What is OMG Network (OMG)?

What is OMG Network (OMG)?

Share on facebook
Share on linkedin
Share on twitter
Share on pinterest
Share on email

OMG Network, originally OmiseGo, is a non-guardian layer-two scaling option for Ethereum. The OMG Foundation rebranded and teamed with Enya to produce Boba Network, a new Ethereum layer-two optimistic rollup that lets developers expand DApps.

The OMG Network as such no longer exists; instead, the Boba Network inherited the OMG Network community.

The OMG Network guarantees everyone could have a digital wallet. This wallet is like the user's own blockchain bank account, and it allows users to trade on the financial market. The OMG Network wallet allows users to purchase goods, send money, and save several currencies.

To “Unbank the Banked,” OmiseGo is an open-source blockchain platform. OmiseGo is planned to compete directly with existing banks. OmiseGo arose from the Omise firm that previously handled numerous transactions in Asia.

The OmiseGo blockchain solution. So, OmiseGo is a similar option for intra-bank payments to the SWIFT network. Users who need to send money hefty fees. To do this, the user must have a corresponding bank account to perform the transaction.

Also, considerable fees are levied to effectuate this. These charges do not help people's financial predicament. However, thus far, the OmiseGo blockchain has enabled such transactions.

The platform introduced the OMG ERC20 token. That makes OmiseGo an Ethereum blockchain. This symbiotic link between OMG and the network allows OMG to scale. To make their own software wallets, they are creating tools.

In turn, OmiseGo wallets may contain a variety of currencies. Consider the euro, the US dollar, Bitcoin, the currencies of specific Asian nations, and the OMG native currency. The network's goal is to achieve very cheap costs so that big groups of individuals from impoverished countries may engage in financial traffic affordably.

 

Component OMG Network (OMG)
Technologies MoreViable Plasma, Child Chain Application, Watcher Application
Market Capitalization $886.7 Million+
Open-Source Yes
Consensus Mechanism Proof of Stake
Smart Contracts Yes
Founders/Authors Vansa Chatikavanij
Launch Date 2017
Circulating Supply of Coins 140,245,398 OMG
Maximum Coin Supply 140,245,399 OMG
Mining-based Coin? No
Is OMG Network a Stablecoin? No
Does OMG Network have a burn rate? No
Does OMG Network have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of OMG Network

OMG Network was developed by Omise Go Pte Ltd, a subsidiary of Omise, a payments processor located in Thailand that was formed in 2013. Omise, formerly known as OmiseGo, changed its name to OMG Network on June 1, 2020.

In 2015, the firm started investigating how blockchain technology may be used for its business, establishing the Omise Blockchain Lab to perform research and testing.

Then, in 2017, it established a new firm, raising $25 million via the sale of 65% of the supply of its OMG native cryptocurrency. OMG was able to attract investors because Omise collaborated with corporations like Alipay and McDonald's.

The OMG Network as a separate entity has ceased to exist; instead, the Boba Network has inherited the OMG Network community.

OMG Network was formerly dismissed as a dormant project with little use while competing Ethereum layer-two scaling alternatives such as Arbitrum and Polygon drew greater interest and successfully built operational ecosystems.

Boba Network's fusion (or takeover) is an effort to save the project's community and provide it with net usefulness. On Nov. 19, 2022, OMG Network holders will get a BOBA airdrop to commemorate the shift in government.

All OMG tokens were exchanged for BOBA tokens 1:1, and the airdrop snapshot occurred during the first Ethereum (L1) block. The takeover by Boba resulted in a more than 140% increase in the OMG token price over the previous three months in anticipation of the project being resurrected under a new brand and leadership.

Boba Network offers decreased gas rates and increased transaction throughput, all while maintaining Ethereum compatibility. As a result, the initiative argues, DeFi and NFT applications that are prohibitively expensive for retail users become inexpensive on Boba Network.

