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What is OMG Network (OMG)?
OMG Network —— A Layer-2 Scaling Solution for Transferring Value on Ethereum
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- OMG Network, formerly known as OmiseGo, is a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum blockchain.
- The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the Ethereum root chain.
- The OMG eWallet Suite enables users to build and integrate a front-end interface for different types of digital transactions.
- OMG is the native token of the OMG network. It is used to pay for the second-tier transfer. Watchers can pledge OMG.
OMG Network Key Metrics
| Recent Price | $9.38 |
|---|---|
Market Cap | $1,317,860,937.53 |
Circulating Supply | 140.245.398 OMG |
Total Supply | 140.245.398 OMG |
Max Supply | 140.245.398 OMG |
About OMG Network
OMG Network, formerly known as OmiseGo, is a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum blockchain. Simply put, the second-layer expansion solution is based on another blockchain (OMG sub-chain) on top of one blockchain (Ethereum), which transfers transactions to a faster chain with higher throughput, which can release the main block Precious block space on the chain, while speeding up and reducing costs.
While doing so, OMG Network retains the security and credibility of the second layer of transactions. OMG Network is compatible with ETH and ERC-20 tokens on the Ethereum blockchain. OMG is the native token of the OMG network. It is used to pay for the second-tier transfer. Watchers can pledge OMG.
OMG Network Project Team
The OMG Network just acquired by Genesis Block Ventures (GBV), a subsidiary of Genesis Block, a large over-the-counter trading company headquartered in Hong Kong . It was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based fintech firm that was formerly known as Omise Holdings.
As the projector founder, Vansa Chatikavanij received a master’s degree in earth and environmental sciences at New York's Columbia University. Following this, Chatikavanij held several consulting roles at prominent financial institutions including the International Finance Corporation (IFC) and World Bank Group, before founding OMG Network (then OmiseGo) in 2017.
Chatikavanij held the role of managing director at the company until 2019, before transitioning to the role of CEO, which she still holds to this day. Beyond this, Stephen McNamara — former head of blockchain R&D strategy at Huawei Technologies — is OMG Network's COO, whereas Kasima Tharnpipitchai, a heavily experienced engineer and consultant, is its CTO.
OMG Network Project Features
In order to release the block space on the Ethereum chain, OMG uses More Viable Plasma (MoreVP), which is an update of Plasma's second-layer expansion technology. Here, the OMG network bundles the transfer together, compresses it into a single transaction, and moves it to the OMG sub-chain (the second layer chain above Ethereum) for verification. Finally, the sub-chain sends the verified transfer back to the Ethereum main blockchain for final verification.
Due to the efficiency of the expansion technology, the OMG network can process thousands of transactions per second, and the cost of each transaction processed through OMG is exactly one third of the cost on Ethereum.
The reason why the OMG sub-chain can have such a good scale is because there is only one node in the network, the operator. In comparison, there are approximately 8,000 nodes on Ethereum. Although the single-node structure makes the OMG sub-chain more centralized than Ethereum, it can achieve much higher transaction throughput than the main blockchain.
However, despite the centralized nature of operators, a decentralized computer network called a watcher constantly monitors the operators for suspicious or malicious activities to ensure that the data submitted to the Ethereum blockchain is correct.
In addition, since the validator on the Ethereum blockchain must finally complete the transaction through the OMG network, in the entire process, a level of security and decentralization similar to the standard transfer on the main chain is achieved.
In addition, the OMG sub-chain is non-custodial, which means that the user's funds never really leave the Ethereum network, but are invested in smart contracts. Therefore, even if OMG is offline or under a major attack, users can normally withdraw funds.
