OmiseGO

Last updated

Omise
Industry Financial Services
Founded2013;5 years ago (2013) in Thailand
FounderJun Hasegawa
Headquarters
Bangkok
,
Thailand
Products Payment system, Cryptocurrency
Website www.omise.co

OmiseGO is a company hoping to build an open payment platform and decentralised exchange running on the Ethereum public blockchain. [1] [2] [3]

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Blockchain distributed data store for digital transactions

A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.

Contents

OmiseGO's stated objective is to provide better financial services for everyone, including both people who use traditional banking services and people in developing countries and locales which lack traditional banking infrastructure. [3] [4]

Its token OMG was the first Ethereum initial coin offering to exceed US$1 billion total market cap, in August 2017. [5]

An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. Mostly the process is done by crowdfunding but private ICO's are becoming more common. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum. The tokens sold are promoted as future functional units of currency if or when the ICO's funding goal is met and the project launches. In some cases like Ethereum the tokens are required to use the system for its purposes.

United States dollar Currency of the United States of America

The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.

OmiseGO Pte Ltd is a subsidiary of Omise Pte Ltd, a payments processor in south-east Asia. [1]

History

OmiseGO was started by Jun Hasegawa and Donnie Harinsut, the founders of Omise, in 2017. [6] OmiseGO's initial coin offering in 2017 raised over USD $25 million, [1] turning down over USD $100 million in the process, [7]

OmiseGO's advisors include the co-founders of Ethereum: Vitalik Buterin [8] and Gavin Wood.

Vitalik Buterin Russian computer scientist

Vitaly Dmitriyevich "Vitalik" Buterin is a Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine.

Project

The publicised plan for the OmiseGO blockchain was to be a fully on-chain and massively-scalable decentralised exchange, liquidity provider mechanism, clearinghouse messaging network, and an asset-backed blockchain gateway. [2] [3]

It was scheduled for launch in Q4 2017, but is not yet operational.

References

  1. 1 2 3 Leesa-Nguansuk, Suchit (1 August 2017). "OmiseGo opens up e-wallet payments". Bangkok Post. Retrieved 23 September 2017.
  2. 1 2 Joshi, Divya (19 September 2017). "These are the trends affecting the cryptocurrency market in 2017". Business Insider UK. Retrieved 23 September 2017.
  3. 1 2 3 Rusell, Jon (30 May 2017). "Omise to raise $19M in first cryptocurrency sale from a major VC-backed startup". TechCrunch. Retrieved 23 September 2017.
  4. ↑ Cuen, Leigh (31 May 2017). "Initial Coin Offerings Go Mainstream: Omise and Kik Announce Cryptocurrency Sales". International Business Times. Retrieved 23 September 2017.
  5. ↑ Russell, Jon. "The first ICO unicorns are here". TechCrunch. Retrieved 2017-12-16.
  6. ↑ Allison, Ian (18 September 2017). "Ethereum stalwarts Digix Global and OmiseGO back Japan's GB Blockchain Labs" . Retrieved 24 September 2017.
  7. ↑ Russell, Jon. "Fintech startup Omise raises $25M in ICO that bucks 'money grabbing' trend". TechCrunch. Retrieved 2017-12-16.
  8. ↑ Cuen, Leigh (8 September 2017). "What Vitalik Buterin Says About Initial Coin Offerings". International Business Times. Retrieved 24 September 2017.
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