9.3 C
Saturday, September 23, 2023

What Is OMG Network (OMG) Coin Review: Guide About OMG Network

- Advertisement -
binance 728x90 banner

What is the OMG Network?

The OMG Network is a decentralized, public network that allows high throughput, low-cost peer-to-peer transactions. With the OMG Network, anyone can transact value across geographies, asset classes, and applications.

The OMG Network leverages Layer-2 Plasma architecture to provide high throughput and strong safety guarantees for third parties who wish to build scalable, decentralized payment apps on the Ethereum Network.

The OMG Network allows you to access, manage, and transact with digital assets that are kept securely on the blockchain.

About OMG Network

OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, This is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.

The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the

Ethereum root chain. According to OMG Network, this technology has the potential to scale Ethereum to thousands of transactions per second (TPS) — instead of the 10 to 14 tps Ethereum 1.0 is currently capable of.

The network is powered by the utility token, which can be used as one of the payment methods for fees on the ,will eventually be stakable — helping to secure the network in return for rewards.

Important Points Table Of OMG Network

Coin NameOMG Network
Short Name OMG
Circulating Supply140,245,398.25 OMG
ExplorerClick Here To View
SourceClick Here To View
WebsiteClick Here To Visit

How to Buy the OMG Network & Trade On Exchange?

First Step

Buying OMG Is Very Easy Task . Just Find Exchange Where OMG Available & Buy Through Your Credit & Other Altcoin .

Second Step

Once You Purchased OMG. Now It Is Time To Store Your OMG Or Start Trading On Exchange.

Who Are the Founders of OMG Network?

The OMG Network currently consists of a team of more than 50 employees scattered across the world. It was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech firm that was formerly known as Holdings.

As the projector founder, Vansa Chatikavanij received a master’s degree in earth and environmental sciences at New York’s Columbia University. Following this, Chatikavanij held several consulting roles at prominent financial institutions including the International Finance Corporation (IFC) and World Bank Group, before founding OMG Network (then OmiseGo) in 2017.

Chatikavanij held the role of managing director at the company until 2019, before transitioning to the role of CEO, which she still holds to this day. Beyond this, Stephen McNamara — former head of blockchain R&D strategy at Huawei Technologies — is Network’s COO, whereas Kasima Tharnpipitchai, a heavily experienced engineer and consultant, is its CTO.

Make an ETH deposit

Performing any operation on the OMG Network requires funds. Fund deposits happen when a user sends ETH or ERC20 tokens to the Vault smart contract on Ethereum Network. A vault holds custody of tokens transferred to the Plasma Framework. Deposits increase the pool of funds held by the contract and also signals to the Childchain server that the funds should be accessible on the Childchain.

Bug Bounty Program

The OMG Network network leverages Layer 2 Plasma architecture to provide high throughput and strong safety guarantees for third parties who wish to build scalable, decentralized payment apps. No technology is perfect, but they believe that working with skilled security researchers and hackers across the globe plays a crucial role in identifying weaknesses in network and improving the security posture.

They have created a bug bounty program to allow participants to identify and submit vulnerabilities that could negatively impact Network users. Successful submissions have a chance of being eligible for a bounty reward. The scope of the program and the bounty levels are provided in more detail below.

What Makes OMG Network Unique?

OMG Network believes that Ethereum’s significant speed and cost barriers will need to be overcome before mainstream businesses will consider building their products and applications on the network.

As such, the project is built to help make Ethereum more attractive to businesses and projects that want to scale while simultaneously cutting down on their carbon footprint. It achieves this with its plasma-based sidechain solution, which can help reduce electricity usage by up to 99% compared to Ethereum and cut fees by around two thirds, while ensuring assets remain secured by the underlying Ethereum network.

The platform itself is supported by $25 million in funding obtained during its 2017 initial coin offering (ICO). Moreover, The parent firm SYNQA recently raised a further $80 million in Series C funding — and was supported by several major investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

Built with Developers in Mind

Integrate with OMG to build extremely efficient applications on top of the Ethereum Network.


These are configuration values and tools you can use to deploy various components of the such as Child Chain, Watcher, Watcher Info.

How Is OMG Network Secured?

The OMG Network mainnet will eventually move to a proof-of-stake (POS) consensus system, which will allow users to stake their tokens to help secure the network and earn rewards.

Until then, child chains are secured by a proof-of-authority (PoA) consensus mechanism, which is basically a simplified form of proof-of-stake which is controlled by a single block producer (Network itself) for now — which essentially stakes its reputation on staying honest.

They plans to transition to proof-of-stake as soon as it’s ready, following which holders will be able to become stakeholders in the success and security of the network, by delegating their stake to validators.

Where Can You Buy OMG Network?

The are highly liquid and can be purchased or traded on well over 200 different exchange platforms, including several top 10 exchanges — such as Coinbase Pro and Binance. Some of the most popular trading pairs include /USDT, OMG/BTC and OMG/ETH. The can also be traded against several fiat currencies, including U.S. dollars (USD), euros (EUR) and British pound sterling (GBP)

- Advertisement -


Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

- Advertisement -binance
Related Articles