OMG
Reputation Ratings

OMG

OMG Network 5-10 years
Website https://omg.network/
Browser
OTH RELPs
Github
White Paper
Avg Price
+4.36%
1D

$ 0.7204 USD

$ 0.7204 USD

Market Cap

$ 103.99 million USD

$ 103.99m USD

24h trading volume

$ 14.425 million USD

$ 14.425m USD

7d Vol

$ 103.944 million USD

$ 103.944m USD

Circulating supply

140.245 million OMG

Related information

Issue Time

2017-06-27

Platform pertained to

--

Current price

$0.7204USD

Market Cap

$103.99mUSD

Volume of Transaction

24h

$14.425mUSD

Circulating supply

140.245mOMG

Volume of Transaction

7d

$103.944mUSD

Change

24h

+4.36%

Number of Markets

380

Github Messages

More

Warehouse

None

Github's IP Address

[Copy]

Codebase Size

27

Last Updated Time

2020-12-03 01:36:07

Language Involved

--

Agreement

--

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Introduction

Markets

3H

+1.44%

1D

+4.36%

1W

+13.45%

1M

+10.83%

1Y

-1.81%

All

+27.71%

Aspect Information
Short Name OMG
Full Name OMG Network
Founded Year 2017
Main Founders Vansa Chatikavanij
Support Exchanges Coinbase Pro, Binance, Huobi, and Kraken
Storage Wallet Trust Wallet, Atomic Wallet, MetaMask, My Ether Wallet, Ledger, Trezor, and KeepKey

Overview of OMG Network(OMG)

The OMG Network, previously known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. This cryptocurrency aims to facilitate faster, cheaper transactions and interoperability between disparate blockchains. The network utilizes a technology called MoreViable Plasma, which aggregates multiple transactions off-chain into a single transaction on-chain, fundamentally increasing the potential throughput of Ethereum. The associated cryptocurrency token of the network is OMG. Established in 2017, OMG Network is a project of SYNQA, a digital payment service provider in Asia. The network is designed to serve needs of businesses and individuals requiring affordable and rapid transactions without compromising the security and decentralization offered by blockchain. As a utility token, OMG is used primarily within the network for staking and securing transactions in the network's proof-of-stake (PoS) consensus model.

Overview of OMG Network(OMG)

Pros and Cons

Pros Cons
Increases the scalability of the Ethereum network Dependent on the success and security of the Ethereum platform
Lowers transaction costs Tech and adoption is still developing
Allows for interoperability between different blockchains Competition with other scaling solutions
OMG token holders can stake their tokens for network validation Fluctuating market prices can affect the staking rewards
Non-custodial, ensures private keys are not held by a third party Requires understanding of cryptocurrency and technological proficiency for setup and usage

By diving into a comprehensive analysis of its strengths and weaknesses, It will equip you with the knowledge needed to make informed decisions in this dynamic digital realm.

Pros:

1. Increased scalability: The OMG Network increases the scalability of the Ethereum network by aggregating multiple transactions off-chain into a single transaction on-chain. This results in a higher transaction throughput.

2. Lowered transaction costs: Transactions made on the OMG Network are less expensive than those on the Ethereum mainnet because of the aggregation of multiple transactions into one.

3. Interoperability: The OMG Network allows for interoperability between different blockchains, creating possibilities for transactions and interactions that were previously not feasible.

4. Staking Rewards: OMG token holders have the opportunity to stake their tokens for network validation, helping secure the network and earning rewards for their stake.

5. Non-custodial: The OMG Network is non-custodial. This means users control their own private keys, as they are not held by a third party. This increases the security of user assets.

Cons:

1. Dependence on Ethereum: The success and security of the OMG Network is heavily dependent on the Ethereum platform. Any issues or drawbacks with Ethereum could potentially affect OMG.

2. Still under development: Despite its innovative technology, the OMG Network is still in a phase of technological development, and widespread adoption has yet to be achieved.

3. Competition: The OMG Network faces competition from other scaling solutions, both within and outside the Ethereum ecosystem. These competitors could potentially hinder its growth.

4. Fluctuating Staking Rewards: The rewards gained from staking OMG tokens are influenced by market prices. If the price of OMG experiences large fluctuations, this can lead to uncertainty regarding the staking rewards.

5. Technological proficiency required: The use and set up of the OMG Network necessitate a certain level of understanding in cryptocurrency and technological proficiency. This could potentially be a barrier for many users.

What Makes OMG Network(OMG) Unique

The OMG Network is an innovative layer-2 scaling solution that provides a specific mechanism to increase the scalability and speed of transactions on the Ethereum network, which is one of the major challenges various cryptocurrencies are aiming to solve. It employs a unique technology called MoreViable Plasma, which allows it to aggregate multiple transactions off-chain into a single transaction on-chain. This increases the potential throughput of Ethereum, resulting in faster, cheaper transactions.

