Without exaggeration, Bitcoin can be called the most successful project of the last decade. Since its launch, the value of the digital currency has increased thousands of times. The success of cryptocurrencies turned the heads of many programmers, and they began launching new blockchain projects designed to replace BTC. Healthy competition is an important part of the economy.
Indeed, the rise of digital currencies has seriously frightened the leaders of traditional financial institutions, because banks will never be able to provide customers with the same opportunities as peer-to-peer networks. The developers of the Omisego cryptocurrency project also did not waste time competing with Bitcoin or Ethereum .
Created date
Omise's business structure, originally established in Thailand, operates as a payment service for traditional currencies. The growing popularity of cryptocurrencies in Asian markets prompted the project management to create a blockchain platform for international payments called OmiseGo .
With a wealth of experience in the field of financial services, the OmiseGo (OMG Network) team immediately aimed to solve the main problems of digital currencies that hinder their development and acceptance in society: scaling and transaction speed. Since at that time (it was 2017) there were already many ready-made solutions for issuing tokens in the crypto industry, and the Ethereum blockchain became the primary platform for OmiseGo . The OMG ERC-20 token is a scaling element when redeemed with any asset.
The cryptocurrency project OMG Network was created as a direct competitor to financial institutions and digital payment networks such as PayPal or Perfect Money. The company's slogan is Unbank the Banker. The system is still in its infancy, but the team is confident that even people without access to traditional financial infrastructures will soon be able to pay using the OMG network. And to do this, they only need access to the Internet. Once the apps are connected to the OmiseGO network , businesses and individuals can safely interact with each other in real time.
In February 2021, OMG Network will collaborate with secure multi-threaded computing provider Enya to develop joint digital products. In August, Enya launched Boba Network as a major shareholder in the OMG Foundation. The new blockchain ecosystem also contains its own native Boba token. It was created to reduce gas fees, increase productivity, and expand the capabilities of smart contracts.
The Boba network is also facilitating the migration of decentralized applications to Ethereum 2.0. The OMG Network cryptocurrency is still working, but it seems to have faded into the background and even on the official website there is only one address page, which says OMG Network has turned into a box and launched the Boba blockchain ecosystem network . Below the message are buttons to go to the Enya team site and the Boba project page for a detailed look at the new project. And unlike the OMG network, which is designed to make payments, the Boba network is used to power decentralized applications and transfer smart contracts. This network is an Ethereum blockchain and is fully compatible with the EVM virtual machine and Solidity smart contracts.
OMG Network Team
The OMG Cryptocurrency was created by the leaders Gene Hasegawa and Donnie Harrensot. The project immediately received the support of the Ethereum team and personally Vitalik Buterin and Gavin Wood.
Also, such well-known personalities in the crypto community as:
- Vlad Zamfir is the developer of Ethereum .
- Roger Ver is the founder of Bitcoin .
- Julian Zavestovsky is the leader of the Golem Project.
And in the summer of 2017, a successful fundraising campaign was held. Within two days, we raised 25,000,000 USD, and the bulk of the funds were raised in the pre-ICO stage. Among the investors are SBI Investment, SMBC, Lat Ventures, and 500 startup companies.
Public Token Distribution Diagram:
- ICO - 65%;
- reserve fund - 20%;
- development team - 10%;
- Airdrop - 5%.
By prior agreement, none of the team members and active community members who received a share of the allocated 10% had the right to dispose of the assets at their discretion during the year following the launch of the network. However, this period has already ended.
Technical Features
OMG Network is the first technology company whose mission is to enable people to securely access financial services, invest, exchange and spend digital assets anytime, anywhere.
According to the OMG Network (OMG) team, using a decentralized exchange on a public blockchain could solve many of the problems of traditional payment services. The creators of the project also claim that with their help, anyone can access the implementation of financial transactions in a decentralized and cost-effective manner.
Bitcoin is also intended for reciprocal settlements between network users, but it is still not easy to integrate the currency into real business. The OMG decentralized platform is designed to solve this problem by combining the convenience of payments in traditional financial systems with innovative distributed ledger technologies.
