OmiseGo (OMG) is a cryptocurrency that is a decentralized and universal payment system using OMG network built on top of the Ethereum public blockchain. The OmiseGo cryptocurrency is run by its parent organization Omise, a company facilitating cross-boarder payments within Southeast Asia.
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. Its token OMG was the first Ethereum initial coin offering to exceed US$1 billion total market cap, in August 2017. OmiseGO Pte Ltd is a subsidiary of Omise Pte Ltd, a payments processor in south-east Asia.
OmiseGO was started by Jun Hasegawa and Donnie Harinsut, the founders of Omise, in 2017. OmiseGO's initial coin offering in 2017 raised over USD $25 million, turning down over USD $100 million in the process, OmiseGO's advisors include the co-founders of Ethereum: Vitalik Buterin and Gavin Wood.
Initial coin offering
OmiseGo held their initial coin offering (ICO) from June 23, 2017 to July 23, 2017 and sold approximately $25 million worth of tokens.
On March 28, 2018 OmiseGo gave a grant to GiveDirectly worth $1 million.
The publicized plan for the OmiseGO blockchain was to be a fully on-chain and massively-scalable decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and an asset-backed blockchain gateway.It was scheduled for launch in Q4 2017, but is not yet operational.
OmiseGo raises a $25,000,000 venture round.
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- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Proof-of-stakeProof-of-stake (PoS) is a system by which a network (e.g., a cryptocurrency blockchain) aims to achieve distributed consensus.
- Plasma (blockchain)Plasma is a proposed framework to improve the scalability of blockchain platforms such as Ethereum by composing blockchains into a tree hierarchy where each branch (i.e child blockchain) off of the parent blockchain can perform computation of smart contracts while the parent blockchain maintains data integrity and security for the entire network