Analysis of OmiseGo OMG Asset Tokens

OmiseGo (Trading Ticker: OMG) Asset Tokens

Updated on January 7, 2018 at 4:00 PM Pacific Standard Time (PST). Bookmark to check back for weekly updates or whenever there’s new developments.

Which company is leading the way in unbanking the banked?

OmiseGo leads in creating a robust banking platform on Ethereum and it is ranked fourth in market cap at $2.4 billion on January 7, 2018 and was the first Ethereum token to exceed USD $1 billion valuation.

On June 14, 2017, the OmiseGo coin started trading at 53 cents; as of January 7, 2018, OMG is trading at $24.41 and rising – that’s about 8000% increase in seven months (OMG trading ticker).

Why is OMG’s price undergoing exponential growth?

OmiseGo is first to market in developing a secure and scalable blockchain application that disrupts the way the traditional financial system operates.

“Anyone 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 on-demand services, in a completely decentralized and inexpensive way. We’re looking to build the thing that will finally change the way money is handled the entire world over for the better, and leave a legacy that can sustain itself through all kinds of social and cultural changes”

Right now, for a merchant in one country to accept either a centralized or a decentralized payment from a customer that is a resident of another country, there is a large number of parties that have to interact with one another in order to ensure things run smoothly. The higher the number of parties involved in the transaction, the higher the chance that something’s going to go wrong.

With its proprietary platform, OmiseGO is trying to change this.

The idea is that the frictionless element of the transaction derives from the platform’s ability to harness smart contracts so as to ensure that everything happens seamlessly and without the necessity for intervention by a third party.

“OmiseGO is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions. By enabling decentralized exchange on a public blockchain at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types. Through the OmiseGO network connected to the Ethereum mainnet, anyone 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 on-demand services, in a completely decentralized and inexpensive way. Further, millions of mainstream users in the largest growing economies in the world will be enabled to make the transition from using fiat money to using decentralized currencies such as ETH, BTC, and others. The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win.” – OmiseGo

Website: https://omg.omise.co

Asset Token Trading Ticker: OMG tokens can be purchased on altcoin exchanges such as Binance, Kucoin or Bittrex. Most altcoins are pegged on bitcoin so the first step is to sign up for an account at Coinbase to buy bitcoin. Transfer bitcoin you have bought to an altcoin exchange at Binance, Kucoin or Bittrex so you can buy OMG; here’s a step by step guide.

+ Crowdsale document discusses OmiseGO’s product and business opportunities: https://cdn.omise.co/omg/crowdsaledoc.pdf

+ Whitepaper discusses the technology behind OmiseGo: https://cdn.omise.co/omg/whitepaper.pdf

Maximum market cap at Presale/ICO: $29 million USD funding goal reached during private presale which foregoes the need for an ICO (Initial Coin Offering which is similar to an IPO but in the digital cash domain).

What does OmiseGo do?

Omise is based in Thailand and provides Stripe-like payment features in Japan and Southeast Asia. In short, Omise GO aims to be the Venmo and Stripe of Asia.

Omise GO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.

By enabling decentralized exchange at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types, and across national borders and corporate ledgers.

Any user of Omise GO 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 and inexpensive way.

Access to its products will be made available to everyone via the Omise GO network and digital wallet framework, starting in Q1 2018.

Parent Company Omisehttps://www.omise.co

Founded in 2013 in Thailand, Omise provides payment gateway services such as application programming interfaces (APIs) and developer resources to merchants. The business supports about 500 merchants, including corporations, startups, and small to medium-sized enterprises, and it promises to enable new merchants to accept payments within 24 hours of signing up.

Proven with a successful track record in forming business partnerships and enterprise growth and with four years of internet banking experience since 2013, Omise has multiple operational hubs in Bangkok, Tokyo, Jakarta, and Singapore. They transfer money between businesses and individuals, and as of March 2017 handle roughly 500 million USD worth of transactions per day. Yes, PER DAY!

Omise has operational hubs in:

(1) Thailand
Crystal Design Center 1448/4 J2 Building 205-211, Ladprao 87, Klongchan, Bangkapi, Bangkok, 10240

(2) Japan
Akasaka Bld. 201, 2-1-10, Sendagaya, Shibuya-ku, Tokyo, 151-0051

(3) Indonesia
The Plaza Office Tower Lv 15 E1 Jl. M.H. Thamrin Kav 28-30, Jakarta 10350

(4) Singapore
at One George St, #10-01 Singapore 049145

Use cases:

+ Payment and Remittances
The key benefit of using the Omise GO digital wallet for payments and remittances is the ease-of-access for consumers. There is no bank account required. Payments and remittances are available 24/7/365 in real-time.

