What is OmiseGo (OMG) in a Nutshell

What's up everyone my name is Michael and today I'm going to talk about Amize Go. I want to talk about who's behind Amize Go, what the Amize Go project is, what the token OMG token Amize Go token is, and also the current an update on the current status of the Amize Go project. So let's start off with what is Amize Go and more importantly who is Amize. Amize is actually an existing company. It handles payment across Asia. It's a little bit akin to Stripe, so payment solutions for e-commerce, integrating and allowing the receipt of payment from credit cards and for traditional financial agencies, and allowing that to be quickly integrated onto a website. So they were quite well backed. This is a paper from 2016, and they're quite well backed. They were expanding in Asia, doing payment gateway services. I want to say that Amize is a very necessary service in Southeast Asia as well. Southeast Asia has a lot of countries such as Thailand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, and these are all small countries with their own banking system. Why it's very hard to penetrate that market is because it's so fractured. There are so many parties and it's so hard to get them to working together, and that's what Amize did very well. They allowed this acceptance of payments in Southeast Asia. They started off in Thailand, they expanded to Japan, and they're now going for Indonesia, Singapore, and Malaysia. Amize Go is a next step for the company Amize. They're trying to build and combine what they do very well, which is combining banking services and financial services and combining that with the blockchain. They're going to create their own blockchain. And what they're going to try to do is it's going to try to do a huge, huge project combining a decentralized exchange, liquidity provider mechanics, clearing house messaging network, asset backed blockchain gateway. And this is all what it's trying to do in one project. And that's why it's so hard to describe about what Amize Dave Gold does because it does so many different things. It's very, very ambitious. And if you look at the people behind it, well, you got Joseph Poon, who devised the Lightning Network and also Plasma and the Omize Gate Gold team. So you know already, in essence, what it's trying to do is it's trying to allow this transfer of value. Cryptocurrencies brought forward a way to transfer value between parties, between nations. And we can do that now digitally in a trustless system, we don't have to rely on one central body. With a central body, you're prone to having to do a lot of due diligence, a lot of analysis of that body and making sure that this body doesn't abuse their power in any way. Most of the time we take that for granted, but it's very possible for the central bodies to hold funds for no particular reason or abuse that or take funds. Doing so in a trustless fashion means that this body is now a program and programs behave exactly the way it's designed to do. We can review code, we can look at how these things behave. And as a result, we don't have to do all that due diligence to trust that person. We're trusting a machine. Omize Go is also trying to be a wallet solution, where it's trying to allow people in Southeast Asia who don't have bank accounts, who don't really want to deal with the current financial system, whether it's difficult for them to prove their identity, or they don't want to go to a traditional bank system. What they can do is they can sign up for Omize and be able to transfer value to other people on the Omize network. It's important to remember that Omize also accepts other cryptocurrencies as well, such as Bitcoin or Ethereum, and allows ways to actually transfer that liquidity and prove that people have these assets. It doesn't sound like much, but in Southeast Asia, there's a huge need to transfer currencies between nations. It's actually quite fractured in terms of countries down here. And unlike the European Union, which has a euro to go for it, right now in Southeast Asia, it's very, very difficult to transfer money between countries right now. We see that problem in the issue in Hong Kong even, where migrant workers have a hard time transferring money back. And remittance services such as BitSpark are very popular because it allows a transfer of value between nations. Omize Go is going to go for the next step of this, and it's trying to be this kind of overall network that just doesn't do one thing, and it does everything combined, really. Another example would be between nations, for example, Indonesian workers working in Myanmar, that needs to send money back home. Using traditional SWIFT or Western Union is extremely expensive. And with their small amounts of money that they're changing, high fees means that it will take a significant portion of that currency or value. With this Omize Go, it allows this international transfer of currencies, which is near instantaneous and at low fees. Omize is definitely launching their own APIs and their own payment gateway. They're going to use their existing experience working with these companies that they have with actual Omize to make Omize Go successful. But that said, Omize Go is currently still a concept. The wallet hasn't actually been built yet, and the blockchain is still in the process of being built. So right now, what we're doing when we're buying these tokens is that we have a promise of value in the future. If you look at the token mechanics in the OMG token, what it does is it's currently just a standard ERC-20 token. It's going to represent something until the Omize Gold chain launches. Once it launches, it's going to be used as a proof of stake token on the network. So it's going to earn for transactions that it does over time. In terms of current progress, Omize Go has actually met the Ministry of Finance in Thailand. That's where Omize itself is really heavily centered around. It's currently trying to gain support from the Thailand Ministry of Finance and trying to make sure that the governments are okay with it. So that's the current state of the project. It's trying to move forward. It's trying to build its own blockchain and it's trying to build its own wallet system. It's going to still take a while for everything to be there because it's quite really ambitious. But it's got a company that has proven success behind it. Of course, that doesn't guarantee that Omize Go itself is going to be successful. It's still wildly ambitious and a lot of its services is still speculating on the need for these services to go forward. And for these banks or these individuals as well to actually choose Omize Go over other services that are being offered. Of course, this area is highly competitive. We do see big banks also trying to offer various apps or various payment methods across Asia. So it's going to be a highly competitive space in the future. Guys, I would love to hear any questions about Omize Go. It's really a huge project and I would love to cover the white paper with you. It's got many different sections. And if you have various questions, I would love to hear them down below. And I would love to make another video going into a little bit more depth about what Omize Go and some features of Omize Go. Guys, thank you so much for watching this video. Remember to subscribe to my channel. See you next time.