We have heard of ‘Banking the Unbanked’, but what about ‘Unbanking the Banked’!
It’s not often that a project whitepaper will list Roger Ver (aka ‘Bitcoin Jesus’) or Vitalik Buterin or Dr Gavin Wood (joint founders of Ethereum) as advisors, it is even rarer for all three to be on the same advisory board. This is one reason why the OmiseGO project has attracted so much interest, but it is really the substance of the project which is the most impressive.
The OmiseGO project claims to ‘unbank the banked’. ‘The project is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies. Designed to enable financial inclusion and disrupt existing institutions, access will be made available to everyone via the OmiseGO network and digital wallet framework.’
‘OmiseGO is the answer to a fundamental coordination problem amongst payment processors, gateways and financial institutions. By enabling decentralized exchange on a public blockchain at high volume and low cost, OmiseGO provides a next-generation value transfer service operating across currencies and asset types. Through the OmiseGO network connected to the Ethereum mainnet, anyone will be able to conduct financial transactions such as payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services, in a completely decentralized and inexpensive way. Further, millions of mainstream users in the largest growing economies in the world will be enabled to make the transition from using fiat money to using decentralized currencies such as ETH, BTC, and others. The OmiseGO network is intrinsically agnostic between fiat and decentralized money: as far as adoption and usage go, the system is constructed so that the best currencies will win.’