Omisego is Etherium-Based decentralized open payment platform and exchange

September 2, 2018
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Omisego is a decentralized open payment platform and exchange that is issued on Ethereum’s open source blockchain.

“Unbank the bank” happens to be the slogan of this platform as it seeks to offer efficient financial services to everyone including those who make use of traditional banks and also those who are in developing Nations and localities.

It has its native cryptocurrency called “OMG” which sits as one of the top valued Ethereum projects in the world.

OMG is already accepted in many services online. For example, you can register domains with bitcoin and Omisego now.

This platform seeks to become the first P2P (peer to peer) exchange platform. This platform according to the developers Vitalik Buterin and Gavin Wood is a solution to the problem that has existed in the payment gateway, processors and financial organizations.

The native cryptocurrency OMG of this platform is an Ethereum Request Comment (ERC-20) which defines and handles smart contracts across the Ethereum network. Generally, the platform was developed to improve the financial institution and other payment processes as it offers them a blockchain based technology to tap from. This platform is accessible for everyone in the world

This platform seeks to help banks get various banking services with the help of their open wallet mechanism according to Crypto News website Satoshisbrain.

Features of The OmiseGo Platform

  1. Its blockchain; the platform provides a means to incentivize large token holders by ensuring that the network is secure. This blockchain based project offers users around the world fast transactions, little or no service fees and a host of other features.
  2. Public network; according to the developers of this Ethereum based project, the completed platform will be made available for everyone and this platform will be used to support its already existing payment business network called “Omise”. Like Ethereum and Bitcoin, this platform is permission-less and public.
  3. Incorporated; this platform is a division or is part of a fintech company called “Omise” which happens to be a payment platform that was founded in 2013 and operates in Thailand, Indonesia, Singapore, and Japan.
  4. Wallet: this platform is developing a white disk wallet which will enable different payment solutions to be handled on the OmiseGo network. This wallet is designed in such a way that it can work with other wallets and it allows users to make fast transactions, get loyalties and reward points.
  5. Plasma Protocol: The platform seeks to become the first blockchain based project to implement and make use of the Plasma Protocol which will ensure that the network becomes more scalable. This feature makes the platform one of the most promising ones out there as it has already adopted technologies that will ensure that it becomes the fastest blockchain based platform in the world.

Pros

  • This platform is made up of an innovative and purpose-driven team of developers’
  • This platform is based on the OmiseGo network which has become one of the most reputable business payment networks.
  • It has a straightforward vision
  • The adoption of the Plasma Protocol will make it scalable

Cons

  • The platform focuses attention on only some Asia Pacific countries

 

 

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