Additionally, Boba Network provides rapid exits supported by community-driven liquidity pools and a Boba NFT Bridge that enables NFTs to begin on Boba and cost-effectively connect to Ethereum.

As a result, users benefit from Ethereum's security and decentralization, as well as Boba's quick execution and cheap transaction fees.

Alan Chiu, who has over two decades of expertise establishing and investing in commercial firms, created Boba Network in 2018. He formerly worked as a partner at XSeed Capital and oversaw product management at Bycast, the market leader in private cloud storage.

In addition, Chiu also serves on the Alumni Board of the Stanford Graduate School of Business. Jan Liphardt is the co-founder and chief technology officer of the network.

Liphardt is also an associate professor of bioengineering at Stanford, where he co-founded the network that monitors the movement of sensitive information over the internet.

 

What makes OMG Network unique?

Boba's primary value proposition is multidimensional. On the one side, Ethereum's high gas prices provide an incentive to develop layer-two solutions such as Boba.

On the other hand, Boba offers to establish an ecosystem fund to promote innovative early-stage enterprises. Boba picked Optimism because it makes it simpler to keep current with Ethereum's growth by expanding on this scaling approach.

A significant benefit of Boba is its Fast Exit service, which allows customers to withdraw their cash sooner than the standard seven days on Optimism for a convenience charge.

In this situation, the network elected to depend on market forces to maximize efficiency. Additionally, Boba provides a bug bounty program with payments ranging from $10,000 to $100,000, depending on the severity of the reported problem.

Boba's bridge is designed to be quick and easy to use. It is accomplished by connecting the user's Metamask (or any other online wallet) to the network's bridge and moving money from Ethereum to Boba.

However, Ethereum gas costs will still apply to this transaction, which is why users should ensure that they have sufficient cash to complete the transaction.

 

What are the main uses for OMG Network?

OMG Network users are required to obtain OMG cryptocurrency so that they pay network fees on the platform. Using OMG Network contracts costs money, and that money is dispersed to the nodes on the network who enforce the terms of each contract.

 

What is the future potential for OMG Network?

Along with the Genesis Block Ventures listed in this OMG guide, the project continues to secure additional collaborations. Enya.ai has joined OMG Network as a strategic partner, according to the latest OMG Network news.

The partnership will increase the censorship resistance and privacy protection of DApps running on the OMG Network's Plasma technology. This revelation also indicates the platform's intention to develop a decentralized application ecosystem.

OMG Network is also investigating the use of tokenized loyalty points. Users and businesses may deal freely with tokens representing loyalty points using their system, which is secured by Ethereum.

 

Price analysis on OMG Network

OMG Network was initially launched in 2017, and its price analysis over the past five years are as follows:

 

  2017 2018 2019 2020 2021 to date
OMG Price High $18.5 $25.72 $2.84 $6.41 $19.12
OMG Price Low $6.05 $1.11 $0.59 $0.42 $2.5
Market Cap $1.27B $2.62B $399M $899M $2.68B

 

Price prediction on OMG Network

According to certain cryptocurrency specialists, OMG will not surpass $18 in 2023. The token's average price may be about $13-14, a decrease from its performance in 2022.

Analysts anticipate a modest uptick in 2024. The year may begin at the $14.5 level and end quite close to the $16 level.

 

Which wallets are the best option for storing OMG Network?

The best digital wallets for OMG are as follows:

  1. Ledger Nano X
  2. ZenGo
  3. Exodus
  4. Trezor Model T
  5. KeepKey Wallet

 

1. Ledger Nano X: One of the key characteristics of this wallet is that users do not have to expose their private keys to the potentially dangerous Internet environment when making transactions with the Ledger Nano X, like other hardware wallets.

Instead, it securely stores the keys offline and provides them one by one for each transaction. There are physical buttons on the device that need to be pushed to authorize a transaction.

 

2. ZenGo: ZenGo is genuinely revolutionary since its face recognition technology enables users to access their wallets without saving a seed phrase for wallet recovery in the event their smartphone is lost or stolen.

