What is OMG Network?

What is OMG Network?

Formerly known as OmiseGo, OMG Network is an off-chain, layer-2 scaling solution created for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens much faster and cheaper than directly on the Ethereum network.

The network is supported by the OMG utility token, which can be used as one of the payment methods for fees on the OMG network and eventually can be staked.

In this article, we will cover topics like “OMG Coin review, OMG coin on Binance, the future of OMG coin, and buying OMG coin.”

What is OMG Network Coin?

OMG Network Coin is a utility token of the project it’s named after. OMG Network believes that the significant speed and cost barriers of Ethereum must be overcome before mainstream businesses consider creating their products and applications on the network.

Therefore, the OMG Network project was created to make Ethereum more attractive for businesses and projects that want to scale the network while simultaneously reducing its carbon footprint. The platform accomplishes this with a plasma-based sidechain solution that helps reduce electricity usage by up to 99% compared to Ethereum and cuts fees by about two-thirds, while ensuring the assets remain secure by the underlying Ethereum network.

The platform itself is supported by $25 million funds raised during its 2017 ICO. Additionally, OMG Network’s parent company, SYNQA, recently raised an additional $80 million in Series C financing and is supported by several major investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

Eventually, the OMG Network mainnet will transition to a Proof of Stake (POS) consensus system, allowing users to stake their tokens to help secure the network and earn rewards.

Until that time, OMG Network sidechains were secured by a form of simplified proof of collateral called authority proof (PoA) consensus mechanism, essentially controlled by a single block producer (OMG Network itself). OMG Network plans to transition to POS as soon as it’s ready, after which OMG holders will be able to delegate their stakes to validators, becoming stakeholders in the network’s success and security.

OMG Network Review

In reviews about OMG Network, we often see comments regarding the future of the OMG coin. Investors consider OMG token to be a cryptocurrency with a future, and although it may cause losses in the short term, it is thought to be profitable for long-term investments.

Additionally, it is believed that OMG coin will experience a significant increase following the ETH 2.0 update and that its price could even break records.

OMG Coin Chart

Looking at the OMG Coin charts, we see that the cryptocurrency is trading at $3.17 and 0.00024093 BTC at the time this article was prepared. Additionally, it’s worth mentioning that according to the charts, the OMG token saw its lowest at $0.3196 on July 16, 2017, and its highest at $28.35 on January 8, 2018.

Furthermore, according to CoinMarketCap data, OMG token, ranked 36th with a market cap of 444,203,913 USD, has a circulating supply of 140,245,398 OMG. The total supply amount of OMG coin is not stated.

Where to Buy OMG Network?

You can quickly purchase OMG tokens through Binance, the largest cryptocurrency platform in terms of trading volume.