I. What is OMG Network?
OMG Network (OMG) is known as a Blockchain platform that uses the Proof of Stake algorithm to provide infrastructure for decentralized payment processing of e-wallet service providers.
Coming to OMG Network, users are allowed to exchange cryptocurrencies in a peer-to-peer (P2P) manner without using a traditional exchange. OMG Network offers cutting-edge technology to enable safe, decentralized, and transparent cryptocurrency payments so that everyone can have access to global banking and financial solutions. fast and economical
In essence, OMG Network functions like a Blockchain gateway that secures digital assets, a decentralized bank, and a decentralized exchange. The OMG Network project was started with the main objective of becoming the world’s leading trade and payment platform.
The MoreViable Plasma scalability solution, on which OMG Network is built, employs the Sidechain architecture to combine numerous off-chain transactions into a batch rather than one at a time.
With current technology, Ethereum may scale to thousands of transactions per second (TPS), which is substantially quicker than Ethereum’s current transaction pace.
II. History of OMG Network
OMG Network offers cutting-edge technology to enable safe, decentralized, and transparent cryptocurrency payments so that everyone can have access to global banking and financial solutions. fast and economical
In essence, OMG Network functions like a Blockchain gateway that secures digital assets, a decentralized bank, and a decentralized exchange. The OMG Network project was started with the main objective of becoming the world’s leading trade and payment platform.
The MoreViable Plasma scalability solution, on which OMG Network is built, employs the Sidechain architecture to combine numerous off-chain transactions into a batch rather than one at a time. With current technology, Ethereum may scale to thousands of transactions per second (TPS), which is substantially quicker than Ethereum’s current transaction pace.
The whitepaper of the platform was published by Joseph Poon on June 17, 2017.
III. Striking Features of OMG Network
OMG was developed to be a means of payment between blockchains on Ethereum. Using the Proof of Stake (proof of stake) algorithm. Compared to Proof of Work of Bitcoin and Ethereum 1.0, it is faster, highly scalable, and less polluting.
However, because OMG Network is no longer in use, we do not need to learn much about its characteristics to do.
Using the optimal PoS method
If the PoW (Proof of Work) consensus mechanism – where Miners have to use the power of the miner to mine each block and confirm the transaction, OMG Network stands out for the mechanism using the PoS method – where miners Mining just needs to Stake OMG Token into Smart Contract.
White-Label SDK – White Label Wallet Software Development Kit
With the White-Label SDK, OMG Network easily provides its financial and payment solutions to different businesses. This integration promises to help OMG Network reach a variety of businesses with needs.
Digital Asset Gateway
The OMG Network platform allows users to access, manage and trade assets safely and with good security on the Blockchain network.
Decentralized Exchange (DEX)
DEX stands for “Decentralized Exchange”, roughly translated: decentralized exchange. It is a secure scalable PoS Blockchain that allows tradable assets on any digital form.
As a result, OMG Network provides a DEX solution for transactions executed and managed on the DEX Chain. The transaction validation will be done by OMG Stakers (PoS mechanism).
Expand the network with the Layers mechanism
OMG Network is designed with Plasma structure, so the scalability and security are very good, and the transaction costs are relatively low.
High interoperability
According to OMG Network, all financial applications on Blockchain can be integrated into OMG Network’s network, participating in exchange transactions. As a result, OMG Network’s digital asset exchange network has greater scalability in the future.
IV. Core Technology of OMG Network
Structure of OMG Network
OMG Network uses the Childchain Plasma architecture, MoreViable Plasma. Thus, the platform works by grouping off-chain transactions into a Merkle tree before periodically sending a “root hash” containing the transactions to the Ethereum mainnet.
The platform will have a decentralized group of watchers that observe the subchain and block producer to ensure correct confirmation of network transactions. Watchers will check that the subchain is in compliance with the protocol, does not retain blocks or interferes with the order of transactions to ensure the safety of OMG user content.
To verify transactions, OMG Network uses a Proof-of-Stake (PoS) consensus algorithm to limit resource centralization and minimize energy consumption.
Not stopping there, the combination of PoS and MoreViable Plasma algorithms has helped OMG Network significantly reduce electricity usage by up to 99% compared to using Ethereum, cut infrastructure costs by about ⅔ and increase speed transactions up to 4,000 tps.
V. What is OMG Token?
1. Detailed Information about OMG Token
- Token Name: OMG Network Token.
- Ticker: OMG.
- Blockchain: Ethereum.
- Token Type: Utility Token.
- Token Standard: ERC20.
- Circulating Supply – Circulating Supply: 140,245,398.
- Total Supply – Total supply: 140,245,398.
- Max Supply – Maximum supply: 140,245,398.
- 24 hour Trading Vol – 24 hour trading volume (November 14, 2021): $932,799,906
- Market Cap – Market Cap: $1,682,923,949.
- Contract: 0xd26114cd6ee289accf82350c8d8487fedb8a0c07
2. OMG Token Allocation
3. OMG Token Noticeable Milestones
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4. Use Cases of OMG Token
- Payment currency for transactions.
- Use Stake and become a Validator.
- As a reward for the Validators.
VI. How to earn & own OMG Token?
Currently, OMG Token is listed and supported for trading on a number of exchanges such as: Binance, Bitfinex, Upbit, Currency.com, Coinbase Exchange, OKEx, FTX, Decoin, P2PB2B, Kraken, Gate.io, Huobi Global , KuCoin, CoinTiger, Bitstamp, Sushiswap, XT.COM,etc.
In which, OMG Token is the most traded on Binance, accounting for 18.26% of the total trading volume.
You can refer to and choose one of the exchanges above to buy and sell OMG Token.
VII. Which Crypto Wallets are suitable for OMG Token?
- Hardware wallets: Ledger Nano, Trezor, Jaxx,etc
- Soft wallets: Coin98 Wallet, MyEtherWallet, imToken, MetaMask,etc
- Exchange Wallet: Wallet from the exchange you choose to trade OMG Token.
VIII. OMG Token Recent Developments
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IX. Teams, Funds & Partners of OMG Token
1. Team
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2. Investment Funds
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3. Partners
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X. Where can OMG Token information be updated?
Currently, Crypto users can fully consult, research, and analyze information about OMG through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc.
These media are constantly updated with useful information, new activities, outstanding events of OMG and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.
XI. FAQs about OMG Network
- How secure is OMG Network?
The OMG Network mainnet moves to a proof-of-stake (PoS) consensus system, allowing users to delegate their tokens to validators. As a result, OMG Network users can earn more rewards and improve the security of the network.
- Who are the potential partners of OMG Network?
Currently, OMG Network is working with several groups and companies such as: AlgoZ, Quantstamp, Hydro Labs, Krungsri Finnovate, Nomura, Ethereum Community Fund, MVL and ShinhanCard.
- Besides PoW, does OMG Network use any other technical data?
- Proof of Authority: Algorithm used with Blockchains to provide fast transactions through consensus mechanisms based on identity as stake.
- Plasma Chain: A framework that allows the creation of child Blockchains using the main Ethereum chain creating trust.
- Child Chains: These chains act as the transaction chain of the parent-child architecture.
- Where can I get updates and more information about OMG Network?
- Website: https://omg.network/
- Telegram: https://t.me/omisego
- Twitter: https://twitter.com/omgnetworkhq
- Reddit: https://www.reddit.com/r/omise_go/
- Blog: https://omg.network/blog/
Conclusion
OMG network is now gradually transforming into Boba Network, so in the near future there will be no more OMG coin but instead Boba coin. Holders of OMG coin can convert to BOBA by airdrop ratio 1:1. Investing in OMG coin now is really an unnecessary investment because it will eventually turn into a BOBA. Time to switch to L2 before 12/11/2022. Please consider carefully when investing in this project.
The above is Meta Lion’s comment on the OMG Network project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.
