallet.
Its blockchain allows large transaction volume at a low cost, and everyone is allowed to conduct financial transactions based on the chain. The major target of OmiseGO is the financial transactions between businesses, of which include payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading etc. OmiseGo emphasizes that both fiat and crypto currencies are agnostic on the network, and the best currencies will win eventually as far as adoption and usage go given the removed barriers of transactions. Also, the blockchain of OmiseGO uses proof-of-stake for distributed consensus, which greatly reduces the risks of oligopoly and 51% attack.
On the other hand, OmiseGO provides wallet SDK so that digital wallet providers can create their customized payment solutions based on their needs while all transactions across digital wallet providers will be conducted on the OmiseGO network. Therefore, OmiseGo is not in direct competition with other wallet providers like TenX, as they focus on business side users and they are facilitating the optimization of other digital wallets.
OmiseGO is actually a project of an existing Fintech company - Omise, which has been serving in Southeast Asia. It is also one of the few projects endorsed by Vitalik Buterin - the founder of Ethereum.

Future Development
It is always easier to expand if the project is carried out by a developed company. OmiseGO has announced that all existing Omise merchants can seamlessly accept payments in multiple currencies, including cryptocurrencies once OmiseGO is launched. Also, OmiseGO has been planning to work with McDonald's in Southeast Asia and Thailand will be the first stop of the expansion. The foundation of Omise will greatly facilitate the expansion of OmiseGO in Asia.

According to OmiseGO’s roadmap, the OmiseGO network and digital wallet framework are scheduled to launch in Q4 2017. It is expected that OmiseGO will form more partnership with local merchants and plan for further expansion in Asia in the coming years.

Opportunity and Risk was introduced on 11 August by Vitalik Buterin as a solution to the scalability problem of Ethereum. Following was a tweet by OmiseGO, claiming that they will be the first project. In short, the project proposes the use of child blockchains, which are connected to the main blockchain, so as to reduce the data stored directly on the chain and eventually achieve higher efficiency on the chain, based on the proof-of-stake consensus. Many people are excited to see the future development of OmiseGO, given Vitalik as the advisor and the platform being the first to apply
However, OmiseGO faces the same problem with other digital wallet providers that, people now are still preferring cash more than cryptocurrency. Using and acquiring cash are still far more convenient and it is hard to build a new practice. Maybe after a few years, when cryptocurrency becomes widely prevalent, platforms like OmiseGO can unleash their full potential.

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