Moreover, OMG Network promotes interoperability between different blockchains. It allows a variety of cryptocurrencies to be moved across different platforms, which is not a common feature among many existing cryptocurrencies. So, it seeks to overcome the issues of interoperability and siloing in the blockchain space.

However, while the OMG Network has these distinct features, it also shares common characteristics with other cryptocurrencies, like being based on the proof-of-stake (PoS) consensus model, having use cases related to staking, and being susceptible to market fluctuations affecting its value. It's also reliant on the Ethereum platform for its operations, like many other tokens created on the Ethereum's ERC-20 standard.

What Makes OMG Network(OMG) Unique

How Does OMG Network(OMG) Work?

The OMG Network operates as a Layer-2 scaling solution, specifically built for the Ethereum blockchain. This means it resides on top of the Ethereum blockchain itself, allowing it to take advantage of Ethereum's smart contract functionality while also providing scalability solutions. It operates on a proof-of-stake consensus model, which means that the OMG tokens held by users can be staked to help validate transactions on the network.

The network's key working principle is its use of a unique technology known as More Viable Plasma. More Viable Plasma essentially processes transactions off-chain by grouping many individual transactions into a single batch. This batched transaction is then broadcasted to the Ethereum network to be added to the blockchain.

By moving most transactions off-chain, the OMG Network significantly reduces the transactional load on the Ethereum mainnet, resulting in much faster transaction speeds and lower fees.

It's also designed to provide interoperability between different blockchains, enabling cross-chain transactions. In other words, it facilitates the exchange and interaction of multiple cryptocurrencies across diverse blockchain platforms.

In terms of security, despite transactions being processed off-chain, the OMG Network still ensures the security and decentralization of the Ethereum network. This is achieved by submitting proofs to the Ethereum network, which link back to the batched transactions, ensuring users can validate and verify transactions as needed.

How Does OMG Network(OMG) Work

Exchanges to Buy OMG Network(OMG)

For those interested in trading the OMG token, it is available on numerous exchanges

1. Binance: This is one of the largest and most well-known cryptocurrency exchanges globally. With regards to the OMG Network token (OMG), Binance allows trading with various pairs, including OMG/USDT, OMG/BTC, and OMG/ETH. Binance also offers options for spot trading, margin trading, and futures contracts for the OMG token.

2. Coinbase: One of the leading exchanges in the cryptocurrency space, it's known for its user-friendly interface. It provides support for buying, selling, and storing OMG. The exchange offers the OMG/USD pair, allowing users to purchase OMG directly with fiat currency.

3. Kraken: This is another expansive cryptocurrency exchange that supports purchasing and trading of the OMG token. Trading pairs available on Kraken include OMG/USD, OMG/EUR, OMG/BTC, and OMG/ETH.

4. Huobi: Huobi is a Singapore-based cryptocurrency exchange, supporting various cryptocurrencies, including the OMG token. Trading pairs on Huobi for OMG includes OMG/USDT, OMG/BTC, and OMG/ETH.

5. Bitfinex: Bitfinex is a Hong Kong-based cryptocurrency exchange that offers a wide selection of trading pairs including OMG/USD and OMG/BTC. Users also have the option to use advanced trading features such as margin trading.

6. OKEx: OKEx is a well-regarded exchange that allows users to trade the OMG token against various pairs such as OMG/USDT, OMG/BTC, and OMG/ETH. It also provides futures trading for the OMG token.

Exchanges to Buy OMG Network(OMG)

How to Store OMG Network(OMG)

The OMG Network token (OMG) is based on the Ethereum platform's ERC-20 token standard, which means it can be stored in any wallet that supports ERC-20 tokens. Here are some wallet types and specific wallets that you can use to store OMG tokens:

1. Web Wallets: These wallets run on internet browsers like Chrome, Firefox, or Safari. They are easy to use and can be accessed from anywhere with an internet connection. An example of a web wallet that supports OMG tokens is MyEtherWallet.

2. Mobile Wallets: Mobile wallets are apps on your phone. They are convenient because they can be used anywhere, including retail stores. Trust Wallet and Coinbase Wallet are good examples of mobile wallets that support OMG tokens.

3. Desktop Wallets: These wallets are downloaded and installed onto a PC or laptop. They only exist on that one device, but they offer a high level of security. Exodus and Atomic Wallet are desktop wallets that support OMG tokens.

4. Hardware Wallets: For those seeking the highest level of security and willing to pay for it, hardware wallets may be the best choice. These wallets store the user's private keys on a hardware device like a USB. They are entirely safe from computer vulnerabilities since they are held offline. Ledger Nano S and Trezor are examples of hardware wallets that support OMG tokens.