Its low trading costs, simple interface, and selection of over 70 cryptocurrencies make it a perfect choice for beginners.

 

3. Exodus: One of the key functions of this wallet is that the holdings of the user are safe and secure with Exodus' desktop wallet.

In the first place, it is the only desktop wallet to provide complete interoperability with ShapeShift, a popular quick cryptocurrency exchange supporting hundreds of coins.

As a result, Exodus users now have access to more than a dozen different cryptocurrencies, which is impressive.

Users can keep their cryptocurrencies in Exodus just like any other desktop wallet. Users do not need to download the whole blockchain to their computer while using Exodus since it is a minimalist wallet.

 

4. Trezor Model T: The Trezor Model T hardware wallet securely stores bitcoin private keys in “cold” storage, which is completely disconnected from the internet.

To initiate a transaction, users must link the Trezor with a computer, which will then supply users with the keys to a “hot” online wallet on a case-by-case basis. Users confirm transactions with a hardware wallet by physically pressing buttons on the device.

This approach safeguards the crypto assets by requiring physical engagement to authenticate transactions. This contributes to the prevention of remote theft.

 

5. KeepKey Wallet: KeepKey is a secure hardware wallet that enables users to access the world's most popular cryptocurrencies.

KeepKey was founded in 2015 to offer customers a safe environment in which to store their cryptocurrency. KeepKey, being a Hierarchical Deterministic (HD) wallet, may be thought of as a small computer optimized for the storage of private keys.

Best Bitcoin Wallets are the same as OMG wallets.

Where can you buy OMG Network?

OMG tokens can be bought, sold, and exchanged on the following exchanges:

  1. CoinTiger
  2. AAX
  3. OKEx
  4. Binance
  5. Kraken

 

1. CoinTiger: CoinTiger is a large and popular crypto exchange trading platform that welcomes traders and investors from around the world. With CoinTiger, users can trade, sell, and buy a wide range of digital assets.

In addition, traders also have access to sophisticated markets such as futures trading from a list of existing and new currencies.

 

PROS CONS
The exchange charges low and competitive fees There are limited charting analysis tools
There are several trading pairs offered Unregulated
There is a fast, innovative trading app offered  There is a limited selection of education and a lack of support
There are several trading opportunities offered  
Traders are given access to crypto staking  

 

2. AAX: Advanced trading capabilities for expert traders, such as technical analysis, building trading strategies and market insights, high 24-hour trading volume, deep liquidity, and lightning-fast transactions, are provided by AAX exchange.

 

PROS CONS
The exchange has a user-friendly and beginner-friendly trading platform US clients are not accepted
There is an innovative proprietary mobile app offered
There is a KYC process that ensures that the platform is safe
There is an innovative affiliate program offered called AAX Tribe
There is a built-in calculator for profits and losses

 

3. OKEx: Based in Malta, OKEx is a crypto exchange that has been in operation since 2014. The exchange provides a range of digital assets that can be traded in both spot and futures markets.

 

PROS CONS
Suited to beginners as well as professional traders and investors Unregulated
There is a wide range of trading tools offered  US clients are not accepted
Beginner traders can make use of a range of educational material A limited selection of digital assets that can be traded
There is 24/7 dedicated customer support offered  

 

4. Binance: Binance is one of the largest crypto exchanges according to trading volume. Binance offers several trading pairs and more than 150 crypto assets that can be traded. The platforms provided are fast, reliable, and offer robust and innovative features and technology.

 

PROS CONS
Offers more than 150 digital assets Unregulated
There are powerful trading platforms available to traders There is no telephonic support
Traders can buy digital assets using their credit card Forex trading, stock trading, and CFD trading is not offered
There is a comprehensive trading academy available to traders 
Customer support operates 24/7  

 

5. Kraken: Kraken is a reputable and large crypto exchange that was founded in 2011, providing beginner and professional traders and investors with a range of digital currencies to buy, sell, and trade. In addition to providing helpful and prompt customer support, Kraken also offers educational materials, tools, and more.

