Home Reviews OmiseGO What is it and how does it work?

OmiseGO [OMG] What is it and how does it work?

OmiseGO is a project whose objective is to give people secure access to financial services for investment, exchange and the use of virtual currencies anywhere.

Instant transfers and low transaction fees are two of the benefits that OmiseGO brings.

OmiseGO

OmiseGO is an ERC20 token based on the Ethereum blockchain. The main objective of this project is to become a payment platform like Paypal or compete against Western Union and MoneyGram.

To improve the platform, OmiseGo uses the well-known Plasma technology, which consists of side chains based on smart contracts.

OmiseGo is also important in the business sector, as it opens up huge opportunities, allowing for instant financial transactions.

Instant transactions

OmiseGO’s instant transactions facilitate financial services anywhere in the world, for any asset class and for any type of applications.

omisego-omg

OmiseGO eWallet Suite

The OmiseGO eWallet Suite service has been created to facilitate and help companies connect their clients with the digital market.

OmiseGO eWallet Suite, offers ease of use and implementation and operation 24/7 anywhere with internet connection, digital asset management, payments and instant shipments, allows you to exchange and redeem loyalty points.

Omise Holding

Omise Holdings is the parent company of Omise (Payment Gateway), OmiseGO and GO.Exchange.

2013, after encountering problems in their attempt to become an e-commerce platform, the Omise project thought that other businesses and companies would be encountering the same obstacles that they had had.

2014 decided to find solutions to these problems and facilitate online payment for everyone, for this they created Omise (Payment Gateway).

2015 they were willing to go one step further and created the OmiseGO cryptocurrency and the GO.Exchange cryptocurrency exchange.

“The subsidiaries that are managed by Omise Holdings form the new standard for an open finance ecosystem. Together, these companies are addressing the barriers to financial services and economic growth facing millions of people around the world. Together, the goal is to provide financial sovereignty for all.”, they state on their website.

Use cases with OmiseGO

Burger King Thailandia

In December 2018, Burger King Thailand used OmiseGO eWallet Suite for its loyalty program.

Thanks to this program, customers can accumulate loyalty points through their purchases and use them to obtain rewards.

Shinhancard

Shinhancard is one of the largest credit card issuers in South Korea. OmiseGO and Shinhancard worked together to develop a proof of concept (POC) for a cross-border loyalty points program.

Hoard Exchange

Hoard Exchange is a video game company that wants to make its users able to buy, sell and exchange assets between them.

Links of interest


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Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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