Omise Go’s mission statement is to “unbank the banked”. They aim to do this by delegating the functions of traditional clearing houses to smart contracts on the Ethereum Blockchain. They are developing an SDK that will make it easy for wallets to connect to the OMG network and thus transact seamlessly between blockchains and fiat currencies (solving the interoperability problem).
Omise Go will pioneer Ethereum’s second layer solution, plasma. Plasma is Ethereum’s proposed 2nd layer scaling solution, that might be able to provide millions or even billions of transactions per second. The OMG network is a proof-of-stake and infinitely scalable Plasma blockchain with a decentralized exchange built into its core consensus layer.
Omise Go will be secured by masternodes, but there will be a maximum number of nodes allowed. The stakers with the highest number of tokens staked will be selected as validators. The maximum number of validators has not yet been determined.
This choice is made to keep the validator network from getting bogged down: although they want wide distribution, too many validators staking low amounts will slow things down since each block has to be validated by two thirds of the total stake. More validators requires more messages, slowing down consensus on the next block. So although they want to encourage wide base-layer adoption in the interest of a more secure and fair network, they also need to balance this with efficiency.
For those with smaller holdings, wide adoption is still possible via staking pools, wherein a validator assumes custody of tokens and stakes them on participants’ behalf, most likely in exchange for a percentage of the returns. More details on this are yet to come.
