13 October 2021, 20:10
2 min reading
OMG Network, previously known as OmiseGo, is an Ethereum-powered decentralized platform aimed to solve the scalability issues of the second-largest blockchain by market cap. OMG Network’s technology relies on Plasma, a protocol designed to accelerate Ethereum transactions.
The rapid evolution of the DeFi industry that we all were witnessing in 2020 gave an incredible price push to the project’s native token OMG after investors, disappointed with Ethereum’s ridiculously high commissions and constant network congestions, began to look for alternative “layer-2” solutions for cross-chain transactions. The project succeeded to raise $25 million during their IPO in 2017 following previously received $17.5 million in Series B funding from venture capitalists.
Established by a lauded payment processing firm called Omise, OMG Network aims to leverage the OMG cryptocurrency to streamline how e-wallets issue new assets and execute transactions.
The idea is that customers often face various issues and obstacles when trying to transfer value from one platform to another.
The vision is that solutions like the OMG Network can trade assets on behalf of users, generating liquidity for transactions, and speeding up transfers on the blockchain, thus, serving as a real-time marketplace for assets across all participating systems.
The OMG Network encompasses features of a decentralized exchange, a liquidity provider, a communication tool, and a blockchain gateway for effective transfers. The OMG Network is famed for providing robust financial and e-commerce instruments and solutions using which, businesses and individuals can perform cross-chain transactions without applying to third-party crypto exchanges.
While many crypto projects pop up and vanish with little to no attention, The OMG Network indeed holds some promise behind it. First, the project was approved by the Bank of Thailand and the Thai Ministry of Finance, which is a good opening. Then, it is also supported by Ethereum’s founder Vitalik Buterin who is well-known for his ability to spot high-potential startups.
Since its inception, OMG has experienced significant growth and development. Today, it functions as a powerful second-layer scaling solution that dramatically amplifies the throughput capacity of Ethereum transactions. Moreover, thanks to the MoreViable Plasma protocol, individuals can bundle several transactions off-chain into one batch to reduce fees and improve efficiency.
The OMG Network was established by Donnie Harinsut and Jun Hasegawa – two smart entrepreneurs who also founded the successful payment processing company Omise.
In 2017, the network hosted an ICO, during which they sold 65% of the total supply of OMG. The result of the event was the collection of $25 million. The project received support from many big-name investors including Japan’s Toyota Financial Services Corporation and the Aioi Nissay Dowa Insurance Corporation.
20% of token total supply was allocated for future network costs, and 9.9% was indicated to pay compensations to the team.
The remaining 5% of OMG’s supply was distributed among Ethereum users who held at least 0.1 ETH on their wallets. By doing so, The Omise Company wanted to reward the Ethereum network for providing the opportunity to create an ERC-standard token OMG.
The main developer of the project is Joseph Poon. His portfolio includes the development of the Lightning Network and Plasma. His solid experience helped to make the OMG Network an outstanding project with huge potential.
An aspiring project, The OMG Network is determined to transform the financial world with an efficient and transparent approach to transactional services. The objective is to create a highly inclusive financial system. To achieve this ambitious goal, the project is actively building partner connections with large banks and financial institutions to help promote financial inclusion around the globe.
According to statistics, over 1.5 billion people in the world remain unbanked and cannot receive major financial services. Many people live in poor areas that cannot provide any infrastructure for safe and effective monetary operations. There are also people, such as residents of disputed or unrecognized territories, who cannot receive banking services for certain reasons.
This is where the OMG Network comes in handy. Its purpose is to create such a financial platform that would equally benefit those who use regular banks and those who do not have constant access to primary banking services. Such a philanthropic mission sets the OMG Network apart from other crypto projects. This is also one of the main reasons why the platform is enjoying massive adoption.
The OMG Network is designed to facilitate cross-platform transactions on the blockchain. Essentially a payment system with the decentralized exchange functionality, the network utilizes technology of the Ethereum blockchain and presents a scalable and fully transparent system.
The network offers many perks for its users, including tiny transactional fees, near-instant transfer execution, and withdrawal options. Recently, the Network released V1 Public Mainnet Beta, a cutting-edge scaling solution that can process transactions at Visa’s speed while offering the security of Ethereum.
The OMG Network team built a platform that will be available for everyone. Anyone can use its value transfer services. The system works with different currencies and various types of assets. As a result, users are able to send funds over the network without having a bank account and without paying any fees.
The team behind the project believes that Ethereum’s notorious speed and cost issues must be resolved before interested businesses deploy host their products and applications on the network.
As such, the OMG Network is created to help Ethereum become more attractive to businesses and projects that want to tap the power of DeFi and also reduce their carbon emissions. The network achieves this through its Plasma-based sidechain solution, which can help decrease electricity consumption by up to 99% compared to Ethereum and trim fees by around 2/3, while ensuring assets are well-secured.
The core of the OMG Network is presented by an interoperability protocol. It is like a decentralized exchange that bridges multiple blockchains, without requiring them to have a common gateway token.
Great flexibility is a synonym to the OMG Network. The system allows users to make payments, execute transfers, handle payroll accounting, along with providing helpful tools for B2B trading, supply chain management, and asset management.
Posing itself as a value transfer platform for ETH and all ERC-20 tokens, the OMG Network is the layer-2 Ethereum scaling solution that aims to help people send money and various digital assets on the blockchain faster, more cheaply, and without compromising security.
Employing the proof-of-stake consensus algorithm, The OMG Network boasts the security of Ethereum with an array of its own advantages. The most prominent characteristics of the network include a white-label e-wallet, the absence of transactional fees, and split-second transaction processing times.
One of the greatest appeals about OMG Network is its white label e-wallet that is loved by many users worldwide. This SDK wallet allows you to easily trade conventional money and cryptocurrencies. The wallet offers access to the gateway of the OMG Network. Digital loans and debit cards are also available for users.
The OMG Network’s native token is OMG. It is used to pay for service on the network. OMG is often ranked as one of the largest ERC-20 tokens in the world by market cap, along with the industry giants Bitcoin and Ethereum.
The developers wisely set a total supply of just 140,245 million OMG units. This creates a scarce supply, so that the OMG coin is believed to only increase in price in years to come.
Since the OMG Network relies on the proof-of-stake algorithm, you cannot obtain new OMG tokens through mining.
To an inexperienced person who has never owned crypto before, the process of buying OMG or any other coin like will seem complicated, long, and with various hitches and delays. How surprised you will be after knowing that can buy OMG online as easily as any other product or service, using your bank card.
Crypterium is a top-notch crypto wallet that couples high-end security with matchlessly generous functionality. Our solution allows you to buy OMG and a host of other popular cryptocurrencies with your debit card through the app or website. Designed with crypto beginners’ needs in mind, Crypterium allows you to buy cryptocurrencies with just €2, while charging a 0% commission on your first fiat-to-crypto purchase.
Buying OMG through Crypterium is a very straightforward process that will take only a few minutes of your precious time before you become an official owner of OMG.
The OMG Network is a non-custodial layer-2 scaling ecosystem designed to enhance the operation of the Ethereum blockchain. The network allows users to send transfers in ETH and various ERC20 tokens remarkably faster and cheaper than transacting through the Ethereum network.
With the ongoing advancement taking place in the OMG ecosystem as well as the overall performance at the crypto market, there is a chance that the OMG token will reach new heights in the near future, so investment in it today may bring nice returns over time. Do not take this as investment advice. Always conduct your own research before making any trading decisions.