There are 2 core products that make the OmiseGO (OMG) ecosystem work: the decentralized blockchain and the digital wallet.
In order to be able to send and receive any currency or asset on the network, the OmiseGO blockchain will include a decentralized exchange (DEX) allowing values to be traded in real-time for other values. OMG, unlike centralized networks, does not store any data or administers a private server. It is a scalable and secure Proof-of-Stake (PoS) blockchain that can support any type of digital asset. Its blockchain is stored and monitored by many nodes. All orders will be on the DEX chain and (similar to Bitcoin and Ethereum) have to be validated by continuous consensus of OMG stakeholders as part of the PoS. PoS requires a validator to “stake” – have the skin in the game – their tokens in order to validate.
Scalability Network Mechanism
OmiseGO is a scaling solution designed by Plasma architecture, which structures computation into MapReduce function, uses PoS token bonding, and fraud proofs to reduce the costs of computation. Its withdrawal design is build-in to efficiently counter network attacks and a root chain is used to safely enable unprecedented transactions.
To complete the full system, OmiseGO created a wallet: Software Development Kit (SDK). The wallet is essentially an application with which you can stock, send, receive money, and value assets. On the OmiseGO blockchain, as well as on various blockchain projects, when a wallet is opened (that is, when the application is launched), it is what makes your computer a node of the blockchain.
SDK is a white-label open-source wallet, which means companies can implement the wallet in various ways across various industries. By using the wallet, users can quickly and efficiently develop wallets for their own customers, and without any mandatory design or as OmiseGO mentioned on the final product that the SDK would just be a set of programming functions (many “do-this”). Any developer can develop and design their own product, just by using the SDK to accelerate the process, save money and time, and avoid the painful process of building their own blockchain and the painful learning curve of fully understanding the complex blockchain model.
The OmiseGO white-label wallet SDK will be free to use for anyone, and every transaction happening through applications developed with the SDK will automatically take place on the OmiseGO blockchain.
Note on the interoperability:
OMG network will be able to interact with Bitcoin or other blockchain platforms through clearinghouses in state channels or smart contracts. It also works with digital fiat platforms and collateralized fiat tokens. The OMG network will enable their customers to move between different wallets, and the OMG blockchain will keep a universal ledger of every wallet’s current balance.
Interested to buy OmiseGO (OMG)? Check the Market Now: https://www.bitkub.com/market/OMG
Was this article helpful?
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
We appreciate your effort and will try to fix the article