October 5, 2021

Get to Know Crypto: OMG Network (OMG)

 Prior to the rebranding, OMG Network (OMG) was known as OmiseGO. Not many people know about this network, so the Intraday Team is interested in sharing OMG’s background before you make an investment.

From OmiseGO to OMG Network (OMG)

Launched in 2017 as OmiseGO by Bangkok -based electronic payment services provider Omisey.

Founded by Jun Hasegawa and Donnie Harinsut.

Rebranded on June 1, 2020 under the name OMG Network.

Trivia OMG Network (OMG)

Is a payment system (layer-2 scalable solution) developed in Ethereum with support for several digital assets.

The network operates as a single block producer, the Proof of Authority (PoA) chain.

Allows users to access, manage, and transfer Ethereum -based assets more efficiently.

Also detailed as a decentralized exchange, liquidity provider mechanism, messaging network, and blockchain gateway with digital assets.

The project received approval from the Ministry of Finance of Thailand and the Bank of Thailand with the objective of introducing a more inclusive financial system.

Received support from Ethereum founder Vitalik Buterin as well as Polkadot and Kusama founder Gavin Wood.

The uniqueness of OMG Network

Offers the existence of a childchain, More Viable Plasma or known as MoreVP.

OMG Network will collect (bundle) all transactions, make them into one transaction and confirm them in MoreVP before returning the transaction to Ethereum for verification in the blockchain. This bundle technique allows OMG Network to process millions of transactions per second. Transactions, on the other hand, can be reduced, only 1/3 of the actual cost in Ethereum because it is paid in bundled.

OMG Network as a decentralized exchange for other blockchains and among several blockchains directly without a trusted gateway token.

Users can make payments, transfer money across borders, and handle payroll accounting.

Supports B2B commercial commerce, supply chain financing, loyalty programs, asset management, and commerce.

Token OMG

As a utility token of the OMG Network project developed according to the ERC-20 standard.

Users and developers can use OMG to pay for services on the network.

The supply of OMG is only limited to 140,245 million for the purpose of maintaining its value at all times.

At the time of this writing, the value of OMG was recorded at $ 16.71, up over 2% in 24 hours.

For investors interested in adding OMG in the portfolio can get this asset on several platforms: Binance, Coinbase, Huobi, and Bithumb.