About OMG Network
The OMG Network (formerly OmiseGO) is a value transfer network for Ethereum and any ERC-20 token. It describes itself as the first production-grade layer-2 Ethereum scaling solution and aims to let people move money and a variety of digital values on the blockchain faster, cheaper, and without compromising on security.
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Searched
20
Market Stats
Market Cap
$16.97M
0.7%
FDV
$16.97M
Circ. Supply
140M OMG
Max Supply
140M OMG
Total Supply
140M OMG
Diluted Valuation
$17.08M
Performance
Popularity
#923
Dominance
0%
Volume (24H)
$2.79M
-9.86%
Volume (7D)
$22.91M
Volume (30D)
$86.47M
All time high
$28.35
Price Change (1Y)
-53.81%
Additional details
Market details
OMG vs markets
↘ 71.66%
OMG vs BTC
↘ 72.65%
OMG vs ETH
↘ 69.79%
Tags
medium-of-exchange
defi
payments
scaling
+2
Network & Addresses
Network | Address | |
---|---|---|
Ethereum | 0xd26114cd6EE289AccF82350c8d8487fedB8A0C07 |
Price history
Time | Price | Change |
---|---|---|
Today | $0.12 | ↗ 0.33% |
1 Day | $0.12 | ↗ 0.33% |
1 Week | $0.13 | ↘ 4.84% |
1 Month | $0.16 | ↘ 25.43% |
1 Year | $0.26 | ↘ 53.81% |
FAQ
The OMG Network is a public, decentralized network that enables high-throughput, low-cost peer-to-peer transactions. Anyone can exchange value across regions, asset types, and applications via the OMG Network. Notably, OMG was previously known as OmiseGO. The OMG Network is built on Plasma, a framework developed by Ethereum creator Vitalik Buterin and blockchain specialist Joseph Poon.
The OMG Network employs the use of Layer-2 Plasma architecture to provide high throughput and safety guarantees for third parties who want to build a scalable, decentralized payment app on the Ethereum (ETH) network. The network employs users to access, manage, and deal with digital assets stored safely on the blockchain. Layer 2 is a secondary protocol built on an existing blockchain system. The goal of Layer 2 protocols is to solve the transaction speed and scaling difficulties that trouble cryptocurrency networks.
The OMG Platform builds a value transfer layer on top of Ethereum that combines Ethereum transactions and verifies them through a speed-optimized child chain (blockchain) before returning them to the Ethereum blockchain for confirmation. Child chains (also called plasma chains) are separate blockchains that are connected to the main Ethereum chain.
Problem: Ethereum has scaling limitations. A blockchain protocol's scalability refers to its ability to support high transactional throughput and future growth. Ethereum can only handle about 14 transactions per second. This happens because blockchain networks employ intensive procedures for verifying the data. Thus, scaling has always been a subject of intense scrutiny in the blockchain industry.
Solution: OMG Network solves this scalability issue by implementing a scaling system called More Viable Plasma (MoreVP) to considerably increase transaction throughput. The OMG Foundation, in particular, bundles transactions, compresses them into a single transaction, and verifies them on the OMG Foundation child chain. The child chain then returns confirmed transactions to Ethereum for blockchain confirmation. The OMG Foundation can process thousands of transactions per second thanks to this bundling technique. Because gas fees (transaction fees on Ethereum) are paid on the bundled, compressed transaction rather than each individual transaction, transaction costs are one-third of what they would be on Ethereum.
Notably, the three main components of the OMG Network are:
OMG is the utility token of the platform and the primary mode of interaction with the platform. OMG is based on the ERC-20 token standard.
OMG Network, as mentioned above, was known as OmiseGO and was launched in 2017. The company behind OmiseGO is Omise, a payment gateway provider headquartered in Thailand. Omise itself was founded in 2013. The initial coin offering (ICO) occurred in 2017 and raised $25 million.
The Omise team is led by Jun Hasegawa (CEO). Before working at Omise, Hasegawa was a director at Alpha-do Inc. and the cofounder and CEO of LIFEmee Inc. The other notable members of the Omise team are Ezra Don Harinsut (CEO/cofounder), Anuchit Chitpirom (chief operating officer), Frederico Araujo (chief information officer), June Seah (chief business development officer), Kazuhiro Koiso (chief financial officer), Nick Gan (chief growth officer), and Max Rokhline (chief product officer).
The whitepaper of the platform was published by Joseph Poon on June 17, 2017.
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Social stats
Popularity in posts
#1238
Contributors
129
Posts
205
% About OMG Network
0.024%
Hold times
0 days
X (Twitter)
80.18% bullish
Sentiment
4.3 ★
Highlights
129 unique individuals are talking about OMG Network and it is ranked #1,238 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, OMG Network has an average sentiment score of 4.3 out of 5. Finally, OMG Network is becoming less newsworthy, with 0 news articles published about OMG Network.
On Twitter, people are mostly bullish about OMG Network. There were 80.61% of tweets with bullish sentiment compared to 0.54% of tweets with a bearish sentiment about OMG Network. 19.39% of tweets were neutral about OMG Network. These sentiments are based on 217 tweets.
On Reddit, OMG Network was mentioned in 14 Reddit posts and there were 228 comments about OMG Network. On average, there were less upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.
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Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Coinbase makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset.
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