It seems that there is some confusion and comparison between OMG and TENX. Rightfully so, they are in some way competing in the same market where they will provide cryptocurrencies to having a true intrinsic value being able to buy stuff in the real world. However, how they will approach the market to solve this problem is totally different. So here I will break it down from dev team, technology, the big investors/advisors behind the project and where their goals are at right now. I will also discuss the differences, similarities, the pros and cons with each project and tech.
First we are going to try to understand Omisego:
What is Omisego?
Omisego 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, starting in Q4 2017. - https://omg.omise.co
Who is the team behind Omisego? What is their history and how big is their team?
Founded in 2013, Omise is a venture-backed payments company operating in Thailand, Japan, Singapore, and Indonesia, with rapid expansion plans to neighboring countries across Asia-Pacific. - https://omg.omise.co
Right now, they have a huge branch located throughout Asia from Japan, Thailand, Singapore and Indonesia. They are still branching out and is aiming to dominate the SEA and Asia markets.
The CEO is Jun Hasegawa and CO founder Donnie Harinsut.
What is their goal?
“Unbank the Banked” is their motto. So how will they achieve this? They will directly approach big name corporations and institutions to use their platform eliminating the use of fiat currency using an already existing payment system Omise. Omisego will be added into this payment system platform as a form of blockchain wallet function and exchange. So far, the MacDonald’s in Thailand will be working with Omisego on using their platform. Omisego team and Vatalik are already talking with the Central Bank of Thailand. I know this is speculation but imagine a central bank going through and changing their system through Omisego platform. I will let your imagination decide.
Do they have a working product? How does it work?
I will not go into the sophisticated tech of this because it is really complicated. You can read their whitepaper on their website. But to summarize in a short way, it will be using a SDK wallet app through smartphones. So far the product is in the works and is still in the process. It will work as a compliment to an already existing payment platform Omise. I believe the debit card is still in process as well.
What have they achieved right now and what are their future milestones?
Omise is already an existing working payment platform and Omisego is in the works and will be added to Omise. So far Thailand and Japan are already using this payment system and is very popular. Singapore and Indonesia are available in BETA versions. So, what does it all mean for us about this product? This means that once Omisego is completed and integrated to Omise payment system by Q4 of 2017 it will virtually allow a direct exchange of crypto (possibly any crypto that is popular) to fiat currency and vice-versa without the use of 3rd party exchanges using the Omisego platform. In short you will be carrying an exchange/payment system on your phone. So, anyone who has a phone can participate and open an account without the need of bank, exchange or third parties, etc.
But wait, don’t we have bitcoin or some similar products like bitpay to be used in this way? So why do we need Omisego then?
NO! We do need technologies like Omisego because so far, all the products in debit cards like bitpay and etc allows only bitcoin to be used as an intrinsic value but doesn’t allow any alt currencies like ETH, LTC and etc to be used in the real world. Even it existed, the cards only allow to trade are their own currencies. In short, would u rather hold hundreds of debit cards with each currency or just one phone where u can trade any alt cryptocurrencies by paying with just your phone and vice versa.
Who are the backers and advisors of this?
We’ve got some very big names backing this project as an advisory board. The well-known ones are:
Vatlik (the green alien, of coz everyone knows him), Roger Ver (CEO of Bitcoin.com), Julian Zawistowski (founder of Golem), Gavin Wood, Joseph Poon, Jae Kwon, and David Lee. Now I am still on the fence of this advertising since it only says advisors. We don’t know how involved these people are in this project but we already saw Vatalik himself had a meeting with Thai Central bank and Omisego team together.
In summary, Omisego is aiming more on the institution, government, banks, and corporation level clients and in turn, it is changing and revolutionizing the system. People will use their product one way or another as the institutional level starts adopting this system. So yes, it is a long-term hold since it has a solid team, achieving some milestones, and already has an existing payment platform. You would not see as much advertising or anything since its main goal would be aiming at institution, government, and corporation levels. It will take a while and needs to be hold long term since it has some very ambitious goals.
I will not be writing in detail about Tenx because their white paper says pretty much everything in simpler terms while Omisego is much more complicated. I recommend you read the whitepaper for Tenx to compare their differences and uses.
Note: I am just sharing information so that everyone can learn their views. Learn and do your own research too. This is just an discussion not an investment advice.