OmiseGO is an open payment platform and decentralised exchange issued on Ethereum, an open-source public blockchain. OmiseGO’s vision is to become the number one, peer-to-peer cryptocurrency exchange platform. OmiseGO is much more than an altcoin.
OmiseGO is a startup by Jun Hasegawa and Donnie Harinsut, the founders of the already operating company Omise, which was founded in 2013, in Bangkok, Thailand. It's initial coin offering (ICO) in 2017 raised over USD $25 million , turning down over USD $100 million in the process and is currently the 3rd highest market cap ERC20 cryptocurrencytoken in the world valued at over USD $1 billion. Its's advisors include the co-founders of Ethereum Vitalik Buterin and Gavin Wood. It also has the endorsement and support of the Bank of Thailand and the Thai Ministry of Finance Omise was awarded Digital Company of the Year by Thai Prime MinisterPrayut Chan-o-cha at Digital Thailand Big Bang 2017. Omise is supported by institutional investors and partnerships including Alipay, McDonald's and Minor International.
Features that distinguish it from other cryptocurrencies.
Delegated proof of stake consensus process similar to the proposed Casper protocol for Ethereum.
Use of interconnected blockchains to scale transaction volume, similar to the lightning network but compatible with the Ethereum virtual machine as well as Bitcoin heritage chains.
OmiseGO offers the exchange functionality but keeps all its transactions decentralised and stored on the blockchain. This keeps the data secure because a hacker cannot access one location to tamper with, say, the available funds of one person. A hacker would need to convince every user of the blockchain, making hacking attempts virtually impossible.
OmiseGO circumvents the process by claiming that it is currency agnostic. It doesn’t matter whether you’re converting ETH to USD, or ETH to BTC. The process and fees remain the same: one direct conversion with one tiny fee.
OmiseGo coin was introduced on July 14 with an initial price of $0.572523. It has quickly became the 12th largest cryptocurrency by market capitalization. the quick rise in the prices, and unfazed by the ban, it seems that the OmiseGO coin is very promising since it has proved a better coin than many in the system in a short time.
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