What is OMG Network (OMG)? – How to Use and Buy it?

What is OMG Network (OMG)? - How to Use and Buy it?

What is OMG Network?

OMG Network, known initially as OmiseGo, is a layer-2 scaling solution that is not custodial and was created for the Ethereum blockchain. 

A public, decentralized network, OMG Network, an Ethereum scaling solution, aims to make it possible for users to send ETH and ERC20 tokens far more quickly and cheaply than when doing so directly on the Ethereum network.

OMG Network makes peer-to-peer transactions possible at high throughput and cheap costs. 

Anyone can exchange value between nations, asset classes, and applications through the OMG Network.

Plasma, a framework created by Joseph Poon, a blockchain expert and Ethereum developer Vitalik Buterin, serves as the foundation for the OMG Network.

The OMG utility token, which can be used as one of the payment options for fees on the OMG Network, powers the network and eventually will be stakable, aiding in network security in exchange for benefits.

Who Are the Founders of OMG Network?

At the moment, more than 50 employees are working for the OMG Network all around the world. 

It was established by Vansa Chatikavanij, a Thai-born individual who works as a subsidiary of SYNQA, a fintech company with headquarters in Thailand that was formerly known as Omise Holdings.

OMG Network’s COO is Stephen McNamara, a former Huawei Technologies executive in charge of the company’s blockchain R&D strategy, and its CTO is Kasima Tharnpipitchai, a highly skilled engineer and consultant.

What Makes OMG Network Unique?

Before major organizations consider developing their products and apps on the Ethereum network, according to OMG Network, significant speed and cost restrictions must be removed.

To assist Ethereum in becoming more appealing to organizations and projects that wish to scale while lowering their carbon footprint, the OMG Network project was created. 

It accomplishes this through its plasma-based sidechain solution, which can lower electricity consumption by up to 99% compared to Ethereum and reduce costs by about two-thirds while guaranteeing assets remain secured by the underlying Ethereum network.

$25 million was raised for the platform during its 2017 initial coin offering (ICO). 

Additionally, the parent company of OMG Network, SYNQA, recently secured an additional $80 million in Series C funding, backed by many significant financial institutions, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

How Many OMG is in Circulation?

There are 140,245,398 OMG tokens in circulation, of which 65.1% were obtained in a public initial coin offering (ICO), 5% were distributed freely to users in their wallets, and 20% were held in reserve for the OMG Network. The team has been given the remaining 9.9%.

How is the OMG Network Secured?

Currently, a proof-of-authority (POA) consensus method protects the OMG Mainet. 

This means that the network is currently under the control of a single block producer (OMG Network), and users are dependent on this block producer’s reputation for accurately confirming transactions.

A proof-of-stake (POS) consensus method will eventually be implemented on the OMG Network mainnet, enabling users to assign validators with access to their tokens. 

Users of the OMG Network will be able to increase their earnings while enhancing network security by staking their tokens to validators.

How Can Crypto Investors Use OMG Network (OMG)?

Users can build an OMG web wallet by going to the official OMG Network website.

Users can deposit money and manage it on the Plasma chain after creating a wallet.

On the Layer 2 plasma and child chains of the OMG Network, OMG is primarily utilized to perform value-transfer operations. 

It can also be used as a payment method and a speculative investment tool.

Where to Buy OMG?

OMG tokens are very liquid and are available for trading or buying on more than 200 different exchange platforms, including several of the top 10 exchanges, such as:

  • Coinbase Pro
  • Binance


  1. Can users stake with OMG?

The OMG Network does not presently support staking.

  1. Is OMG Network an Ethereum rival?

OMG Network is a layer 2 protocol, and the Ethereum Network transactions are made more accessible as a result.

  1. How much is 1 OMG?

1 OMG is currently worth 1.38 USD.

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