+ End-users of the wallet may tap into a rapidly growing number of Omise merchant sign-ups and a network of clients (more than 6,000+ touch-points). The goal is to make it as convenient as possible to manage funds in and out of the platform.

+ Loyalty and Rewards
The Omise GO network offers a solution for instant redemption and exchange of multiple loyalty point currencies on a single platform. With all their points stored in only one “wallet”, consumers no longer have to hunt for each program’s options, limitations, and redemption rules.

From the perspective of a company, the Omise GO platform would enable companies to rapidly add and maintain loyalty partnerships without adding complexity or costs to their programs.

+ Messaging and Communication
The Omise GO team has already been in communication with one large global messaging service to support the realization of their platform expansion. On the messaging platform, users can perform things such as micro-transactions and cash-in/out.

How can token holders make money?

Owning OMG tokens buys the right to validate this blockchain, within its consensus rules. Transaction fees on the network including (but not limited to) payment, interchange, trading, and clearinghouse use, are given to non-faulty validators who enforce bonded contract states.

This is similar to owning the currency of a blockchain – token holders can earn the “gas” or transaction fees. Therefore, the more transactions there are on the Omise GO blockchain, the more valuable OMG is.

Team

The co-founders, Jun and Don, have been working with each other on various ventures for over 15 years.

Jun Hasegawa, CEO – Prior to founding Omise, Jun was involved in founding a series of tech companies in Japan, primarily in the fields of e-commerce, life-logging, mobile payment, and payment infrastructure.

Ezra Don Harinsut, COO – Don has a professional record in leadership positions as an International Trade Manager and International Trade Coordinator. His industry experience includes more than 12 years in telecommunications and the financial technology industry.

Vansa Chatikavanij, Managing Director – In her former role at the World Bank Group, she led teams to roll-out international development programs worth over US $1 billion across finance inclusion, infrastructure investments, and environmental and social development areas.

Omise GO also has a strong team of advisor, some of whom are listed below:

Joseph Poon, best-known as the creator of Lightning Network, is the principal author of the Omise GO whitepaper, and will guide the team in the architectural specification of his most recent work.
Vitalik Buterin, Founder of Ethereum.
Vlad Zamfir, Casper (Ethereum Foundation) Research Lead.
Dr. Gavin Wood, Co-Founder of Ethereum, Founder of Parity & Polkadot.
Julian Zawistowski, Founder of Golem, Economist.

Latest Developments

+ December 31, 2017 – Milestone SDK released. Cash In / Cash Out. OmiseGO SDK (software development kit:code framework on which developers can build wallet applications that will interact with the OmiseGO blockchain) closed beta. The OmiseGO SDK is in the hands of strategic partners (multinational companies) that will help Omise develop one of our first live use cases.

+ December 21, 2017 – Japan’s Global Brain establishing $177 million fund to invest in blockchain tech, jointly with Omise

+ October 25, 2017 – Omise Partners with Credit Saison (Japan’s 3rd largest credit card issuer)

+ October 2017 – OmiseGO and Greylock Partners discuss the future of Omise and OmiseGO. Greylock Partners is a leading venture capital firm based in Silicon Valley with $3.5 billion under management. They have an impressive list of companies including Facebook, Instagram, AirBnB, and Coinbase.

+ October 2017 – Hubii Network announced they will be using OmiseGO for their payment system. Hubii is an existing content distribution platform with 50M users that is decentralizing their marketplace and using smart contracts to make sure creators get paid.

+ September 27, 2017 – Strategic investment from MUFG subsidiary Bank of Ayudhya

+ September 7, 2017 – Partnership Discussion with Google

+ August 30, 2017 – Omise GO confirmed partnership with McDonald’s in Thailand with access to 240 McDonald’s restaurant locations in the region.

Through OmiseGO, all Omise merchants will be able to seamlessly accept payments in multiple currencies, including ETH or BTC or other cryptos, without needing to know what their client is paying in.

+ August 7, 2017 – Omise GO will give out free OMG tokens aka airdrop to all Ether wallets with a balance of over 0.1 ETH.
+ August 1, 2017 – OmiseGo opens up e-wallet payments
+ July 2017 – Omise’s acquisition of Paysbuy.

Omise acquired one of the three largest payment service providers in Thailand, Paysbuy, licensed by the Bank of Thailand operator of e-money business, and accredited with Trustmark (DBD Verified) by the Ministry of Commerce. Paysbuy provides Omise with a very well established source of active users.

