Adoption

Who will use the network?

There are many reasons why companies may wish to use OMG:

  • To move money quickly, both domestically and internationally
  • To gain a secure ledger for tracking assets across divisions of a large organization
  • To adopt next-generation mobile banking solutions
  • To enable central bank currencies to be issued digitally and improve the payments system within a given country
  • To allow payments and remittances in any type of asset
  • To create a loyalty points system for consortiums of brands
  • To issue digital gift cards onto a network which can support multiple wallet vendors

OMG infrastructure will be useful to anyone in the fintech space, with much more than Omise's own needs in mind. This framework not only provides much-needed leadership in the fintech space, but also provides a framework for emerging business models around diverse stakeholder systems.

These mobile applications, which hold digital representations of fiat currencies and other digital assets (e.g. loyalty, game points, travel rewards), are seeing widespread adoption, but face significant barriers around coordination. By building a staking token and blockchain backed by the open Ethereum network - the most flexible, proven blockchain technology available - we are doing our part to resolve these coordination problems.

OMG's core software will be made available for free, including the white-label digital wallet SDK, which means these businesses will be able to take advantage of everything the OMG network offers without permission from OmiseGO or anyone else. It's a level playing field created for the benefit of users, not for the dominance of service providers.

Many businesses should see the benefit to their bottom line of increased interoperability and currency-agnostic asset transfer. There seems to be many established and aspiring businesses who have approached OmiseGO in order to leverage the network.

Mainstream Adoption

Today, decentralized nance and cryptocurrencies are still quite foreign to the mainstream. Taking advantage of the many opportunities Ethereum can offer still requires a fair amount of technical knowledge, well beyond the scope of the average consumer. OMG's white-label SDK is designed to be simple and friendly, allowing business users to create customer-facing wallet apps that utilize the OMG network without requiring a deep understanding of the underlying technology.

By creating the SDK, we are doing the legwork that will allow business users to plug into the network easily and build wallets that take advantage of Ethereum's vast potential without compelling any behavioral change on the part of the end customer. Providers can customize wallets, building in whatever functions they need and incorporating their own branding.

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. The OMG network is intrinsically agnostic between fiat and decentralized money: as far as adoption and use go, the system is constructed so that the best currencies will win.

End-customers will not necessarily know that their service is powered by OMG, they will simply know that it works and that they get benefits passed down in terms of reduced costs, real-time transactions, and increased access and flexibility.