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Buy OMG Network

OMG Network

OMG
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Overview

#358Popularity
ScalingAsset type
2017Active since

What is OMG Network?

Buy OMG Network: Here’s the backstory of why people buy OMG crypto. With a name like OMG, this crypto would seem like a memecoin. However, it isn’t. OMG isn’t a short version of “Oh my God!” But it is a shortened version of Omisego, its former name.

OMG aims to revolutionise how we transact and interact with digital assets.

What is OMG crypto?

OMG, formerly known as OmiseGo, is more than just a cryptocurrency. It serves as the native token of the network, a non-custodial, layer-2 scaling solution built on the Ethereum blockchain. Here’s what it is used for.

Layer-2 Scaling Solution

The OMG Network addresses one of Ethereum’s major pain points — scalability. By using a Plasma sidechain, it enables faster and more cost-effective transactions for both ETH and ERC20 tokens compared to the Ethereum mainnet.

Decentralised and trustless

Unlike traditional financial systems that rely on intermediaries, the Network operates in a permissionless and trustless manner. Users can move assets directly from one blockchain to another without intermediaries like banks, making it a game-changer for cross-border transactions.

Seamless bridge

Founded by Jun Hasegawa, the OMG Network aims to create a seamless bridge between the crypto world and real-world applications.

Hasegawa’s vision centres around financial inclusion and accessibility, making this a project with a purpose.

To expand more on this idea of financial inclusion, here is some background information as to what problems the network aims to solve.

The network isn’t just about speed and cost savings.

The challenge

In many parts of the world, there are individuals who lack access to traditional banking services.

This could be people in rural or remote areas with limited physical bank branches. And, those without official identification or credit history.

Or even just low-income households. Plus, small business owners and entrepreneurs who need to access credit in order to grow.

Traditional banks often require extensive paperwork, physical presence, and credit checks.

High fees, minimum balance requirements, and geographical limitations exclude many from participating in the formal financial system.

Lack of access to loans, savings accounts, and secure payment methods hinders economic growth and financial stability.

OMG Network’s approach

By expanding its network and integrating with electronic wallets, the founders of the network aim to provide inclusive financial services. (While this isn’t the main thrust of the network, this is what media tends to emphasise.)

The network can enable digital identity solutions, allowing individuals without official documents to participate. This is through decentralised identifiers (DIDs) and verifiable credentials, people can prove their identity securely.

The network facilitates low-cost transactions, reducing fees associated with traditional banking.

Users can send and receive money across borders without intermediaries.The network could support microfinance initiatives. Small loans for entrepreneurs, farmers, or artisans can spur economic activity.

This is what the network is aiming for.

Proof of Stake (PoS) consensus

The network employs a PoS consensus mechanism, allowing users to stake their OMG tokens and participate in securing the network. This energy-efficient approach aligns with the broader trend toward sustainability in blockchain technology.

Child chains and scaling

The network's architecture includes child chains, which can process transactions independently. These child chains are connected to the Ethereum network (Ethereum mainnet), enhancing scalability while maintaining security.

Market cap and circulating supply

With a circulating supply of 140 million tokens, the network’s market cap stands at approximately $89 million (as at 17 April 2024).

OMG crypto price

As of the time of writing (April 17, 2024) the live price of OMG hovers around US$0.64.

You can check the real-time price at the top of this page 24/7.

Conclusion: Why investors buy OMG cryptocurrency

In a world where speed, security, and accessibility matter, the OMG Network aims to provide all three. OMG wants to redefine how we transact in the digital age.

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Frequently asked questions

What is OMG Network?

This crypto is a utility token designed to enhance the scalability of the Ethereum blockchain through its Plasma chain solution.

It was developed by Omise Holdings, a Thailand-based fintech company, and received early backing from Toyota Financial Services.

What is the total supply?

The total supply is 25 million. However, after the initial coin offering (ICO), only a portion of these tokens entered circulation, with the remaining 9.9 million held in reserve.

What can I do with the tokens?

Besides trading on exchanges, token holders can also stake their tokens to contribute to the network's security and earn rewards.

Does the network use smart contract capability?

Yes it utilizes smart contracts as part of its functionality. While the Plasma chain itself is not fully reliant on smart contracts for transaction processing, it does use them for certain operations such as deposits and withdrawals from the root chain (Ethereum).

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