+ May 2017 – Launched Alipay (Thailand)
+ April 2017 – OmiseGo Blockchain Application Development
+ January 2017 – Launched Internet Banking (Thailand)

Watch OmiseGo discuss the blockchain’s features in terms of Data, Security, and Scaling live streamed on September 7, 2017… fast forward to 1:05 playtime to view OmiseGo’s presentation.

Opportunities

+ There is a genuine need for a decentralized platform in the payment space, especially in Southeast Asia where 73% of the population are unbanked (do not currently or have access to formal financial services).

+ Omise has already raised $25 million from Venture Capitals (VCs) and banks, so it passed the scrutiny of professional investors.

+ There is a strong network effect in play here. The more merchants and users Omise GO can bring onto the ecosystem, the more valuable the network is. Omise GO has demonstrated success on the merchant side – it is already helping 6,000 merchants in Asia Pacific.

+ The company has shown good traction – the business development team is already engaged with major global and regional banks such as SBI Holdings, Mizuho Bank Ltd. and Bank of Ayudhya, as well as mobile and e-money service providers such as TrueMoney, to design and provide Omise GO services.

+ Omise has thousands of merchant clients and had a 10x increase in growth in 2017 with more businesses and partnerships in the making.

+ It has a very clear and detailed development roadmap in the whitepaper – as the company adds partnerships and hit their milestones, the price will go higher.

+ A very strong advisor team – this is one of the two ICO projects that Vitalik (Founder of Ethereum) officially admits to having an advisory role on the team.

Challenges and Concerns

+ Their development roadmap is ambitious, including carrying out research on proof-of-stake and developing core consensus mechanisms for scaling Ethereum smart contracts via Plasma for cross-blockchain use. If there are any setbacks in the R&D, the full potential for the project cannot be realized.

+ Omise GO’s platform is a two-sided market– it needs to sign up both merchants and users in order to be successful. If they are unsuccessful at bringing on board either side of the market, the network effect would diminish substantially.

+ OmiseGo’s perspective on how China’s ban on ICOs will not affect the company’s business ventures in the region…

Conclusion

Overall, I am giving Omisego a score of 9 out of 10 for the company’s solid business plan, development roadmap achievements thus far, the strength of the team members involved in addition to the key indicator with their funding goal having been met with venture capital and private funding pre-sale period, hence they skipped their need to raise funds via an ICO. OmiseGo solves a real problem in banking and payments and has a very good chance to succeed because of the backing it has from the business and tech community.

My thoughts on buying the tokens for short-term trading/flipping and investing for the long term are as follows:

For short-term trading and flipping

Very good: 9/10 because it has a strong team of advisors including Vitalik and the first to market with a robust product and an established corporate partnerships, clients and customer base since 2013 which creates a foundation for a strong business growth in the region and to grow globally. These key indicators point to a strong reception and popularity of OMG tokens on exchanges as a trading and investment opportunity.

For long-term holding

Excellent: 9.5/10 excellent chance of success. If this project can scale as planned, the potential for this project is practically unlimited as the payments industry is huge. I believe OMG offers great potential on a risk versus reward basis: lower risk paired with higher ROI reward, especially for long term investors. Currently, OmiseGo is starting out to dominate the South East Asia Markets and they planned to expand their service offerings to other countries globally so their price growth has an uptrend for at least 12 to 16 months before the price will plateau.

OmiseGO is working on implementation outside of Southeast Asia to expand globally: Europe and Africa are currently in their cross-hairs.

Learn how to buy OmiseGo (OMG) tokens.

Did you find my OmiseGo token analysis of value? Show your support and get perks.

Additional research

+ Read the latest news for OmiseGo.

+ OmiseGo Twitter News Feed.

+ Rocket Chat Development Channel.

+ Parent company Omise’s blog.

+ OmiseGo’s blog.

About the Author:

A former EPA member, Tim is currently teaching in the San Francisco Bay Area. With his experience in computer engineering Tim tracks emerging blockchain technology developments in the crypto currency space. He became a digital cash enthusiast after seeing the rapid growth of the Ethereum blockchain enterprise in banking and trade. Tim has a successful record of selecting digital assets for exceptional return on investment.

During the winter months, you will likely find Tim skiing down the slopes of Squaw Alpine ski resort in Tahoe. If you are a skier or rider, you should check out SnowPals.org and join his San Francisco Bay Area based club to socialize and network with skiers and boarders who want to find like minded folks for ski trips to Lake Tahoe and to other popular ski destinations. Submit a question, suggestion or comment.

Menu

♥ Share this page, http://www.investcryptocurrency.info with friends and family via emailtwitterfacebook.