What’s on weiDex — OmiseGo – weiDex

1. About the project

The OMG network is a decentralized payment network which enables transparent, peer-to-peer transactions in real-time. This is a scaling solution for finance built on Ethereum which aims to facilitates self-sovereign financial services. OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. The ambitious idea of OmiseGo is to remove the need to own a bank account in order to transact assets.

2. Main features

Here are the key components of the OMG Network ecosystem:

• eWallet Suite and Application Interface — it is a free and open source web application which connects all the users and merchants to Ethereum and Plasma. As a result, every user with eWallet can send, receive and store cryptocurrencies such as ERC-20 and tokenized fiat.
• Plasma — this is a framework for building scalable blockchain applications. It is a design pattern that allows for off-chain messages to dictate the transfer of on-chain assets.
• Decentralized Exchange Layer — this is a DEX developed by OmiseGo to provide an easy exchange between digital assets on the OMG Network. This is a platform where orders consisting of digital assets are arranged and executed. Through this mechanism, order matching is performed off-chain and any order that is either settled or canceled will be processed as a transaction on the OMG Network.
• Proof-of-Stake Consensus Mechanism — a validator runs nodes perform consensus to determine the next block to be added to the blockchain.

3. What can the OMG token be used for?

The OMG tokens are based on the ERC20 standard but they all have already been pre-mined and for the most part placed on the market. OMG is a token that secures a public permissionless POS network, whose primary use case is to host a decentralized exchange for digital fiat and crypto alike. Through OmiseGO, all Omise merchants will be able to seamlessly accept payments in multiple currencies, including ETH or BTC or other cryptos, without needing to know what their client is paying in. OMG holders can also use OMG to validate the network. If they validate a block correctly, they get paid the fees from that block.

website: https://omisego.network
whitepaper: https://cdn.omise.co/omg/whitepaper.pdf
CoinMarketCap: https://coinmarketcap.com/currencies/omisego