CryptoZiller OmiseGO Dashboard
What is OmiseGO?
OmiseGO (OMG) is a shared, public financial technology that runs on Ethereum network to provide users with a completely decentralized and inexpensive way to send payments, exchange currency, send remittances, payroll deposits, and other on-demand services.
Basically, OmiseGO is a peer-to-peer value exchange platform that enables the mainstream use of electronic wallets seamlessly across jurisdictions or organizational silos. With OmiseGO, you’ll be able to transfer cryptocurrency and digital assets faster and use them to make everyday purchases or cross-border payments.
OmiseGO is a subsidiary of Omise, a South East based company that focuses on providing payment services for merchants and enterprise businesses. OmiseGO is a decentralized protocol that operates like any other blockchain with no control by a central entity, censorship or third-party interference.
Why choose OmiseGO?
OmiseGO project is an electronic wallet (e-Wallet) solution that e-Wallet shoppers and payment service providers use to connect to OmiseGO decentralized exchange (DEX) in order to send, buy, sell or trade FIAT currency and digital assets.
OmiseGO is intrinsically agnostic between digital assets, FIAT and decentralized currency. There are low transaction fees, minimal online identification, and zero minimum monthly commitment. Participants in the network accept payments instantly, and even non-developers can accept payment via social networks.
How is OmiseGO different from Ripple?
Like Ripple, OmiseGO provides payment service to banks and financial institutions. But OmiseGO currency agnostic system is superior to Ripple. While Ripple allows for instant bank transactions across a wide variety of FIAT currencies, there is still a third party involved with the flow of money.
In comparison, OmiseGO eliminate intermediaries completely. The decentralized nature of OmiseGO allows banks across the globe to communicate with each other over trustless protocol, without the need for any third party risk. Payment service provider will be free to use OMG financial tool to deliver better quality services to their FIAT currency holding customers.
What is OmiseGO Decentralized Exchange (DEX)?
OmiseGO decentralized exchange (DEX) is the main powerhouse running all the transaction in the network. It allows all order book matching, transactions and trading to be done in the consensus layer of the network, and final money transfers are done via Ethereum blockchain. That means there is no need for intermediary blockchain since security is provided by Ethereum main network.
How does OmiseGO blockchain work?
OmiseGO blockchain uses a Point of Stake (PoS) consensus to provide decentralized exchange, liquidity, and validation of payments in the network. There’s no central authority and each transaction entry is recorded to the blockchain indefinitely. Users can issue digital assets along with tracking past and present transactions in the blockchain.
Interchain committed proofs are used to link all activity on other blockchains for easy trading across tokens or assets categories. The OMG blockchain validates the activity of participants in the network as well as other blockchains. The OmiseGO ledger holds the general balance of funds per eWallet service and is capable of holding funds across different digital assets or currencies.
OmiseGO blockchain will be used for transactional support where wallet applications are built on top of the OMG blockchain.
Can you mine OmiseGO?
No. OmiseGO mining is not possible because OMG is issued as a token, based on Ethereum platform and, for now, it does not have a blockchain of it's own.
OmiseGO Wallet is a mobile wallet where digital assets and cryptocurrency are stored. The wallet comes with a Software Developers Kit (SDK), a programming framework with pre-defined functions and capabilities that developer can utilize to create and deploy e-Wallets for their customers.
OmiseGO wallet works in a similar fashion as a bank account, except that it can store digital assets or cryptocurrencies with zero deposit risk. No minimum balances are required and e-Wallets cannot be used to lend out network funds.
What are OMG tokens?
OMG tokens refer to ERC-20 tokens deployed on the Ethereum blockchain that are used to provide computations and enforce transactions in the OmiseGO blockchain. Owning OMG tokens gives you the right to validate transactions and get rewarded via transaction processing fee.
Additionally, OMG tokens act as a bond so that its activity in the blockchain is closely monitored. Any kind of bad behavior may result in demonetizing of user’s staked tokens
What is OmiseGO used for?
OmiseGO (OMG) is built for the mobile wallet market, cryptocurrency trading and remittance. OMG tokens will also be used for gaming, loyalty rewards, digital messaging, and cashless transactions.
The adoption of OmiseGO is expected to increase significantly this year. Look out for the much-awaited Plasma chain technology OmiseGO hopes to integrate into its network and the features that enable OMG users to move in and out of Omise and FIAT payment gateway with ease.