Ethereum-based digital wallet for the unbanked OmiseGO to be launched

The advanced e-wallet and payment platform OmiseGO is introduced by Omise startup
05 July 2017   3462
Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

Nowadays a lot of people will still give their preference to physical cash. For those unbanked, either they are unqualified or they are scared to apply for the financial services, there is now OmiseGO launched by Omise, a venture-backed payments company operating in Thailand, Japan, Singapore, and Indonesia.

OmiseGO is a wallet with the help of which people are able to cash in and cash out even if they don't have a bank account.
 

Donnie Harinsut
COO / Co-Founder, Omise

Omis is building an Ethereum-based white-label digital wallet platform designed to enable real-time, peer-to-peer transactions and payment services at lower costs. It aims to make the process of money transfers much more easier and more available for its users.

What OmiseGO is able to do for the end-user is allow them to send money locally (to their family, to make payments) and it also allows them to send remittances across borders.
 

Wendell Davis
Product Design Lead, Omise

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

He also adds that using OmiseGO is “just like using cash, except it is a lot more convenient in a lot of ways. It’s money in your pocket".

Another nice thing about OmiseGO is design as it allows a shared ledger while also preserving privacy:

Users are not going to want to expose their customer data and information to each other. But at the same time, they are able to verify and confirm that certain events have happened.
 

Wendell Davis
Product Design Lead, Omise

OmiseGO will be customizable to customers’ specific needs. Possible use cases of OmiseGO include payment (international remittances, P2P payments, bill payments, etc.), loyalty and rewards (manage points, trade and redeem, convert points to cash, gamification, etc.), and other financial services (B2B payments, supply chain, loans, deposits, etc.).

As the creators argue in their White Paper, OmiseGO is an open distributed network of validators which enforce behavior of all participants. "It uses the mechanism of a protocol token to create a proof-of-stake blockchain to enable enforcement of market activity amongst participants. This high-performant distributed network enforces exchange across asset classes, from fiat-backed issuers to fully decentralized blockchain tokens (ERC-20 style and native cryptocurrencies). Unlike nearly all other decentralized exchange platforms, this allows for decentralized exchange of other blockchains and between multiple blockchains directly without a trusted gateway token".

Thus, "markets may be able to significantly reduce spreads and encourage market assurance via decentralizing custody and increased transparency of market activity. This is achieved as OmiseGO aims to break down the silos of digital wallet interchange by building a blockchain which directly integrates with the Ethereum mainnet and Ethereum smart contracts", - claim OmiseGO developers.

Access will be available to the public via the OmiseGO network and digital wallet framework starting from Q4’17.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   132

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.