[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"27daff18-7eeb-43b2-b802-1c0251b7d913","updated_at":"2022-07-28T12:44:00+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"The crypto community has faced a growing demand for blockchain-based networks with reasonable gas fees, high transaction speed, and good scalability. In this context, OMG Network was born as a focused-speed blockchain to satisfy users’ needs. Let’s take a deep dive into OMG Network! ","sapo":"The crypto community has faced a growing demand for blockchain-based networks with reasonable gas fees, high transaction speed, and good scalability. In this context, OMG Network was born as a focused-speed blockchain to satisfy users’ needs. Let’s take a deep dive into OMG Network! ","title":"OMG Network (OMG): Is It A Good Investement?","content":"

Overview of OMG Network (OMG)

OMG Network is a proof-of-stake blockchain designed to clear and process asset transfers across multiple e-wallets without the need for mutual reliability.

Billing itself as a non-custodial, layer-2 Ethereum scaling solution, the primary purpose of OMG Network is to create a faster and cost-efficient platform that facilitates transfers of ETH or ERC tokens.

History of OMG Network (OMG)

OMG Network was introduced in 2017 by a Thailand-based fintech company called Omise, which was founded in 2013.

In 2017, via an Initial Coin Offering (ICO), the OMG network received the support of prominent crypto figures, including Vitalik Buterin, the co-founder of Ethereum.

Not long after its launch, the OMG token reached its All-Time-High of $28.35

on Jan 08, 2018.

Originally known as OmiseGO, the blockchain was rebranded OMG Network on June 1st, 2020.

In 2020, OMG Network launched its public testnet with smart contracts, making it easier for the network to connect with Ethereum’s public testing platform.

About OMG Network (OMG) token

OMG Network (Symbol: OMG) is the utility native token that powers the whole OMG ecosystem.

OMG token also serves basic functions as many other native cryptocurrencies:

Gas fee: OMG serves as a payment for transferring tokens and processing transactions within the OMG Network.
Staking: OMG holders can participate in the verification of on-chain transactions as Validators by staking their tokens.
Rewards: Validators will get OMG rewards for their contribution to the OMG network.

How OMG Network (OMG) works

OMG Network works based on the following key components:

Child chain: Within the OMG network, the system is responsible for the entire transaction procedure, including taking users’ requests, confirming, putting them into blocks, and then deploying them to the root chain.
Plasma protocol: As an off-chain scaling solution for the Ethereum blockchain, Plasma protocol enables OMG Network to match transactions before publishing them to the Ethereum root chain.
Proof-of-Stake consensus mechanism: OMG Network relies on a Proof-of-Stake consensus model, which is based on decentralized watchers who will check the validation status of transactions without direct interference in the whole process.
Digital Asset Gateway: Digital Asset Gateway enables OMG network users to safely and securely manage and trade their digital assets.

Features of OMG Network (OMG)

OMG Network stands out among others due to prominent features as follows:

Low transaction fees
High transaction speed level
Smart contracts with high security

Outlook on OMG Network (OMG)

Describes itself as an Ethereum layer-2 solution, OMG Network provides the secure transfer of digital money and assets inside the network.

With staggering scalability, OMG Network can process up to 4000 transactions per second (TPS), making it more than 200% quicker than Ethereum.

With the aim to become a leading DEX, OMG Network is attempting to a platform supporting the cross-border transfer of crypto assets and the higher throughput while ensuring network security.

At the time of writing, OMG is trading at $2.06, showing a slight increase of 11.67% compared to last week.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[{"tag":{"tag":"DEX","id_tag":"dex"}}],"image":{"fileName":"omg-network-omg-deep-dive.png"}}]

OMG Network (OMG): Is It A Good Investement?

Related topics