Project Update: OmiseGO (OMG) the Next Generation Financial Network and Decentralized Economy Basics OmiseGO is an Ethereum-based financial technology company offering a decentralized exchange (a blockchain) and a payments platform (a wallet). They are trying to allow people without bank account or financial institution to manage accounts and send money domestically as internationally. The company behind OmiseGo called Omise was founded in 2013 and it's a venture-backed payments company operating in SEA. Omise held ICO in June 2017 where they raised $25M Tokens and usage OmiseGO network is running on Ethereum mainnet and it supposed to be the first project to use the new Plasma.io framework which is scaling solution Projects aims for anyone to 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. OMG token will be used to validate the network meaning holders might make gains through proof of stake. It will also be used for fees. Recent News The team is getting closer to implementing plasma solution making it the first project on Ethereum that incorporating it. This is a big deal and if successfuly done could increase the interest and value of OMG. They have recently provided more details about the OMG DEX - a decentralised exchange that will be incorporated into the OMG network and work closely with the payment aspect They have been audited by Quantstamp to ensure Plasma MVP contracts are bug free The team participated in the popular Devcon4 which took part in Prague, Czech Republic where they were providing imformation mostly about the Plasma solution Roadmap There is roadmap available but slightly out of date so the better source of information is the tracker where the progress of the different project parts is tracked. The ultimate goal of the OmiseGo is fully scalabale PoS blockchain and Dex running on Plasma. The process of implementation is divided into steps which team explains nicely in the blog post. The recent updates include: eWallet and apps on Android/ iOS Plasma updates OMG Ecosystem + Roadmap The Omise recently reached almost 100 employees but not all are working on OMG. Availability and price Listed on several major exchanges with: BitMart (21% of volume) GDAC (20%) Huobi (13%) also on DigiFinex, Binance, BitForex, Bithumb, Bittrex, Kucoin and many many more Overall volume around 33M Current price as of 7th of November is around $3.50 with OMG being ranked on 23rd place in terms of the market capitalisation and market cap of around $491M. All 140M tokens are in circulation - something very rare for any projects. This means that mcap will not increase unless the price increases. OMG has been quite dissapointing this year with price decreasing in all aspects (BTC/ETH/USD). It is by no means the worst altcoin out there but the performance was disappointing neverthenless. Interestingly if you participated in the ICO you should still make a nice profit. The ATH is 28.35 and was achieved on 8th of January. How is it doing? OmiseGo has been a rather quiet project for a while now which has been reflected in the price which has been struggling meaning the current valuation might be a good point of entry. The project is very ambitious and nicely planned while the progress does seem to move forward with a lot of development milestones being achieved and upcoming. Being the first project on Ethereum using Plasma should be a big deal for the price and on top of that no new tokens will be introduced. There is also high chance of Coinbase listing. All of these make OMG a promising investment long term if you believe that there is a need for a decentralised Paypal competition. Competition include Request and UTRUST but OMG has slightly different use cases.