Access to mobile devices and Wi-Fi services has become ubiquitous. Simultaneously, global commerce and human mobility and migration continue to grow. As such, the ability to conduct payments anytime and anywhere is a necessity.
OMG's mission is to build an infrastructure for an open financial system where payments are universal.
At OmiseGO, we believe an open platform that allows global buyers and sellers to meet directly and conduct global settlement will pave the way towards a future where payments can happen anywhere in the world in a way that is fast, fair and secure. We see a world with a borderless, open, financial system that is accessible to everyone.
- OmiseGO Team
On a global scale, centralization in monetary systems creates and perpetuates inequality : a tiny minority of people act as gatekeepers to the vast majority of the world's wealth. Wealth buys power, power begets wealth, and resources are siphoned into a black hole from which they rarely return. The richest 1% of people own more wealth than the rest of the planet combined and this disparity is only increasing.
Our current financial institutions just don't enable this hoarding of wealth (whether intentionally or inadvertently), they also control the channels by which ordinary people can hold and move money, and impose regressive fee structures which make it very expensive to be poor. Many banks now impose fees on accounts that do not maintain a high enough balance - literally charging customers for not having enough money.
Even for the consumer who can maintain a healthy account balance, avoid crushing debt and manage to establish a comfortable financial position, privatized systems are motivated by profit first before customers' needs. They charge a lot to use, are kind of unpleasant, and are resistant to improvements that don't first improve conditions for owners. No 'interoperability' between networks means customers must juggle many accounts, wallets and payment systems, often paying high fees to transfer money or assets between networks.
On OMG's decentralized network, transaction fees will directly reflect the actual cost of validation, not the whims of a third party. Fees serve as an incentive to validators to enforce consensus across the network, rather than funneling to a central self-enriching authority. The cost of using the network is no more or less than the cost of maintaining it.
The OMG network is also optimized for interoperability : providers can allow their customers to send and receive payments not only inside their own channels, but also cross-channel. The OMG network allows for seamless interchange between wallets, while the OMG blockchain keeps a universal ledger of every wallet's current balance.
As long as everyday users have no other option, financial institutions have no incentive to change (and to be fair, these institutions haven't really had a better alternative either). With blockchain technology, we can now do better. Existing institutions that adopt this technology will be able to serve their users better, decrease fraud risk and improve efficiency. Institutions that do not may find themselves out-competed by the adopters.
OMG will use centralized mechanisms only ever as a transitional stage, with an understanding that decentralized mechanisms will replace them, along with the open-source culture of a public development progress. At no time will Omise or OmiseGO charge rent on the network or impose mandatory fees on network users other than those earned in the same way as anyone else - as validators on the network.
Billions of people across the world are unbanked, meaning they don't have access to traditional banking infrastructure such as cards, loans, etc. and primarily use cash for everything from getting paid to buying groceries.
Much of the discussion has been around "banking the unbanked", bringing the unbanked into traditional financial systems via mobile nance tools. But the truly exciting opportunities digitized nance opens up are quite the opposite. It opens up the possibility of a decentralized financial system where being "banked" is not a requirement for world citizenship and financial freedom is not a privilege of the wealthy but a basic right available to anyone.
OMG is building infrastructure that will provide unprecedented financial access and sovereignty to people that is unmatched by banks today. The design permits user custody of funds, which decentralizes some of the functionality of banks, but not all, while simultaneously increasing usability. Banks still have roles to play, and many of them are interested in using the OMG network for their asset exchange needs. We hope to also help them increase the quality of the services they can provide to people who are their voluntary customers.