5. Paper Wallets: The most basic form of a wallet, a paper wallet, is just a physical printout of your public and private keys. It can't be hacked digitally since it exists only in physical form, but it can be physically lost or damaged. WalletGenerator is a popular tool for creating paper wallets for various tokens, including OMG.

How to Store OMG Network(OMG)

Should You Buy OMG Network(OMG)

Buying OMG Network (OMG) tokens might be suitable for diverse individuals or entities, keeping respective financial goals, risk tolerance, and understanding of the cryptocurrency market in mind.

1. Crypto Enthusiasts and Technologists: People who are enthusiastic about blockchain technology, especially Ethereum, and believe in its long-term potential to solve scalability issues might consider buying OMG. They understand the tech behind MoreViable Plasma and see value in it.

2. Speculative Traders: These individuals might look to buy OMG aiming for short-term or mid-term profits based on market movements. Cryptocurrency's high volatility can provide lucrative trading opportunities for experienced traders.

3. Long-term Investors: Those who believe in the long-term growth of Ethereum-based projects and perceive the OMG Network as a valuable addition to the Ethereum ecosystem might look at OMG as an investment for the future.

Conclusion

The OMG Network, evolving from its roots as OmiseGO, represents a significant stride in the realm of decentralized exchanges, aiming to revolutionize the way assets are transferred across borders and between major payment platforms. With its origins tied to the reputable payment gateway company, Omise, and having the backing of Ethereum's pioneers, Vitalik Buterin and Joseph Poon, the project holds substantial promise. Its successful ICO in 2017 and the recent launch of its V1 Mainnet Beta underscore its potential in enhancing transaction speeds and reducing costs for Ethereum and ERC-20 token transfers. While the token is widely accessible on major exchanges and compatible with numerous wallets, the future trajectory of the OMG Network will largely depend on its ability to deliver on its vision, navigate competition, and foster trust within the cryptocurrency community.

FAQs

Q: What was the primary motivation behind the establishment of the OMG Network?

A: The OMG Network was set up to use Blockchain in facilitating international payments, stemming from the belief that unrestricted global value transfer is a fundamental human right.

Q: How does the OMG Network's Plasma architecture interact with the Ethereum chain?

A: The OMG Network's Plasma relies on a child chain architecture that communicates with the root chain by passing a hash of transactions periodically, while also allowing challenges to the validity of a child chain transaction.

Q: What mechanism ensures the security of assets if the child chain stops creating blocks or its consensus mechanism fails?

A: Users can claim their tokens through the block roots, ensuring the process remains trustless without a centralized third party.

Q: How does the OMG Network aim to alleviate Ethereum's scalability issues?

A: The OMG Network aggregates transactions before publishing them to the root chain, decongesting the Ethereum chain without sacrificing security.

Q: What is the utility of the $OMG token within the OMG Network?

A: $OMG is used to pay for transactions within the network and, being on a Proof-of-Stake (PoS) chain, allows holders to participate in securing the network by staking as a validator node.

Q: How does the OMG Network's tokenomics model benefit its validators?

A: Holders of $OMG tokens can stake as validator nodes and may earn staking rewards in $OMG tokens or other ERC-20 tokens.

Q: What recent addition to the OMG Network could potentially reduce congestion on the Ethereum network by up to 15%?

A: The recent addition of Tether to the OMG Network.

Q: How does the OMG Developer Portal support the integration and understanding of the network's architecture?

A: The OMG Developer Portal offers resources for understanding the network's principles, integration documentation, tools, code examples, tutorials, and migration guides.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

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6 ratings

Participate in evaluation
Dory724
Scalable blockchain for financial services. Strong team and partnerships. Future success depends on adoption and regulatory landscape.
2023-12-07 18:38
7
leofrost
OMG Network (OMG) aims to improve the scalability of Ethereum by facilitating faster and cheaper transactions
2023-11-21 03:11
1
FX1124654999
The price volatility of Nenmo Coin is headache-inducing, sometimes it goes up and sometimes it drops. However, its liquidity is still decent, making it relatively convenient to trade. Hopefully, it can have a more stable development.
2024-04-16 06:31
7
FX1697473115
I like the security of 嫩模币, unfortunately the customer support is not satisfactory. The interior & layout are okay too.
2023-10-23 06:36
7
Windowlight
One coin you should add to your portfolio
2023-11-03 03:52
9
Jenny8248
OMG coin, also known as OmiseGO, is a cryptocurrency with a focus on decentralized finance. Its ambition to create a seamless and interoperable financial ecosystem is admirable. However, it's essential to consider the competitive DeFi landscape and the progress of its development when evaluating its potential. Keep an eye on OMG coin for future advancements in the space.
2023-11-06 19:38
9