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   4780
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.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   158

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.