JP Morgan, Deloitte, and Consensyus are capturing market share in SEA and have already been utilizing Hyper Ledger as a platform for payments. Give me one good reason why OMG has a shot now, given nothing is developed and Hyper Ledger is already past PoC
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Hey it’s you again. I look forward to dispelling your FUD everyday.
Hyperledger in finance will help Streamline settlement, improved liquidity, increased transparency and new products/markets
OmiseGo is a DEX who’s end goal is connect SE “bank the unbank” but I won’t go into that because you are already well aware of what the project is.
I also can’t find any source that they’re using hyperledger as a payments platform? Can you provide?
The Singapore and Hong kong alliance have tested 3 platforms, one from consensys, one from deloitte, and one from jp morgan.
No mention of OMG, no mention of plasma, and all based on hyper ledger. They also tested them in SEA and are signing deals with banks there.
Face it, OMG is like the dozens of rarely used financial wallet companies in Thailand. Nothing innovative, they did a token sale and got out classed by banks. These platforms using hyper ledger are already past PoC phase.
Prove me wrong - why would they use a cryptocurrency token when they've been developing an in house solution for over a year, have backing by Accenture, and MUFG group?
The Monetary Authority of Singapore (MAS), the city-state's de facto central bank, has released a new report focused on the second phase of its "Project Ubin" blockchain initiative.
The report constitutes a sequel of sorts to an earlier test which involved the MAS and a consortium of major banks, along with distributed ledger startup R3 and professional services firm Deloitte.
And while that phase focused on the digitization of the Singapore dollar as data on a blockchain, the second round tackled an area subject to tests by other central banks world wide: the real-time gross settlement (RTGS) system. Indeed, it represents a kind of natural progression, given that RTGS systems - run by institutions like the MAS - handle large amounts of currency moving from bank to bank.
The second phase of Project Ubin, representatives said earlier this year, was aimed at researching how a system underpinned in part by the tech would compare with existing systems. The test focused on three platforms - Hyperledger Fabric, R3's Corda and JPMorgan's ethereum-based Quorum - and also involved the Association of Banks in Singapore (ABS) and professional services firm Accenture.
Hyperledger Quorum and Corda.
3 bank private technologies. no omisego thailand dime a dozen fintech company that was a beanie baby boom because it did an ico
A press release that has zero mention of Hyper Ledger and merely states the creation of a strategic joint innovation project had been announced to utilize distributive ledger technology, with zero reference to use or application except the desire to digitize trade and trade finance.Seems like a means to streamline processes and not tackle OMG's purpose, as it has nothing to do with payment processing.
Let me take a page out of your book, i.e. Jun's tweet about bank of thailand, and argue that there is no hyperledger partnership.
I actually think you're confused as to what OMG does? It's a payment processor. A payment service provider (PSP) offers shops online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking. IOMG is not a bank. It's a tool to buy goods with various currencies, it's not digitizing trade or trade finance. Banks are not in the "payment processing" industry, believe it or not.
As for why would they use a cryptocurreny token when they can use their own - That's extremely plausible for their business and almost guaranteed. I work at a bank and can tell you that my bank is developing their own blockchain as well and not utilizing another.
Sorry wrote my response before I saw you post this.
From what I can interpret from this article, there is still no mention of payment processing, and the digitization of the Singapore dollar as data on a blockchain would only help OMG's case in it's acquisition of fiat-based cryptocurrenies due to it's interoperability of any digital asset.
And once again, proof that blockchain technology is being adopted by banks in order to streamline process, from the article itself:
"DLT (distributed ledger techology) system reduces the costs and resources for the day-to-day operations and eliminates the risk of the central bank being the single-point-of-failure of the entire financial ecosystem"
So once again, does not apply to OmiseGo.
>use a cryptocurrency token
Do you understand OMG?
>Does not apply to OMG
>Banks are creating a network web of blockchain to process payments
That's the entire premise of the blockchain in house integration with these banks. Why would they use OMG when they can just keep higher fees and be in control?
Where is the source that states they are processing payments? A banks are not payment processers - Paypal & Stripe are, not banks. Please try to get that through your head.
They've mentioned use of ripple and stellar which are both payment processors. They are also partnered with VISA and Mastercard which are also developing in house blockchain solutions.
So like I said again, why would they choose a 50 employee Thailand company with only
>keep higher fees
They can with OMG. Just add a surcharge to your app.
>be in control
That's not what blockchain is
64 page document highllighting the entire scope of project ubin. Funding by Accenture.
Control F IBM, Ripple, and Pages 54- 57 for companies involved. IBM, Consensys, Ripple, R3, Microsoft, JP Morgan, Merrily Lynch, MUFG (supposed "OMG partner")
You also are comparing two completely different clienteles.
OMG is focused on individuals, not banks, although banks are strategic partners to provide liquidity. OMG & Banks will have a symbiotic relationship.
Ripple is focused on Banks, not customers. They are not a payment processor.
OMG is currency agnostic so any company can use them , with xlm the business and customers can only use that currency to benefit
>Control F Ripple
1 result on page 63/64
>Control F STellar
You're still comparing banks to OMG. Why will you not acknowledge that OMG's goals are not aligned with bank partnerships outside of providing liquidity?
They need banks and big merchants regardless. What do you think is going to happen if they keep using Mcdonalds Thailand and that Pizza joint?
Say their partners process $30BN yearly right now, and omise accounts for 1% of that. That's $300MM. Say the tx fees for that is 0.5%, that is 1.5MM in TX fees. Divide by 100MM, that's staking fees of $0.02 per token.
Without bank adoption and company adoption soon, OMG is going to be another one of the many payment processors in the saturated market. The only difference is they took the short route in funding with an ICO. No updates on their 2018 tx yet or 2017 tx, how do we know they have even seen an increase from "Mcdonalds Thai?"
Right, but they still need banks. TX fees will be absolutely nothing with their current partners. Also they need individuals to actually want to use their app. Have you researched how many "unbanked" solutions exist in Thailand right now? Many of which already control most of SEA
You are drawing conclusions using information that does not exist. Nobody knows staking returns. Nobody. And to infer or conclude what the fees will be is to assert yourself as someone who has no credibility. (Source: blog.omisego.network
You also do not know the full extent of OmiseGO's merchants since the 30B list appeared on Reddit a year ago. They have continually stated that staking will be lucrative enough to ensure that everyone, even some with 10 OMG will stake.
>"Ultimately this comes down to supply and demand: how many transactions people are submitting versus how much block space is available. We anticipate that both will be high and are constructing the network accordingly. We expect returns to be competitive (we will be staking too, on equal terms as everyon"e else) but at this point we won’t make promises about what that will mean."
You also never take into consideration interoperability. The wallet was designed to work cohesivly with other blockchains, wallets, and digital assets.
They have a MOU with the Ministry of Finance...to pawn that off as insignificant, albeit being a MOU, is asinine.
I think you are clearly very confused with how the OMG network will work. You don't need to buy OMG (the token) to use the network. The idea is that the 'unbanked' people will have an eWallet on their mobile, they will be able to deposit money into their wallet via the cash in/out solution that is still to be disclosed; hence, no bank is needed. The only utility for buying OMG tokens is to be used as collateral when a person runs a validator node and validates transactions on the network, or, day trading.
I admit OMG will be wildly successful if it does everything it says. However in this space where everything is hot air I take it with the smallest grain of salt I can find. They've left out critical information as to how far along the project is. Staking will either make or break this.
Going to the gym now. Good talk
You are dumb as shit. Their "partners" already run their business on the Omise platform. All omise payments will run through OmiseGo.
>Being this fucking retarded