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.
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.
Product Design Lead, Omise
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.
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.