What is OMG Network?

OMG is a popular altcoin among sports fans. However, before you Trade OMG, it is vital that you understand what you are investing in. Let's find out what's OMG and how it functions.

Formerly known as OmiseGo, OMG Network is a layer-2 scaling solution for the Ethereum blockchain that does not require a trusted third party. OMG Network is an Ethereum scaling solution that promises to make sending and receiving ETH and ERC20 tokens far more efficient and inexpensive than using the Ethereum network alone.

MoreViable Plasma, the network's scalability solution, utilizes a sidechain design to batch together numerous transactions off-chain so they may be verified as a single transaction on the Ethereum main chain. OMG Network claims that this innovation can increase Ethereum's transaction throughput to thousands of TPS from the present 10–14 TPS.

The OMG utility token serves as the fuel for the network and is accepted as payment for services on the OMG Network; it will also be stakable in the future, rewarding users for contributing to the network's security.

How is OMG Network different?

While OMG Network is optimistic about Ethereum's potential, it believes that substantial speed and cost barriers would need to be addressed before mainstream businesses will consider putting their goods and apps on the network.

The OMG Network project was therefore developed to make Ethereum more appealing to enterprises and initiatives that wish to expand while also reducing their environmental impact. To this end, it employs a plasma-based sidechain solution that may significantly lower power consumption compared to Ethereum (by as much as 99%) and costs (by as much as two-thirds), all while guaranteeing that Ethereum's blockchain still protects assets.

In 2017, the platform raised $25 million in an initial coin offering (ICO). Moreover, SYNQA, the parent company of the OMG Network, has just secured an additional $80 million in Series C funding, with the help of many big investment firms including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

How many OMG tokens are there?

OMG Network tokens, like most cryptocurrencies, have a limited supply. This will be fixed at precisely 140,245,398 OMG indefinitely. Unlike most other cryptocurrencies, this whole supply has already been mined, with the vast majority already in circulation.

65.1% of tokens were allocated to investors, 5% were released through an airdrop, and the remaining 29.9% are retained by the project and crew. The remaining 29.9% is reserved for the founding team, with 20% locked in the OMG Network reserve smart contract for funding future innovations and network validation.

Network Security

The OMG Network utilizes a proof-of-stake (POS) consensus mechanism that allows users to stake their tokens in order to help protect the network and earn rewards.

In the past, the OMG Network child chains' security rested on a proof-of-authority (PoA) consensus process, which is effectively a simplified kind of proof-of-stake controlled by a single block producer (OMG Network itself for the time being) that essentially risks its reputation on staying honest.

Founders

The OMG Network has around 50 employees throughout the world. It was formed by Thai-born Vansa Chatikavanij and is a subsidiary of SYNQA, previously Omise Holdings.

Vansa Chatikavanij, earned a master's degree in earth and environmental sciences from Columbia University in New York. Before starting OMG Network (formerly OmiseGo) in 2017, Chatikavanij worked in various consultancy capacities at illustrious financial organizations including the International Finance Corporation (IFC) and the World Bank Group.

Before becoming the company's CEO in 2019, Chatikavanij served as managing director till that year. Furthermore, Kasima Tharnpipitchai, a highly experienced engineer and consultant, serves as OMG Network's CTO, while Stephen McNamara, the former head of blockchain R&D strategy at Huawei Technologies, serves as COO.

Where can you buy OMG?

OMG is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges

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