 

PROS CONS
Offers sophisticated mobile trading platforms High instant purchase fees
Provides 24/7 customer support There are withdrawal fees and high minimums
There is a selection of educational material offered  
Massive range of markets offered  

You can buy OMG safely from these cryptocurrency platforms.

Are there criticisms against OMG Network?

All Plasma deployments have been criticized for their centralized nature. The sidechain that mimics Ethereum and is designed to manage transactions is comparable to traditional (and centralized) payment services like Visa.

This design problem is resolved in OMG Network's situation by having a decentralized network of observers control the Operator.

 

What is OMG Network’s largest Competitor?

Loopring is the largest competitor of OMG Network.

Loopring is an Ethereum coin described as an “open-source, audited, and non-custodial trading mechanism.” By employing zero-knowledge proofs, it seeks to enable anybody to establish non-custodial, order book-based exchanges on Ethereum.

The OMG Network (formerly known as OmiseGo) is a decentralized value transfer platform for Ethereum and any other ERC-20 token.

OMG Network is widely known as the first production-grade layer-2 Ethereum scaling solution. The platform allows its users to transfer money and a variety of digital assets on the blockchain fast and securely.

 

What is the Staking Process involved with OMG Network?

To pay for blockchain work, OMG Network users must acquire OMG coins. Every time anyone uses an OMG Network contract, customers must pay in OMG, which is dispersed among network nodes who enforce the rules.

These validators “stake” their OMG coin by placing it in a smart contract for a length of time. Contracts may also bind OMG. It may be taken away if the user breaks the rules or fails to fulfill an obligation.

This decreases the quantity of OMG cryptocurrency and makes it rare. Because OMG Network employs proof-of-stake, no new OMG is mined.

Only 140 million OMG tokens will ever be issued to the network, with over 100 million now in circulation.

 

What can OMG Network smart contracts do?

OMG Network is an Ethereum Layer 2 scaling solution based on the plasma protocol. Plasma is a technology that aims to enable developers to build a network of smart contracts that operate on top of the Ethereum main blockchain.

The OMG Network is comprised of three components that operate in tandem to guarantee the network's finances remain secure:

  • The OMG Network Smart Contracts, which are implemented on Ethereum, offer an interface for users to enter and exit the network.
  • The OMG Network team's Child Chain Application accepts user transactions wraps these into blocks. The blocks are subsequently published to the OMG Network Smart Contracts.
  • The Watcher program continually monitors the Child Chain application, verifies its conduct, and notifies subscribing users of any wrongdoing. Anyone may operate a watcher, and the more there are, the safer the network is.

 

Is OMG Network a Good Investment?

Yes, the OMG Network can be a good investment.

On the blockchain, the OMG Network enables cross-platform payments. This decentralized payment network and exchange is built on the Ethereum blockchain and offers consumers a scalable and completely open alternative.

OMG members benefit from reduced transaction costs, quick transaction timeframes, and cash-out alternatives. The OMG Network announced a new scaling solution in June that increased transaction speeds to levels comparable to those of major payment processors such as Visa.

 

What is the supply and distribution of OMG Network?

Most cryptocurrencies have a fixed quantity of OMG Network tokens. This is fixed at 140,245,398 OMG but will never increase beyond this. Unlike many other crypto assets, the complete supply has been completely minted, with the majority now in circulation.

Of the total supply, 65.1% went to investors, 5% went to airdrops, and 29.9% went to the project and crew. 20% is held in the OMG Network reserve smart contract for future development and network validation, while 9.9% is reserved for the founding team.

Is OMG Network a viable Alternative Coin?

Yes, OMG Network is a good altcoin.

  • Traceability – OMG Network transactions do not disclose the identities of users but show the date, amount, public address, and other information.
  • Hacking – The OMG Network has, to date, not experienced a successful hacking event.
  • Security – The OMG Network employs robust security measures to ensure that all users are safe.
  • Transaction speed – The OMG Network can process thousands of transactions a second.
  • Technology – The OMG Network uses some robust, innovative technology, including MoreViable Plasma, Child Chain Application, Watcher Application.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between OMG Network and Bitcoin?

