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another network. Traditionally, there have been signiﬁcant eﬀorts in engineering around
payment systems which are compatible across payment networks and ﬁnancial institutions.
These are usually constructed by creating a clearinghouse which manages the interchange,
usually via a messaging network with either a central counterparty clearinghouse or nos-
tro/vostro accounts. Examples include FedWire, CHIPS, SWIFT, consumer card payment
networks, NSCC/DTCC, OCC, and ACH. These networks service diﬀerent roles and func-
tions, including local/national payments, international payments, credit, equities/asset ex-
change, and derivatives. These centralized networks allow for the controlling entity to
arbitrarily change the mechanisms, which result in signiﬁcant amount of transaction costs
via information costs, due diligence, and contractual enforcement between all parties.
We believe that there is currently a large emerging market of disruption in digital pay-
ments with new payment platforms (e.g. Venm...
blockchain ledger on OmiseGO is necessary to hold the general balance of funds per eWallet
service (or any user/node). This ledger must be able to hold funds across many assets/com-
modities. However, merely holding a ledger is insuﬃcient for interchange. The mechanism
must also allow to trade these assets/commodities.
In order to perform interchange, it requires an order to be placed across many diﬀerent
pairs on an open public market. This requires a decentralized orderbook and trading engine.
The trading engine is built into the OMG blockchain, orders are published and matches are
performed as part of every block when a matched order has reached suﬃcient number of
validation conﬁrmations. This results in a non-custodial decentralized exchange held by
a single party where the eWallet platforms may exchange onto other eWallet platforms
without centralized trust on a single entity.
However, direct crosses between eWallet ﬁat tokens may not be desirable, as there may
be too many. It would ...
2.1 Decentralized Liquidity Hub for Channels
The construction has the additional beneﬁt of allowing for a decentralized liquidity pool to
be created for use with payment channels on various cryptocurrencies, such as Bitcoin (and
to some extent Ethereum).
For individual token payments on blockchains, there is a need to scale the underlying
blockchain activity which does not aﬀect the underlying chain to reduce computational
pressure of validating/mining nodes. It is therefore necessary to conduct Lightning Net-
work activities (or similar constructions using channels). However, Lightning Network faces
signiﬁcant pressure around network eﬀects with capital, it’s desirable to prevent liquidity
pools from centralizing to a single trusted entity. By using the same mechanisms of the de-
centralized clearinghouse, we can create a Lightning Network hub which is not owned by any
single individual on tokens which support more complex smart contracts (e.g. Ethereum,
ERC-20-like tokens, etc.). For cu...
of the OMG token is providing computation and enforcement. The token itself acts as a
bond for its activity on this blockchain, improper activity results in the token/bond being
burned on the OMG chain. By creating a custom chain with deep enforcement, we are able
to construct a system where consensus rules optimize for high-performant activity.
The design optimizes for rapid execution and clearing, with slower settlement. Future
iterations may include sharding of the OMG chain, but the initial iteration will presume
high-throughput capacity for block propagation.
Owning OMG tokens buys the right to validate this blockchain, within its consensus
rules. Transaction fees on the network including (but not limited to) payment, interchange,
trading, and clearinghouse use, are given to non-faulty validators who enforce bonded con-
The token will have value derived from the fees derived from this network, with the
obligation/cost of providing validation to its users. This token must have val...
in Summer 2017. The construction of the paper (and subsequently with the implementa-
tion used by OmiseGO) will likely be useful for many future open source token protocol
blockchain projects, and may provide novel constructions for emerging chains such as cre-
ating incentives for distributed data processing, and inter-blockchain ﬁnancial activity. We
hope OmiseGO and its distributed exchange will be a critical core in helping to lead the
way in providing base-layer technologies/infrastructure which can spark and launch the en-
tire protocol token ecosystem. Initial versions of OmiseGO may use aspects of Tendermint
3.1 Light Client Validation
While OmiseGO is constructed as a high-performance network capable of handling many
transactions, it will become necessary to produce light client proofs for partial validation,
as well as for external smart contract enforcement.
A merkle tree of committed transactions per block will be included, as well as a com-
mitment to the recent blo...
be to issue ERC-20 tokens on Ethereum, lock them up in a smart contract and handle on
OmiseGO chain - similar approach to what one would do to handle existing ERC-20 tokens
on OmiseGO chain (REP, GNT etc.).
In the default conﬁguration, it is presumed that an EPP holds funds directly on behalf
of its users for ease-of-use. This is similar to full-custodian cryptocurrency wallets such as
Coinbase or many centralized exchanges today. This allows for the EPP to construct fee-free
transactions within their own network, as it doesn’t result in blockchain activity. However,
it may also be possible to withdraw directly from the EPP and transact their issued token
(e.g. ﬁat currency) on the OmiseGO chain (but transfers may result in on-chain fees if
not transferred within an EPPs custodial account on-chain). This allows for decentralized
transfers, as well as serving the needs of some EPPs which need zero-fee transactions on their
own network. The EPP may provide software which is centralized similar to many...
or to leave open orders on rounds until the order is ﬁlled. A batch auction allows for orders
to be placed and execution happens at once at a speciﬁc interval. This construction allows
for higher assurance and performance over a decentralized network. Orders may be left
on the orderbook, but execution can happen quick enough to be comparable to EMV card
terminals (requires more research with the consensus mechanism). In the event there is
insuﬃcient speed for particular use cases, EPPs are responsible for holding balances of
other EPPs they wish to support for fast transactions (they may charge a higehr spread),
this can be used for things like small everyday purchases and larger value purchases are via
the Decentralized Exchange.
While it is desirable to be able to perform low-latency high-frequency order execution,
there are signiﬁcant impediments to doing so in a decentralized network. It is a necessary
function of order matching that execution is occurs at a single point. Without execution
The result is a system where trade execution occurs on a single ”engine”, namely that of
a proof-of-stake decentralized exchange, but with the assurance that the rules of execution
is transparent and veriﬁable.
5.1 Ethereum Trading
As OMG requires fullnode validation of the public Ethereum blockchain for maximum
eﬃciency and security, it’s possible to create a contract on the Ethereum blockchain which
locks up funds dependent upon the condition of the OMG chain. These funds are now
bonded and locked and its activity is enforced by the OMG chain. When an order executes,
a proof is provided to unlock the funds on the Ethereum side.
This construction presumes that Schnorr or BLS signatures will be available on
Ethereum in the near future. A transaction tracks the activity of the OMG chain, and
needs some level of maturity conﬁrmations before payment is delivered on the Ethereum
chain. Funds can still be settled on OMG and balances updated for continued trading, it is
only for ﬁnal...