OmiseGo is a financial technology platform which mainly focuses on promoting financial inclusion and disrupting existing financial institutions such as banks to give people more power and freedom with their money. Essentially a public asset exchange on a blockchain, OmiseGo was built on the Ethereum blockchain and utilizes its smart contracts features. OmiseGo offers financial services ranging from the typical peer-to-peer value or asset exchange to loyalty programs and supply-chain financing. Transactions are nearly instant and fees are low, with transaction value externalizing to other blockchains, also promoting their growth. OmiseGo uses the Proof-of-Stake consensus to confirm transactions, meaning that it is scalable and efficient.
OmiseGo (OMG) is the token of the OmiseGo platform which pays for transaction fees and can be used in its various financial services.