OmiseGo (OMG) is an ERC-20 token developed on the Ethereum blockchain. The parent company Omise is a payment gateway service provider in Southeast Asia. OmiseGo was developed to create OMG money gateway for payments, trades, remittances, and other financial transaction over the Ethereum blockchain. OMG consists of several layers i.e. decentralized exchange, scalability network mechanism, and decentralizes cash in/out layer. OmiseGo as a decentralized exchange is highly scaleable over theShow more [+] Ethereum blockchain using Plasma architecture. The OMG network can also interact with other blockchains such as Bitcoin using smart contracts, and fiat token thus creating a universal global transaction platform. OmiseGo provides the freedom to perform peer to peer financial transactions, send or receive payments, B2B commerce, and asset management.
The OMG token was the concept of Jun Hasegawa and Donnie Harinsut who are co-owners of the Omise company. A promiment OMG advisor is Vitalik Buterin, the co-founder of the Ethereum. However, OMG is not owned by a single company or developer. It consists of the publically owned distributed network of validators which enforces the behavior of the participants.
The purpose of creating OMG is to move the money quickly in both domestic and international setups. OMG enables fiat currencies to be issued and sent digitally using OMg's improved payment system.