AirToken, although similar in its mission with omise.go and the OMG token, the nuances and approaches are entirely different. Both companies want to help the unbanked and both are venture-backed start-ups trying to innovate in this space. This is not meant to be an “us vs. them”, but simply to discuss the differences in a positive light.
Omise.go has a very ambitious vision, attempting to create an entire payment solution for the unbanked, which requires reinventing the entire financial infrastructure and value chain. AirFox is using the existing ecosystem of prepaid wireless carriers to offer micro-financing and uses the established currency of airtime, which users are already familiar with, that functions as a bank in these countries. AirFox is not trying to be a new payment processor for the unbanked, rather we are purely focused on microfinance and asset monetization using mobile recharges, allowing users to earn airtime and mobile data via opt-in advertising and micro-loans. M-Pesa is a great case study on understanding how mobile recharges work as currency in these countries. AirFox sees OMG Token more as the “stripe for the unbanked”, and the AirToken as a “micro-LendingClub for the unbanked”.
OMG is essentially trying to build a replacement for Ethereum better suited for rapid transactions in multiple currencies. As a platform, it is relying on a new network of miner nodes, developers to build new protocols, new ERC20-style tokens released on top of it, and buy-in from any merchant or institution that wants to use it. The AirToken is building directly on top of Ethereum and uses the existing telecom infrastructure and data transfer networks. This will allow rapid adoption, especially in developing countries that can barely keep utilities operating, let alone integrating all merchants with a new blockchain network like OMG. In addition, central to the AirToken is our credit scoring algorithm using the AirFox mobile apps, which is unique to our system. In conclusion, the AirToken is designed for seamless adoption in emerging markets using the existing telecom infrastructure, while OMG is trying to create a new payment blockchain ecosystem.
Check us out at @ airtoken.com
We have limited and select pre-contributions for our ICO until September 8th. Contact us if you’re interested. The AirToken ICO is scheduled to go live September 19th.
Founded by Ex-Googlers Victor Santos and Sara Choi and incubated at Harvard’s Innovation Launch Lab, AirFox is a TechStars Boston alumni and venture backed by Project 11, Launch Capital, and NXT Ventures, among others.