What is OmiseGO (OMG) and how it Works

[toholdornot]

OmiseGo is a decentralized operated extension platform of Omise; an Asian based venture-backed payment services company that was founded in 2014. Unlike the company itself, Omise is owned by users and token holders.

OMG (OmiseGO) is basically a white-label eWallet, smart contract platform and ERC20 token using a Proof-of-Stake algorithm. It’s an exchange and asset-backed blockchain gateway, other than a decentralized bank; its ultimate objective is to become a high-value exchange and settlement platform. The idea is to facilitate interchangeability between different traditional channels such as Visa or Paypal and decentralized blockchains such as Ethereum.

Payment networks such as Swift or Ach process local, national or international payments under a centralized network; also, they provide unilateral control to a single entity. It’s risky and plays into a monopoly-like-based financial market. Services such as PayPal push for more competitive networks; however, they are still centralized and unwilling to provide interchangeability across platforms and providers in order to make money.

On the other hand, cryptocurrencies and blockchain-based technologies proved very promising. However, they are still hard to access for most people; so they end up being fairly detached and isolated from mainstream services.

Keep Reading:
https://www.tokens24.com/cryptopedia/co ... w-it-works