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
OmiseGO
Alexander Sanchez
Other urls found in this thread:
abs.org.sg
coindesk.com
accenture.com
blog.omisego.network
cryptodaily.co.uk
twitter.com
Mason Ward
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?
Joshua Cooper
abs.org.sg
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?
Jeremiah Kelly
coindesk.com
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
Luke Moore
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.
Jeremiah Nguyen
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.
Austin Wood
>use a cryptocurrency token
Do you understand OMG?
Kayden Flores
>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?
Nicholas Johnson
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.
Juan White
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