Overview

  • Country Singapore, Hong Kong
  • CategoryFinance/ Transfer Service

OmiseGO enables financial inclusion and interoperability through the public, decentralized OMG network.

Project stage

Prototype

Detailed description

OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. OmiseGO is not owned by any single one party. Instead, it 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.

OmiseGO provides a next-generation value transfer service operating across currencies and asset types, and across national borders and corporate ledgers. Through the OmiseGO network, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supplychain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way. 

Problem

There is a fundamental coordination problem amongst payment processors, gateways, and financial institutions. 

For instance, a customer of a bank wishes to pay a merchant on another network. Traditionally, there have been significant efforts in engineering around payment systems which are compatible across payment networks and financial institutions. These are usually constructed by creating a clearinghouse which manages the interchange, usually via a messaging network with either a central counterparty clearinghouse or nostro/vostro accounts. Examples include FedWire, CHIPS, SWIFT, consumer card payment networks, NSCC/DTCC, OCC, and ACH. 

These networks service different roles and functions, including local/national payments, international payments, credit, equities/asset exchange, and derivatives. These centralized networks allow for the controlling entity to arbitrarily change the mechanisms, which result in significant amount of transaction costs via information costs, due diligence, and contractual enforcement between all parties.

Solution

The OMG network is a scaling solution for finance on Ethereum, enabling transparent, peer-to-peer transactions in real-time. The decentralized network facilitates self-sovereign financial services across geographies, asset classes and applications.

White-label SDK
Build an app with our SDK to enable wallet-to-wallet transactions of crypto and fiat currencies, loyalty points, game credits and more.

Digital Asset Gateway
Use the OMG network to access, manage, and transact with digital assets that are kept securely on chain.

Decentralized Exchange
Offer a decentralized exchange mechanism to provide multi-asset and cross-chain interoperability, that is scalable and secure via proof-of-stake.

Clearinghouse
Secure and rapid transaction clearing with the use of Ethereum smart contracts and protocol consensus.

Features

Access
Through the open source, white-label SDK, digital wallet providers can connect to the public OMG network to enable users to transact any digital assets, including crypto and fiat currencies.

Security
Bonding to the Ethereum blockchain creates secure token custody, decentralized exchange of all Ethereum assets, and ultra-secure transaction validation.

Scalability
The Plasma architecture allows for unlimited scalability with unprecedented transaction speed: millions, and potentially billions of transactions per second.

Interoperability
Financial applications, such as wallets, will be able to interact seamlessly with one another via the OMG network. Users will also be able to trade assets from different blockchains protocols, like Bitcoin.

Decentralized
OMG is not owned by any central authority; it is controlled by users and validators (stakers) on the network. Through staking, token holders can validate transactions and earn fees. As the network gains value, so does the token.

Show details

Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : OMG
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 25,000,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Security token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :140,245,398 OMG
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :91,299,754 OMG
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :BTC, ETH, FIAT,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Burundi, Central African Republic, Congo, Croatia, Cuba, Ethiopia, Iran, Iraq, Laos, Lebanon, Libya, Macedonia, Moldova, Montenegro, North Korea, Romania, Russia, Serbia, Somalia, South Sudan, Sudan, Syria, Uganda, Ukraine, Vanuatu, Venezuela, Yemen, Zimbabwe,
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA
      • Token Distribution

          Vesting notes

          • Reserve: These OMG are locked through a smart contract function and may not be transacted by OmiseGO for a period of 1 year, starting at the end of the creation period.
          • Team: These OMG are locked for 1 year.
        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Ended
      23 Jun 00:00 UTC
      23 Jun 00:00 UTC
      0.35 USD No - Uncapped 25,000,000 USD
      • Team

