Decentralization is a word that receives a lot of word services in the blockchain community, but some companies are really doing a great job getting their actions to support their words. OmiseGO is one of these companies.
Omise was founded in 2013 as a payment service company and OmiseGO is an extension platform that operates separately. It is important not to confuse the two.
As an ERC-20 token that manages an intelligent contract platform, OMG is a high performance proof-of-stake protocol with a great mission to bring decentralization to trading.
What is needed is OmiseGO Fulfilling
Ripple was originally considered the best solution in the payment service provider industry, but its lack of decentralization has shown that there are significant negative aspects of their operating model. OmiseGO aims to become a decentralized Ripple, but to manage a decentralized high-power exchange (DEX), and has already become the most important name in on-chain and cross-chain transactions.
With decentralization and the ability to link fragmented payment processors, OmiseGO would also be able to help unrestricted access to the banking system.
There is currently a huge gap in the legacy financial network, as payment networks (such as SWIFT) have unilateral control over the flow of financial services on their network. Paypal and Venmo have been shown to have similar risks of centralization, even if they bring some competition to the table.
OmiseGO not only decentralized payment processing and created a DEX, but also released a software development kit (SDK) to allow the creation of new applications and portfolios on its system.
Meet the OmiseGO team
OmiseGO is managed by a well-known team (chaired by Jun Hasegawa) who in the past was called "Fintech Rockstars" of Forbes. Their advisory board is full of big names like Vitalin Buterin, Gavin Wood and Joseph Poon, just to name a few.
Contributing $ 100,000 to the DEVGRANTS program of Ethereum Foundations, they indicated a strong commitment to the future of Ethereum and their investment in the community.
Every token must have its usefulness and the OMG is paid to the holders in exchange for validation transactions. These holders have the right to confirm the locks and function effectively as assets that produce income during the operation of the network.
Incentives are in the value of the network. The greater the number of transactions that need to be validated, the more token holders will have to confirm the transactions, so it is likely that more money will be distributed to OMG holders in exchange for their confirmations.
OmiseGO's recent performance
OmiseGO is now trading at around $ 3.30 USD, which is falling in an incredible amount from its high above $ 24 USD in January. This was typical of many resources in the industry, but it could be a sign that OMG is oversold.
Recently there has been a lot of news about OMG. In July, a partnership was announced with Status that would translate into the integration of the services of the two companies. The state is an open source everywhere (decentralized app) for phones and browsers and was one of the first customers to be developed on the Ethereum blockchain. Their main project is to link the mobile chat and social media using the tokenization of Ethereum.
With the aim of definitive decentralization, OmiseGO has its work cut out. Although founded in 2013, they are still in the early stages of their expansion. Other good news came at the beginning of June, when OMG was listed on Unocoin, one of the best Asian stock exchanges located in India.
OmiseGO's dream of connecting all the different financial systems and tracks gives them the potential to become the DEX of the future. The question is whether they can replace the already dominant Ripple by going in a different strategic direction and sticking to their core principles of decentralization and networks without trust.
Featured image courtesy of Shutterstock.