OmiseGo OMG

$13.03
Market Cap $ 1.330 Bn
24h Volume $ 33.823 MM
Chg. 24h: 3.04%
Algo. score 4.0/5  (#38)
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OmiseGo project purpose and description

OmiseGo clarity of purpose

OmiseGo purpose and aspects

Focuses on user friendliness, mainstream digital wallets, real-time, peer-to-peer value exchange, fiat money and decentralized currencies, enables financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network, White label Wallet,Trustless transactions between parties, Freedom of payments, Counterfeiting impossible, Fraud resistant, No single point of failure, No % based transfer costs

Short description

OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework, starting in Q4 2017.

Abstract

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 (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. Markets may be able to signifi- cantly reduce spreads and encourage market assurance via decentralizing custody and increased transparency of market activity. This is achieved using smart contracts, protocol tokens enforcing correct market behavior of orderbook matching, a new construction of Ethereum bonded external enforcement of clearinghouse activity, and commitments to historical exchange data for use with Ethereum smart contracts.

Link to Roadmap: https://blog.omisego.network/omisego-roadmap-v-1-40bfca386e25
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