        • Jun Hasegawa photo
          Jun Hasegawa
          CEO / Founder
        • Jun Hasegawa photo
          Jun Hasegawa
          COO / Co-Founder
        • Donnie Harinsut photo
          Donnie Harinsut
          Managing Director
        • Vansa Chatikavanij photo
          Vansa Chatikavanij
          CFO
        • Luke Cheng photo
          Luke Cheng
          CTO
        • Robin Clart photo
          Robin Clart
          Product & Technical Coordinator
        • Jeremy Lam photo
          Jeremy Lam
          Product & Technical Coordinator
        • Piotr Dobaczewski photo
          Piotr Dobaczewski
          Research Scientist
        • David Knott photo
          David Knott
          Research Scientist
        • Thibault Denizet photo
          Thibault Denizet
          Software Engineer
        • Pawel Peregud photo
          Pawel Peregud
          Software Engineer
        • Kridsada Thanabulpong photo
          Kridsada Thanabulpong
          Software Engineer
        • Mederic Petit photo
          Mederic Petit
          Software Engineer
        • Unnawut Leepaisalsuwanna photo
          Unnawut Leepaisalsuwanna
          Software Engineer
        • Phuchit Sirimongkolsathien photo
          Phuchit Sirimongkolsathien
          Software Engineer
        • Jarindr Thitadilaka photo
          Jarindr Thitadilaka
          Marketing
        • Kanchan Desai photo
          Kanchan Desai
          Human Resources
        • Jitthip Suthammanuwat photo
          Jitthip Suthammanuwat
          Design
        • Apirak Panatkool photo
          Apirak Panatkool
          Business Development
        • Hitoshi Kakizawa photo
          Hitoshi Kakizawa
          Business Development
        • Naoko Akari photo
          Naoko Akari
          Business Development
        • Sutthiporn Mekhaaphirak photo
          Sutthiporn Mekhaaphirak
          Recruitment
        • Chattanika Klinkaew photo
          Chattanika Klinkaew
          Software Engineer
        • Kelvin Fichter photo
          Kelvin Fichter
          Ecosystem Relations
        • Althea Allen photo
          Althea Allen
          Finance
        • Justin Lee photo
          Justin Lee
          Software Engineer
        • Pawel Gebal photo
          Pawel Gebal
          UI/UX
        • Tayanee Sriyotha photo
          Tayanee Sriyotha
          Graphic Designer
        • Seiju Park photo
          Seiju Park
          Strategy
        • Eva Beylin photo
          Eva Beylin
          Software Engineer
        • Pawel Thomalla photo
          Pawel Thomalla
          Community Manager
        • Tim Jones photo
          Tim Jones
          OMG Principal Author
      • Advisors

        • Joseph Poon
          Proof-of-Stake Research: Scalability, Safety, Privacy
        • Vitalik Buterin
          Consensus Technology Research, Development and Utilization
        • Gavin Wood
          Proof-of-Stake Research - BFT Consensus, Speed, Interoperability
        • Jae Kwon
          Network Applications, Product, Funding
        • Wendell Davis
          Scalability, Interoperability, Standards
        • Thomas Greco
          Proof-of-Stake Research: Economic Security, Consensus Protocols, Correct-by-Construction Protocols
        • Vlad Zamfir
          Proof-of-Stake Research: Cryptoeconomics, AI Ethics, Implementation
        • Karl Floersch
          Scalability research: eWASM, VM’s, microkernels
        • Martin Becze
          Decentralised Economics Enthusiast
        • Julian Zawistowski
          Regulatory Relations, Financial Inclusion, Crypto Social Impact
        • Ayako Miyaguchi
          Community Relations, Crypto-Business Advisor
        • Pandia Jiang
          Distributed Economy, A Combination of Crypto, Finance, and Technology
        • Ash Han
          Decentralization Advisor, Human Rights Advocate
        • Roger Ver
          Advisor
        • Stephen McNamara
          Financial Inclusion, Microfinance

      Roadmap

      • Q2 2017
        Token Sale​​​​
      • Q3 2017
        Airdrop
      • Q4 2018
        Non-custodial Plasma DEx

        The implementation of the decentralized exchange is split across two phases.This phase will maintain a centralized service to provide order matching, but users will have custody of their funds with non-custodial order settlement on the OMG Plasma chain.

      • TBA
        Full DEx on Plasma

        In the second phase we will fully decentralize the exchange by moving the order book and order matching into the Plasma chains and decentralizing the order matching process.

      Activity