OmiseGO Post ICO Update – July 2018 - Crush Crypto

OmiseGO Post ICO Update – July 2018

Overview

  • Project name: OmiseGo
  • Ticker symbol: OMG
  • ICO date: June 2017
  • Market cap*: $932 million
  • Circulating supply*: 140,245,398 OMG
  • Total supply: 140,245,398 OMG

* As of July 30, 2018. Source: Coinmarketcap

OmiseGo is a public financial technology built on the Ethereum blockchain by Omise, a payment company based out of Thailand. The project is designed for use in mainstream digital wallets, enabling real-time, peer-to-peer value exchange and payment services across jurisdictions and organizational silos.

OmiseGo uses the proof-of-stake consensus algorithm and operates as a decentralized bank, exchange, and asset-backed blockchain gateway. The platform aims to enable financial inclusion and disrupt existing institutions, and has coined the slogan “Unbank the Banked”.

OmiseGo is the first plasma-based project built on Ethereum, where Plasma is a scaling solution using child chains that report to main chains (i.e. Ethereum) that was written by Joseph Poon and Vitalik Buterin. OmiseGo will utilize Plasma to support a scalable, fully on-chain decentralized exchange without sacrificing security.

Users of OmiseGo will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply chain finance, loyalty programs, asset management and trading, and other services in a decentralized manner.

The parent company Omise was founded in 2013 and has since helped over 6,000 merchants move towards digital money and card processing. Omise was featured in Forbes as “Fintech Rockstars” in November 2016.

OmiseGo was founded in 2017 and the token sale occurred on June 23, 2017. In September 2017, the team airdropped 5% of the OMG supply to Ethereum addresses with a balance over 0.1 ETH (snapshot taken July 7, 2017). Advisors for the project include notable people such as Joseph Poon and Ethereum Co-Founders Vitalik Buterin, and Dr. Gavin Wood.

Since then, the team has focused on building out three verticals of OmiseGo: decentralized exchange, scalable blockchain, and application interface.


Key Milestones/News

  • June 9, 2017: OmiseGo SDK page launched with functionality to build a wallet for payment, loyalty & rewards, remittances, and cross-wallet transactions.
  • August 9, 2017: Joseph Poon, author of OmiseGo whitepaper, released a proposal with Vitalik Buterin for Plasma – an Ethereum scaling solution that OmiseGo will use.
  • August 15, 2017: OmiseGo team and Vitalik Buterin meet with the Central Bank of Thailand to discuss the future of the Thai economy.
  • September 4, 2017: OMG airdrop began.
  • September 24, 2017: OMG airdrop ended, 5% of total supply distributed to Ethereum addresses.
  • October 23, 2017: Team releases the code used for the OMG airdrop for transparency and so other projects can benefit.
  • January 15, 2018: Initial Plasma MVP constructed.
  • January 17, 2018: OMG Plasma MVP repository opens on GitHub.
  • March 2, 2018: OmiseGo website redesigned.
  • March 29, 2018: OmiseGo team helped to launch the Ethereum Community Fund, an organization providing funding and connections to shape the direction of the space towards mainstream adoption
  • April 1, 2018: OmiseGo team decided to “hard-spoon” the network onto a Tendermint chain that gets connected to Cosmos, in preparation for the release of Plasma. (A hard spoon is a meta-protocol on top of a blockchain where balances of a given token are duplicated onto a new chain). 
  • April 10, 2018: MakeDAO announced support for OMG as collateral for issuing the stable-coin DAI, and DAI will be on the OmiseGo decentralized exchange.
  • April 20, 2018: Jun Hasegawa, CEO and founder of OmiseGo, released “Strategy vol. 02” outlining the development progress made so far and the plans/strategy going forward.
  • April 27, 2018: Jeremy Lam, OmiseGo Product Lead, released “April Tech Progress Update” which covers milestones from the eWallet SDK team and Plasma research being done.
  • May 8, 2018: OmiseGo team released an updated roadmap.
  • July 6, 2018: Partnership announced between OmiseGo and Ethereum-based messaging app Status. 

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Conclusion

Very strong team and advisor. The project has built a strong community and following over time.

Its development activity is among the highest among all blockchain projects. Being one of the earliest researchers of Plasma, we believe OmiseGO has a good shot of making the scaling solution work, which will bring blockchain technology forward.

It would be great if they could provide periodic updates (for example, monthly or quarterly) on the project as a whole on their blog.


Additional Resources

OmiseGo Official Resources

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