Bitcoin is the most popular cryptocurrency and the most valuable, with its price driven by its scarcity and high demand. Bitcoin is the most popular medium of exchange as an alternative to fiat currency, in addition to being one of the best stores of value in the crypto market.

Bitcoin has a much higher market capitalization than OMG Network because its usability is more diverse.

 

  Bitcoin OMG Network
Price change 20/21 +400% +96%
Market Cap $800 Billion+ $886.7 Million+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #1 – Original Crypto #106

 

What are the differences between OMG Network and Ethereum?

The OMG Network employs More Viable Plasma (MoreVP) to boost Ethereum's processing power. A suite of Ethereum smart contracts allows MoreVP to grow Ether and ERC20 transactions safely.

A decentralized system of observers verifies and validates these aggregated transactions. Batched transaction processing provides hundreds of TPS throughput and reduces end-user transaction costs by 1/3 — all while backed with Ethereum-level security.

Ethereum is the most popular programmable blockchain, and OMG Network assists Ethereum in a variety of ways.

 

  Ethereum OMG Network
Price change 20/21 +880% +96%
Market Cap $460 Billion+ $886.7 Million+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #2 #106

 

What are the differences between OMG Network and Dogecoin?

Dogecoin is a distributed, permissionless and peer-to-peer digital currency that allows users to transfer money to anybody in the world quickly and effortlessly. The crypto community considers it to be “the internet's monetary unit.”

Dogecoin is used to tip content creators on several social platforms, and it is hailed as one of the best digital assets, supported by the likes of Elon Musk.

 

  Dogecoin OMG Network
Price change 20/21 +7,300% +96%
Market Cap $22 Billion+ $886.7 Million+
Past Hacks None None
Popularity High Very Low
Altcoin Rank #12 #106

 

What are the differences between OMG Network and Uma Protocol?

Open-source technology that lets developers design and implements custom financial contracts and synthetic assets, UMA advertises itself as an Ethereum token.

To ensure that everyone has equal access to the market, the team decided to name the protocol after that purpose (UMA). The OMG network is a scaling solution on the second layer of Ethereum.

Aiming to make it easier for individuals to transfer money and other digital assets across the blockchain more quickly, cheaply, and securely.

 

  Uma Protocol OMG Network
Price change 20/21 +5.5% +96%
Market Cap $605.8 Million+ $886.7 Million+
Past Hacks None None
Popularity Low Very Low
Altcoin Rank #132 #106

 

What are the differences between OMG Network and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. OMG Network, on the other hand, is fungible, which means that one OMG has the same value and characteristics as another OMG.

 

What are the differences between OMG Network and Boba Network?

OMG Network was absorbed by the Boba Network, and its community was adopted into the new platform.

In comparison to other Ethereum layer-two scaling options, such as Arbitrum and Polygon, OMG Network was formerly seen as a defunct project with minimal usage.

An attempt is being made to rescue the project's community by merging with Boba Network (or taking over). A BOBA airdrop took place on November 19, 2022, to celebrate the change of administration.

In anticipation of the project being relaunched under a new name and leadership after Boba's takeover, the OMG token price increased by almost 140% over the preceding three months.

Boba Network provides lower gas costs and higher transaction throughput, all while keeping Ethereum compatibility intact. Because of this, the project claims, DeFi and NFT apps that retail consumers cannot afford become affordable on Boba Network.

 

What are the differences between OMG Network and OmiseGo?

There is no difference between the OMG Network and OmiseGo. OMG Network used to be known as OmiseGo until June 2020, after which it rebranded.

 

Is OMG Network an ERC-20 token?

Yes, OMG Network, previously called OmiseGo, is based on the Ethereum blockchain, making it an ERC-20 token and project.