Cryptocurrency Category: Tokens
OMG token function The OMG token is first and foremost a staking token. By holding OMG tokens, users gain the right to take an active role by running validator nodes on OMG’s Proof of Stake network, using their tokens as a security deposit. Returns may be paid out in any currency, including but not limited to OMG. Read more on staking OMG here and here.
OMG will be a conduit for bringing value to Ethereum mainnet, because the value of OMG will be backed by the value of the amounts transacted on the OMG network; both external, real-world money, and crypto-money that is being pushed through the network’s decentralized exchange (including the other applications, businesses, and token projects that are outsourcing their DEX requirements to it).
As the OMG platform and underlying network develops and evolves over time, so does the nature and role of the OMG token.
What is OmiseGO?
OmiseGO is a subsidiary of Omise, a leading online payment gateway service provider operating in Southeast Asia. The OmiseGO blockchain team has been involved in the Ethereum community from its very beginning—starting in 2015, Omise Blockchain Lab began research work focusing primarily on scalability. By the end of 2016, research had expanded into proof-of-stake (PoS) consensus design and in 2017, OmiseGO was created to achieve two goals:
- Create the OMG Money Gateway as a scaling solution for Ethereum focused on enabling payments, trades, and other nancial transactions in both crypto and at. OMG is a fully public, currency agnostic decentralized exchange (DEX) network which will be secured by Ethereum and built to scale innitely using the Plasma architecture. The OMG Network will be able to interact with Bitcoin (or Bitcoin-like blockchains) and other blockchain platforms through clearinghouses in state channels or smart contracts, as well as with digital at platforms and economies through collateralized at tokens. This, in combination with virtually unlimited scalability, will enable the OMG Network to serve essentially all global transactions simultaneously.
- Develop the OMG open-source, white label digital wallet Software Development Kit (SDK). The SDK will be free for anyone to use and will make it easy for those who need online asset exchange as part of their business to connect seamlessly to the OMG Network. The SDK allows wallet providers the ‑exibility to enhance, add, and customize payment solutions for many use cases.
OMG is the answer to a fundamental coordination problem amongst payment processors, gateways and nancial institutions. By enabling decentralized exchange at high volume and low cost, OMG provides a next-generation value transfer service operating across currencies and asset types, and across national borders and corporate ledgers.
Through the OMG network, anyone will be able to conduct real-time, peer-to-peer nancial transactions, including but not limited to payments, remittances, payroll deposit, B2B commerce, supply-chain nance, loyalty program activity, asset management, and other on-demand services in a completely decentralized and inexpensive way, and including highly performant and fully decentralized trading.
OMG offers mainstream end-customers an introduction to the many benets of blockchain technology—the wallet SDK will make it easy to create dapps that let the end user take advantage of Ethereum’s immense potential without having to leave their comfort zone.
Omise will use the OMG network as the platform for their own payments processing needs, but neither Omise nor OmiseGO will own or control the network.