Among the plethora of new cryptocurrencies that flooded the market over the last 12 months, perhaps the most interesting is OmiseGO.
Introduced in 2017, OmiseGO is a blockchain developed by parent company Omise – a popular platform for digital payments across Asia, operating extensively in Thailand, Singapore, Japan, and Indonesia, with eyes on further expansion across the continent throughout 2018.
Long before launching its own altcoin, Omise has had an interest in blockchain technology, being one of the original funders of current altcoin frontrunner Ethereum. The founder of Ethereum, Vitalik Buterin, clearly appreciated the show of confidence, and has reciprocated in kind, by forming part of the development team for the OmiseGO project, along with several other developers with experience working on various blockchain techs.
The reason OmiseGO is putting so many resources into its blockchain is because it doesn’t want to be just another digital currency. Rather, the OmiseGO chain will be an all-inclusive financial wallet that can handle fiat currencies as well as cryptocurrencies, and even loyalty card points, with all transactions being handled on the blockchain, promising instant payment across borders and currencies, something that has never really been attempted before.
They propose to do this by forming a liquid, on-chain, decentralised exchange combined with an off-chain payment network. In effect, the blockchain will act as a payment processor, as well as a transaction ledger, with all the work in terms of conversion, exchange, and transfer being done on the chain, enabling any payment method by the end user. This results in a secure and instant transfer to the other party, for a small fee which will fund the blockchain and pay out dividends to those perform Proof of Work (POW) validations on the chain.
Should OmiseGO achieve its aims and be taken on as a viable payment platform worldwide, there is no way for the value to go but up. As more transactions take place on the chain, the value of the currency as a whole will increase. With a firm foothold already in Asian markets and the wealth of experience they have corralled to their development team, there is every chance that OmiseGo could exceed all expectations, quietly and steadily increasing its net worth, and largely immune to wider market fluctuations.
Definitely one to watch in 2018.
Image Source: Wikipedia Commons