About OmiseGo’s token function

kuni
kuni
Aug 25, 2017 · 2 min read

Regarding the function of OMG token, I will summarize what services can be used if I own a token.
OmiseGo advocates “Unbank the Banked with Ethereum”.
As an interpretation of this, I use banking systems and mechanisms to create financial infrastructure that can be done with P2P, together with Ethereum, even without a third party like a bank.

Below is a summary of the function of OMG token.

As shown in the figure, OMG has three large functions at the present time.
1. E-Wallet
I am developing an application that manages Fiat and Crypto with one wallet. In the future, it will be easier for people who were skeptical of cryptographic currency to enter, and because security part also uses Plasma network, security will be improved over conventional wallet application.

2. Decentralized exchange
Among the functions of OMG are distributed exchanges such as like DEX and ZRX.
Here you will be able to replace Crypto with Token and exchange it with Asset. As for this mechanism, smart-contract and Plasma make an enormous amount of transactions efficient, while trading wastefully trading off-chain, it seems to be realized.
And I think that it is very convenient because you can deposit in one platform, convert from currency selection to other Token and Asset.

3. Financial Services
As was also mentioned at the beginning, there are some functions that make it possible for P2P to perform the business that the bank currently conducts on the OMG network.
It will also have functions of money transfer, settlement as well as loan and deposit.
Moreover, we are aiming to manage collectively about points that are familiar in Japan.

Having OMG tokens makes it possible to access these functions.

The confusion in this airdrop has occurred, and opinions of pros and cons are born, but I think that if you look at the judgment that it will increase the holder that uses many functions to the world like this will work positive.

If there is progress, we will update it.

thank you for reading.

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