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Those who are interested in cryptocurrencies have probably heard about a project known as OmiseGO. The main aim of OmiseGO is to solve central coordination issues of financial systems. This company is not focused on digital currency too much, instead, they work on a platform for simple and hassle-free financial operations. They provide users with an access to Omisego Network & Digital Wallet Framework.
OmiseGO has very intuitive bonds with cryptocurrencies. First of all, this a blockchain-based service that acts as a network that enables compatibility between payment services, such as Visa, PayPal, AliPay, WeChat, TenX, and Apple Pay.
To make things clear, here is an example. Let’s say that you are using Visa and your friends use AliPay. Can you send money to them in this case? What if you have Apple Pay and your landowner has PayPal? What if you have dollars and a seller takes euros? Yes, all of these operations are possible, but you will have to pay more and waste your time.
Investors are free to use OmiseGO to make simple and fast transactions between various payment systems, using all types of currency. To do so, you don’t even need to have a specialized OmiseGO wallet (however, you can get one, if you want to).
Due to OmiseGO, people can finally use the assets they thought were useless since they are locked inside closed payment systems. This includes AirMiles, Gift Cards, Reward points and other similar stuff. All of these assets do have a real value, however, spending them is too tough for an average user. OmiseGO allows you to spend these assets with ease. Also, even if you are an unbanked person, you can use any bank services smoothly with OmiseGO.
In 2017, investors purchased OMG tokens for $25 million. After that, Omise restricted the sale to avoid a so-called “gold rush”. This was the 6th highest market cap in the history of digital money. However, as we have already mentioned, cryptocurrency is not their main focus, because the platform’s objective is to create a new way of how crypto trading and fiat money exchange goes.
OmiseGO is a startup project launched by Donnie Harinsut and Jun Hasegawa in 2013. The company is based in Thailand. Among Omise’s advisors are Ethereum founders Gavin Wood and Vitalik Buterin. Also, they are supported by the Thai Ministry of Finance, partnerships and investors like Minor International, McDonald’s and AliPay.
Omise is a decentralized system. As you know, most exchanges becoming more and more centralized today, gathering user databases and storing transaction details on their servers, asking people to provide IDs, driver licenses, and passports.
On the contrary, Omise provides all the same services as the exchanges do, but keeps the transactions in a blockchain. This protects users’ information from hacker attacks, but no third parties have an access to any personal information.
Also, OmiseGO is a currency agnostic company. Allowing users to exchange cryptos for fiat money and vice versa, most exchange platforms take high fees. For example, in some cases, you have to sell BTC for dollars to buy ETH and cannot change your BTC to ETH directly. Every step you make will cost you some additional fees.
Omise gets rid of high charging. If you change USD to ETH or BTC to ETH, you pay the same fees every time. It means that you can make one simple conversion and save your time and money.
In general, OmiseGO tries to solve two main problems of global financial systems. First, they eager to help users send and receive money online at a small cost, no matter what type of currency they want to send. Second, they want to solve a coordination problem between different closed payment systems and absolve users from making cross-network operations that require high fees.
In a word, such borders as fees, networks, assets, jurisdictions, countries and currency types are simply taken away by OmiseGO and this seems to be a revolutionary project.