OmiseGO is a public Ethereum-based financial technology with the main instruments being OmiseGo SDK, the Decentralized Exchange (DEx) and the OmiseGo blockchain. Tools are developed by the OmiseGo team and are supported by Ethereum developers.
The main advisors from the Ethereum team are Joseph Poon, Lightning Network co-author, and Vitalik Buterin, founder of Ethereum. This collaboration promises an interesting technical future, especially for the implementation of ‘Plasma’ into the OmiseGo blockchain. The main Plasma technology goal is to solve scalability troubles necessary for millions of transactions, which can be expected after OmiseGo starts operating in the financial world with millions of users.
According to the OmiseGo team's words, this project answers a fundamental coordination problem among payment processors, gateways and financial institutions. It seems that Vitalik's believes in these words too and isn't afraid to point it out. The main reasons why OmiseGo's token model is Vitalik's favourite were recently posted on his twitter account:
- Not a medium-of-exchange token
- Clear valuation model (expected discounted future transaction fees minus node operation cost)
- Requires running node to get returns, not passive income (so more legally defensible)
After the Ethereum founder's statement the prices went up by almost 100%. Vitalik Buterin believes in OmiseGo and people believe in Vitalik.
The OmiseGo developers also announced that the Fuseki milestone is complete. Fuseki is the first part of the OmiseGo roadmap and contains specifics for the creation of OmiseGO SDK. Now one of the main instruments has officially moved from alfa version into closed beta and OmiseGo is proud to announce that OmiseGO SDK is now in the hands of one of their strategic partners, a huge multinational company.
The firsts steps of OmiseGo will be probably focus on Southeast Asia, where 73% of population are without a bank account and the local markets are the ideal place for testing OmiseGo technology in practice.
Disclaimer. This article was written by a member of the OmiseGO community. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.