OmiseGo is a blockchain protocol released by the Thai payment company Omise.
OmiseGo is a:
- Decentralized Exchange: The OmiseGo blockchain is built in a way that allows for a decentralized exchange to exist on top of it. Their main goal is to have a wallet that allows you to exchange assets instantly, ie. be able to pay with Bitcoin at a store that only accepts Litecoin.
- Liquidity Provider Mechanism: OmiseGo has a liquidity engine that finds the lowest cost path between the asset you want and the asset you have and then trades them for you. They will include this in the exchange.
- Clearinghouse Messaging Network: They wish for the blockchain to act as a decentralized middleman that validates transactions between buyers and sellers. Through a smart contract, it acts as a hub on the network that payments are processed through.
- Asset-backed Blockchain Gateway: OmiseGo will provide multiple blockchain interoperability by connecting blockchains through their software solution. This will allow someone with Bitcoin to easily pay someone who wants Ether.
In October 2017, Omise released a roadmap for the OmiseGo platform. They announced their wallet release is planned for Q1 of 2018. After the beta release of the wallet they will get some feedback from partners and then begin developing for their general release. Additionally, they announced that they will begin the release the OmiseGo network and lay foundations in preparation for Plasma (an Ethereum network upgrade) in Q2 of 2018. Lastly, they will be adding a fiat to crypto gateway and decentralized exchange by the end of 2018
After reading their company documents (white papers, technical specifications, roadmaps), I found the goals that they were trying to accomplish to be daunting. If Omise can manage to accomplish all of this with OmiseGo it would be excellent. In the meantime they have yet to release even their wallet for users. I am not going to be investing right now.
I would have to see the following to change my mind:
- A released wallet product: This is important for setting a basis of what their technology will look like.
- A specific road map: Dates, deadlines, and details on each event.
- A technical white paper: The white paper wasn’t technical enough. An explanation for how the underlying code will work i.e. liquidity engine.
Omise is attempting to accomplish too many advances at once. If they were to focus on just one aspect of the blockchain, it could be successful. As it stands each individual aspect is worse than their competitor’s (for example 0x has a better liquidity engine).
OmiseGO: Unbank the Banked with Ethereum
OmiseGO enables financial inclusion and interoperability through the public, decentralized OMG network.
OmiseGO * r/omise_go
OmiseGO (OMG) is the Plasma decentralized exchange, hosting an open-source digital wallet platform from Omise…
Please note: all opinions I have expressed are my own.