OmiseGO
OmiseGO
Overview
OmiseGO developers believe that barriers need to be overcome before businesses and other project teams can adopt blockchain for real-world applications, which lead them to design and develop the OMG Network.
OmiseGo helps in making a transfer of coins easy from one blockchain to another without using a crypto exchange platform.
The vision of OmiseGO is to merge different electronic wallets using the OmiseGo blockchain.
The product is built by, Omise Ltd, a venture-backed payments company operating in Thailand, Japan, Singapore, and Indonesia, with rapid expansion plans to neighboring countries across Asia-Pacific. In November 2016, Omise was featured on Forbes as Fintech Rockstar. They have been covered by outlets such as Techcrunch.
Financial Services Agency (FSA) the federal agency that regulates crypto assets in Japan has given OMG Network approval for the sale of its native crypto coin.
OmiseGo Blockchain
OmiseGo is a proof-of-stake blockchain which is meant to settle the acceleration of assets between various electronic wallets, without those e-wallets trusting each other.
It also includes a built-in trading engine where electronic wallets providers can ordinarily publish orders to be matched with other parties that want to trade various assets.
Not all payments take place within the OmiseGo decentralized exchange. This is because OmiseGo can exchange with the Ethereum blockchain and the lightning network.
OmiseGo Uses Ethereum
OmiseGo has various technical features created to make it compatible with the Ethereum blockchain. For instance, all nodes validating transactions on the OmiseGo blockchain need to be set up as nodes on the Ethereum blockchain. [8]
OmiseGo has given electronic wallet providers to create new contracts that lock ether on Ethereum, with the view that certain conditions on the OmiseGo blockchain are meant.