Based on Ethereum technology, the new currency OmiseGO, often known as OMG is a payment processing platform.
The goal behind the OmiseGO project is to make financial transactions more efficient, enabling crypto or traditional currency transactions to be processed both faster and cheaper than they are now.
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More on OmiseGo
The entire OmiseGO project is based on two aspects – the blockchain technology and currency, and its own wallet.
These two features will make it easier for millions of users to participate in the cryptocurrency world. OMG is unique in that they’ll be able to easily switch from using fiat money to using decentralized currencies – like ETH, BTC, and others.
The ultimate goal of OmiseGO is to create a state of perfect competition in the world of currencies, both cryptocurrency and traditional FIAT:
“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.” – OmiseGo
The wallet gives you access to the Omise payment gateway, a credit and virtual cash card, top-ups over the counter and through direct debit, and real-time settlement – without the need for extensive registration, these wallet features will go some way to accomplishing the goal of helping those currently in the unbanked world.