What is OmiseGo (OMG) in a Nutshell

what’s up everyone my name is Michael and today I’m going to talk about an easy go I want to talk about who’s behind a musical what the musical project is what the token oMG token or me the ago token is and also the current an update on the current status of the musical project so let’s start off with what is a musical and more importantly who is amazing amazing 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 like from credit cards and for traditional financial agencies and in 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 back they were expanding in Asia doing payment gateway services I want to say that Omiya 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 because it’s so fractured there’s so many parties and it’s so hard to get them to working together and that’s what only they did very well they allow this acceptance of payments in Southeast Asia they started off in Thailand expanded to Japan and they’re now going for Indonesia Singapore and Malaysia immediate goal is the next step for the company amazing 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 your 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 provides their mechanics Clearing House messaging Network as a path 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 amis 8go 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 old mentor gate go team so you know already in essence what it’s trying to do is trying to allow the 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 and a lot of analysis of that body 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 at 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 I was resolved we don’t have to do all that due diligence to trust that person we’re trusting a machine or musical 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 me as a and be able to transfer value to other people on the mediating network it’s important to remember that we media also accepts other cryptocurrencies as well such as Bitcoin or aetherium and allows ways and 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 the problem in issue in Hong Kong even we’re migrant workers have a hard time transferring money back i remittance services such as bit spark are very popular because it allows the transfer of value between nations immediate 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 it does everything combined really another example would be between nations for example Indonesian workers working in the RMR that needs to send home money back home using traditional Swiss or Western Union is extremely expensive and even with their small amount of money that they’re changing high fees means that it will take a significant portion of that currency or value with this for me they go allows this international transfer of currencies which is mere instantaneous and at low fees Omega is definitely launching their own ap is and their own payment gateways they can use their existing experience working with these companies that they have with actual media to make immediate goal successful but that’s it a musical 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 ESD 20 token it’s going to represent something until the ohmy the gold chain launches once it launches is 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 a musical has actually met the Ministry of Finance in Thailand that’s where a music itself is really heavily centering it around it’s currently trying to gain support from the tiniest Thailand Ministry of Finance and trying to make sure that the government’s are okay with it so that’s current state of the project is trying to move forward is trying to build its own blockchain and it’s trying to go this 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 the ohmmeter go itself it’s going to be successful it’s still wildly ambitious and a lot of its services is still speculating on a need for these services to go forward and for these banks or these individuals as well to actually choose a musical 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 as I would love to hear any questions about the music oh 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’d love to hear them down below and I would love to make another video going into a little bit more depth about what a music go and some features of a meet a go thank you so much for watching this video remember to subscribe to my channel see you next time