Realising the potential of Omisego project.
The cryptocurrency domain has spurred a lot of other fields related to the financial sector in order to support the overall financial environment which has in turn been developed on the basis of cryptocurrencies. The concept of decentralization is being applied by many organizations for the implementation of the projects and solving a real-world practical problem. Hence a number of cryptocurrency tokens have been developed in order to act as a fundraising medium. While some of the projects turn out to be Ponzi schemes some of the others are expected to overthrow already existing some dominant projects. Omisego is one of such platforms that has outgrown with a lot of potentials.
The ERC20 tokens
Similarly, the Ethereum project was created under which an ERC20 token template was made available to all its users in order to create their own decentralized token based on the Ethereum platform. All the tokens which are created by using this standard format put forth by the Ethereum community, confirm that transactions on the Ethereum network itself. Indirectly they help in the development of Ethereum network.
One such most popular ERC20 token is Omisego. It was originally developed as an extension platform of an already existing firm named, Omise. The parent company Omise, founded in 2013 and operating from Thailand is a venture-backed payment company. Technically the project is nothing but an Ethereum based smart contract platform which uses its native token OMG.
Let’s witness some of the Key Milestones of Omisego project.
- It is worth noting down that out of hundreds of cryptocurrency tokens based on the ERC20 Token standard, this one was the first one of its kind to reach the $1 billion valuations. The initial coin offering for Omisego was conducted in the year 2017 where it managed to raise almost $25 million.
- The Omisego project aims at eliminating the gap which existed between various payment gateway service providers, financial gateways, and Financial Institutions.
- The Blockchain Gateway is backed by a financial asset. The on-chain as well as a decentralized project is highly scalable and can serve the requirements of billions of people seamlessly. Omisego’s meaning is to become one of the most prominent exchange as well as a settlement platform.
- By incorporating Omisego open source wallet structure, any institution can incorporate, it into their financial system. They also facilitate in connecting the most isolated forms of financial services provided by Visa, MasterCard, PayPal, etc and decentralized projects like Ethereum.
- The free open source and white labelled E-wallet program code of Omisego are available and one can customize it according to their style, design, layout, and even integrate it with other apps.
- The Omisego project enjoys a lot of privilege from its parent company, Omise. Which indirectly means that all the centralized financial services which are provided by the parent company Omise, is clustered with the decentralized power provided by this project in order to optimize the overall functioning.
- The Omisego project concept is so amazing that the team developers have been honoured as ‘Fintech Rockstars’ by Forbes which is an added feather on their cap.
- Omisego project uses the Proof of Stake Consensus mechanism for the validation of transactions. The nodes which do the process of verification receive the OMG tokens in the form of reward.
- A number of different models were put forth in order to solve the scalability issue of the Ethereum network. This project was the first implementation of one of those four proposed models named, Plasma, which was collaboratively proposed by Joseph Poon, and the founder of Ethereum, Vitalik Buterin. There have been a number of instances till date, where we have experienced the clogging of transactions on the Ethereum network, due to the overflow. hence Omisego aims in bringing down this scalability issue of Ethereum network through Plasma model.
- McDonald’s which is one of the most popular fast food restaurant chains spread all over the globe has joined hands with Omisego in order to incentivize the payment methodologies. Even the Central Bank of Thailand along with Japan are looking forward to incorporating this payment system into their financial sector.
- Omisego project has also collaborated with major Financial Institutions of Japan like The Bank of Ayudhya, Sumitomo Mitsui Banking Corporation (SMBC), and Credit Saison.
Is Omisgo worth investing in?
The future of Omisego seems highly reliable as the initiative is strongly backed up, by the most prominent Institutions of Asia and all around the world. There have also been instances on Twitter when Vitalik Buterin endorses the token and mentions it to be one of his favourites. One must also be a crystal that the project is free from legal scrutiny as it is completely decentralized in nature. Despite being in its nascent stage, the project has gained attention at such scales. Hence, in the future, the project is undoubtedly going to dominate as it combines the best of centralized and decentralized features.