OMISEGO - What YOU need to know! #6

OMG - Unbank the Banked with Ethereum.

'Omise' is actually an existing company, which focuses on creating payment solutions for E-commerce allowing any retailer to take credit card payments online and other traditional payment systems. OmiseGo is the next step for the company and as they are now trying to combine their banking and financial services with the Blockchain.

OmiseGo is a very large project with a very large ambition, here is a list of things they are trying to accomplish. (Detailed information can be found on their Whitepaper.)

Decentralised exchange.
Liquidity provider mechanism.
Clearinghouse messaging network.
Asset-backed Blockchain gateway.

In the mist of all this, they are also trying to be a E-wallet solution, helping people from less developed regions like South-East Asia, that have little access to bank accounts and restrictions on proving their identity or even that they do not want to use a traditional banking system. Therefore, they are able to sign up for Omise and transact with other people on the Omise network (They except Bitcoin, Ethereum).

The Team:

There seems to be quite a few people involved in this project, so here is some images of who is involved!

Advantages:

Workers can send money back home much cheaper than Swift or Western Union.
A enormous amount of people in South-East Asia are in need of service like this, leaving a huge market for the project.
OmiseGo allows international transfers which is near instantaneous with small fees.
They have existing experience ('Omise' company).

Disadvantages:

The Blockchain and wallet is still in the process of being built.
They may need support from governments and insure they are okay with it.
Individuals need to chose OmiseGo.
Highly competitive space, big banks are trying to offer apps and payment methods.

Market:

OmiseGo has rocketed in value, the currency began getting attention around $1.35 mark and within the space of a month it managed to climb to a all-time high of $9.08. This was then followed by a correction leaving its value at $7.50 where it slowly starting gaining value and is now consolidating at the price of $8 - $8.30. Could a breakout be upcoming? Yes, see the analysis below.