OMG Network (OMG) Price

How Does The OMG Network Work?

The OMG Network is a public network designed to facilitate seamless and cost-effective peer-to-peer transactions. Offering cross-regional, cross-asset, and cross-application value exchange capabilities, the OMG Network empowers users worldwide. Formerly known as OmiseGO, this decentralized network is built upon Plasma, a framework developed by Ethereum's creator, Vitalik Buterin, and blockchain specialist Joseph Poon.

To overcome scaling limitations of Ethereum transactions, the OMG Network utilizes Layer-2 Plasma architecture. By leveraging this secondary protocol built on top of the Ethereum network, the OMG Network provides high throughput and safety guarantees, enabling the creation of scalable, decentralized payment applications. Users gain access to and manage digital assets securely on the blockchain, ensuring a reliable and efficient transfer layer.

What is MoreViable Plasma?

The network employs a scaling solution called MoreViable Plasma. The sidechain architecture groups multiple off-chain transactions into a batch, allowing them to be verified as a single transaction on the Ethereum root chain. OMG Network claims that this approach has the potential to increase Ethereum's scalability to thousands of transactions per second (TPS), far surpassing the current capacity of Ethereum 1.0, which is around 10 to 14 TPS.

What Problem Does The OMG Network Solve?

The scalability problem in blockchain protocols, including Ethereum, has hindered transactional throughput and future growth. Ethereum can handle only around 14 transactions per second because of data verification processes.

However, the OMG Network offers an efficient solution by implementing the More Viable Plasma (MoreVP) scaling system. Transactions are bundled, compressed, and verified on the OMG Foundation child chain before being confirmed on the Ethereum blockchain.

This bundling technique allows the OMG Foundation to process thousands of transactions per second. Moreover, gas costs on the OMG Network are significantly reduced, making transaction fees only one-third of those on Ethereum.

What Are the Components of the OMG Network (OMG)?

The OMG Network comprises three essential components that work seamlessly together:

1. OMG Network smart contracts: these contracts, deployed on Ethereum, provide users with an interface to move funds into and out of the network.

2. Child Chain application: managed by the OMG Network team, this application receives users' transactions, combines them into blocks, and shares them with the OMG Network smart contracts.

3. Watcher application: the Watcher continuously monitors the Child Chain application, ensuring its proper behavior and promptly reporting any anomalies to subscribed users.

What is the OMG Token?

OMG is the project’s native cryptocurrency that serves as the utility token and primary means of interaction within the OMG Network. It operates based on the ERC-20 token standard, enabling seamless integration and compatibility with various platforms.

What is a Brief History of the OMG Network?

The OMG Network, formerly known as OmiseGO, was launched in 2017 by Omise, a payment gateway provider based in Thailand. Omise itself was established in 2013. Through an initial coin offering (ICO) in 2017, they successfully raised $25 million.

The OMG Network team consists of more than 50 employees based in different parts of the world. It was founded by Thai-born Vansa Chatikavanij and operates as a subsidiary of SYNQA — a Thailand-based FinTech company that was formerly known as Omise Holdings.

Leading the Omise team is CEO Jun Hasegawa, who previously held positions at Alpha-do Inc. and co- founded LIFEmee Inc. Other notable members Ezra Don Harinsut (CEO/co founder), Anuchit Chitpirom (COO), Frederico Araujo (CIO), June Seah (CBDO), Kazuhiro Koiso (CFO), Nick Gan (CGO), and Max Rokhline (CPO).

The project’s whitepaper was authored by Joseph Poon on June 17, 2017.

Use our handy price chart to learn about the current price of OMG and the OMG Network price history. Our OMG price prediction can help you in making informed decisions regarding investing in the OMG cryptocurrency.

How Are New OMG Tokens Created?

New OMG Network tokens are created using the proof-of-stake (PoS) consensus algorithm. Validators stake OMG tokens to verify new blocks and receive compensation for their role. In case of inappropriate behavior, such as breaking consensus rules, the validator's staked tokens are burned on the OMG blockchain. As staked OMG tokens are stored on the root chain, OmiseGO validators must also operate a full Ethereum node.

The total supply of OMG tokens is 140,2M, and all these tokens are released into the current circulating supply.

What Is OMG Transition?

The OMG Network has transitioned to become the Boba Network, with a 1:1 airdrop of BOBA tokens to OMG holders.

This transition was necessary as the OMG Network was considered a dead project with no utility, while other Ethereum layer-two scaling solutions like Arbitrum and Polygon were gaining more popularity.

The Boba Network aims to salvage the project's community and provide utility by offering reduced gas fees and improved transaction throughput, all while maintaining compatibility with Ethereum.

The transition event involved rebranding the project and partnering with data privacy developer Enya to build a new Ethereum layer-two optimistic rollup. Users can transfer their assets from Ethereum to Boba using the Boba bridge, and Boba also offers a Fast Exit solution that allows users to withdraw their funds earlier than the usual seven days on Optimism.

What Is the Price of OMG Network Today?

Changelly, one of the leading crypto exchange services in the world, provides an interactive OMG chart that reflects the live OMG-USD price with real-time updates and comprehensive OMG price statistics. Our OMG Network price chart includes the latest data, such as the market cap of the OMG Network (OMG), its trading volume, and recent price changes.

What is the OMG Price History?

Also, you can access the OMG price history through our smart chart. It shows the current price of the OMG coin, along with the all-time low and all-time high price points of the OMG Network cryptocurrency. For example, the highest price paid for the OMG token is $28.35, while the lowest price paid for the OMG token is $0.31. The average price the OMG coin is traded today is $0.63.

What Is the OMG Network Price Prediction?

Our OMG price prediction offers assumptions on the potential price movements of the OMG Network coin at the crypto market.

Yet, our OMG forecast is not guaranteed because the cryptocurrency market is prone to extreme fluctuations, and multiple factors may affect crypto prices. These include market sentiment, regulatory changes, and more. The OMG Network OMG price can fluctuate rapidly too.Conduct thorough research of the crypto asset before you trade OMG Network or buy OMG.

Along with offering the live price and OMG Network price statistics, our cryptocurrency exchange platform also enables easy OMG coin exchanges and purchases with fiat currencies. You can pay with your local money via a debit card, credit card and more to buy OMG Network coins. Changelly is the number one choice to buy crypto swiftly and securely.

This text is for informational purposes only and must not be considered as investment advice.