Five Common Misconceptions About OmiseGO

Five Common Misconceptions About OmiseGO

1. The primary customers for OmiseGO are not just individuals. The primary customers for OmiseGO include e-wallet companies, banks (potentially even central banks), and individuals.

“Who are OmiseGO’s customers?
OmiseGO is working with global conglomerates in the financial (SBI Holdings, Mizuho Bank Ltd., Bank of Ayudhya and others), mobile and e-money (TrueMoney and others), and supply-chain sectors (which cannot currently be disclosed) to address their end- customer needs. We measure our success by whether our partners’ networks succeed and work closely with them on the design, go-to-market, and operation of every solution we power. A typical engagement with our customers begins with a design study and continues as we support network operations.

When is OmiseGO a good fit?
There are many reasons why companies may wish to use OmiseGO:
• To move money quickly, both domestically and internationally,
• To gain a secure ledger for tracking assets across divisions of a large organization,
• To enable a next-generation mobile banking solution,
• To issue central bank currency digitally, to improve the payments system in a country,
• To create a loyalty points system for a consortium of brands, and
• To issue digital gift cards onto a network which can support multiple wallet vendors. “

“The digital wallet market for payments is projected to reach USD $3.14 trillion by 2022, with around half of this market located in the Asia-Pacific region. “

“The key benefit of using the OmiseGO 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 hours a day, 365 days a year, in real-time. End-users of the wallet may tap into a rapidly growing number of Omise merchant sign-ups and network of clients (more than 6,000+ touch-points). This solves the liquidity and spending channel issues that often limit the adoption of digital wallets. Overall, the goal is to make it as convenient as possible to manage funds in and out of the platform, through various channels such as over-the-counter or agents.”

All quotes from https://cdn.omise.co/omg/crowdsaledoc.pdf

2. OmiseGO network will not be owned by Omise and it will be able to be used by any e-wallet network.

“OmiseGO’s core software will be made available for free, including a basic end-user white-label digital wallet SDK. Our profit model would be a combination of validator fees and by owning some tokens ourselves, and the aforementioned anticipated growth of our payments business, with network effects of the interchange network creating the long-term value. We may also provide consultancy services to companies to implement OmiseGO blockchain services. We believe that this framework not only provides much needed leadership in the “fintech” space, but also provides a framework for emerging business models around heterogeneous stakeholder systems.”

https://cdn.omise.co/omg/crowdsaledoc.pdf

3. OmiseGO will process transactions mostly in digital fiat, but also could include BTC and decentralized currencies as well as decentralized asset-based tokens (ex. Digix for Gold).

"Through a friendly digital wallet interface, which does not compel any behavioral change, users will be able to experience the freedom to transfer money in and out of whatever currencies they wish, including decentralized currencies such as ETH and BTC. "

https://cdn.omise.co/omg/crowdsaledoc.pdf

4. The replies that Omise does not equal OmiseGO are misguided. Omise customers (including enterprise customers) will eventually be using OmiseGO network.

Jun (CEO) on Twitter:
"Clarify, All of Omise customer eventually be able to using #OmiseGO network. Including all #Omise enterprise customers."

https://twitter.com/JUN_Omise/status/886477774105452544
- JUN_Omise

“All transactions across digital wallet providers will be conducted onthe OmiseGO network, and decentralized currencies can be traded freely alongside fiat money by all network users. “

“Our profit model would be a combination of validator fees and by owning some tokens ourselves, and the aforementioned anticipated growth of our payments business, with network effects of the interchange network creating the long-term value. We may also provide consultancy services to companies to implement OmiseGO blockchain services.”

“OmiseGO is already tapping into this massive market opportunity by working with TrueMoney, a leading e- money provider in Southeast Asia, with over 20 million active users across Thailand, Indonesia, Vietnam, Cambodia, the Philippines and Myanmar. By integrating with OmiseGO, the TrueMoney digital wallet end-customers will be able to conduct real-time low-cost money transfers, cross border remittances, retail, and bill payments. They will also be able to interact with other digital wallet providers (“brands”) that subscribe to the OmiseGO network. “

Additional quotes from https://cdn.omise.co/omg/crowdsaledoc.pdf

5. OmiseGO is POS where you earn transaction fees and is not a currency itself. It will not be long before this is launched. The SDK is planned for Q4 and the blockchain settlement layer/DEX by 2018.

Jun on Twitter:

https://twitter.com/JUN_Omise/status/903828544068784129
- JUN_Omise

https://twitter.com/JUN_Omise/status/908305752434950144
- JUN_Omise

https://twitter.com/JUN_Omise/status/913393065754222594
- JUN_Omise

Now that you have these misconceptions out of the way revisit the following progression of the project (simply through Jun’s Twitter below) and check out the recent mentions in mainstream news: