OMG Network
OMG Network is a layer 2 solution for Ethereum that enables the rapid and secure transmission of digital currency and digital assets throughout the network.
OMG aspires to be a leading-decentralized exchange, facilitating the international transfer of cryptocurrency and the settlement of financial transactions. Similarly, the platform seeks to achieve better transaction throughput at a reduced cost while leveraging the security provided by the Ethereum network.
OMG Network enables the scaling of the Ethereum network's transfer layer, thereby accelerating transaction processing. As a result, while users depend on the Ethereum network for security, OMG improves the network's general functionality.
OmiseGO Pte Ltd., a wholly owned subsidiary of Omise, a payments processor based in Thailand, created the OMG Network in 2013. Omise, which used to be called OmiseGO, changed its name to OMG Network on June 1, 2020.
In 2015, the company launched the Omise Blockchain Lab to perform research and testing on how it may implement blockchain technology into its operations.
Currently, the OMG Network is consists of more than 50 employees in various places throughout the globe. Vansa Chatikavanij serves as the current CEO.
Chatikavanij was the company's managing director until 2019 when she was promoted to the position of chief executive officer, which she holds today. The COO of OMG Network is Stephen McNamara, who used to be head of blockchain research and development strategy at Huawei Technologies. Expert engineer and consultant Kasima Tharnpipitchai holds the position of Chief Technology Officer at OMG Network.
The OMG Network is attempting to make a difference with its open approach to financial services. The project's ultimate aim is to make the monetary system accessible to more people. The OMG Network collaborates directly with banks to increase global financial inclusion in order to complete this big task. The objective of the OMG Network is to develop a product that simultaneously serves individuals who utilize conventional financial services and those who do not have access to them. This charitable feature distinguishes the OMG Network from many other projects currently on the market. It's also one of the key reasons the platform keeps getting more and more popular.
OMG Network is a proof-of-stake blockchain designed to settle and complete the transfer of assets across different e-wallets without requiring the e-wallets to trust one another.
The network also contains an integrated trading engine, via which e-wallet providers can publish orders and be matched with other parties looking to trade different assets.
These orders can be scheduled to finish in a certain Omise blockchain block, or they can be left open-ended based on the current prices of the underlying assets.
Not all payments have to go through the network's decentralized exchange. The OMG Network can also work with the Ethereum blockchain and the Lightning Network, a payment system designed on top of Bitcoin (BTC).
Work on the blockchain: OMG tokens must be purchased by OMG Network users to support the blockchain’s infrastructure. Validators: Validators must stake their OMG cryptocurrency by locking it in a smart contract for a specified amount of time and keeping it encrypted. Invest: OmiseGO can be bought and sold by investors and traders who think its value will increase in the future. Exchange: Users can swap their OmiseGO coins for other cryptocurrencies as well as fiat money.
| DATE | NEWS/EVENTS | IMPACT |
| 12/11/2021 | OMG price plummets after the BOBA airdrop snapshot | -41% Decrease |
| 01/10/2021 | OMG Network (OMG) reaches new ATH following the release of Layer 2 solution "Boba Network" | +37% Increase |
| 21/05/2020 | Coinbase announces the launch of OmiseGO (OMG) for Retail Traders and Mobile Applications | +31% Increase |
| 28/10/2019 | OmiseGO and PAX Gold will soon be available on the Kraken cryptocurrency exchange | +20% Increase |
| 06/04/2018 | Omise inks deal with major South Korean Banking Affiliate in win for Adoption | +28% Increase |
OMG is a widely renowned cryptocurrency that has successfully overcome multiple challenges. In terms of governance, it presents a one-of-a-kind value proposition that numerous investors may find appealing. If we take into consideration the fact that OMG is a blockchain that is capable of hosting decentralized applications, then perhaps we can start to figure out why crypto enthusiasts are so interested in this unique cryptocurrency.