A similar idea was once put forward by the developers of the Stellar Lumens blockchain project. Customers use a distributed network to transfer any electronic money, including cryptocurrency, to anywhere in the world. It's also fast, convenient and almost instant. The decentralized network ensures the security and privacy of P2P payments .
And OMG ’s digital currency allows you to exchange any money within the platform, regardless of its type or blockchain. If you have some satoshi, and the payment must be made in dollars or ethereum, send the money you have and the recipient will receive the currency they need. The official Wallet SDK also allows you to create other digital wallets, connect them to different payment networks, and integrate with online stores.
Also, a decentralized exchange (DEX) is a highly liquid market that takes into account the price difference between the underlying assets. DEX has been designed to convert different currencies using smart contracts. Thus, the system of international transfers is simplified. OMG's network allows foreign partners to make reciprocal settlements in national currencies without paying a double commission. For example, a German businessman can send a transfer to America in the euro currency, and his American partner will immediately receive a dollar.
To increase scalability and speed up transaction processing, the OMG network uses plasma technology (side chains on smart contracts). It was created by Vitalik Buterin and Lightning Network developer Joseph Boone. Plasma allows you to integrate subnets that bring transactions off the main chain. Thus, the load on the parent blockchain is significantly reduced, which will theoretically allow the processing of several billion transactions per second. We hope to see this in Ethereum 2.0.
Plasma are billions of mini-blockchains within the main cryptosystem, all operating independently of each other, and using the mainnet only if double spending or other problems with a particular payment are suspected. Then in the main blockchain, the transaction is confirmed or blocked.
The OMG Network Plasma sub- chain can process many more transactions than Ethereum at a much lower cost. With the introduction of ETH 2.0, the increased load on the Ethereum mainnet, along with lower transaction costs, could negatively impact network scaling. Plasma will always have higher throughput at lower energy costs to process each transaction from the root chain.
Mining OMG
The OMG platform uses the Proof of Stake consensus algorithm, so traditional mining is not provided. Buy tokens and keep them in your wallet. The higher the amount, the faster you can participate in creating a new crypto block and then receive a reward for it.
The Binance exchange also offers its clients to place OMG tokens on a deposit with a floating term. You will receive interest in storing the cryptocurrency and, if necessary, you can get it at any time.
markets
It is easy to exchange OMG digital tokens for BTC, ETH, USD and other digital and traditional money, on 100 services. The largest exchange by OMG trading volume is Binance, followed by FTX.
We also recommend you to use the services of the Binance trading platform . And 5 exchange pairs are supported here: OMG/USDT, OMG/BTC, OMG/USD, OMG/busd and OMG/ETH. And to register, you must create an account with a username and password.
Detailed instructions on how to complete KYC on Binance can be found in the thematic review on our website. And after the verification is completed successfully, you will be able to access all the services of the platform.
A complete list of stock exchanges and the current OMG network cycle is also always available on .
Available wallets
To place OMG’s cryptocurrency, you can use any of the Ethereum wallets that support the ERC-20 standard. And for example, MyEtherWallet, Exodus, MetaMask or Coinomi. You can find out more here
And even if OMG isn't listed, add the token manually. Click "Add token" and in the pop-up menu select the contract title, token name and token.
And you can even make it easier. Install the Metamask browser extension and create an account with a memorial phrase and password.
Then open the page link in the same browser and click on the fox icon in the nodes row in the information column. After that, confirm the action in the wallet and the OMG token will be added to the list of supported currencies. And you can send the OMG to the Metamask Ethereum address.
And if you need a mobile app, we recommend Crypto.com or Trust Wallet. You can also store coins using the Ledger Hardware Safe.
Advantages and disadvantages of the platform
The OMG network supports plasma technology, which opens new opportunities for decentralized exchange. OMG has a wide client base. But, the OMG token is very volatile and its value depends on the successful implementation of the technology in the business sector. OMG Network has a lot of interesting projects in the pipeline, but nothing concrete yet.
conclusion
In the future, the OMG network could attract millions of cryptocurrency holders. And after all, network members can instantly send and receive any currency from anywhere in the world. Of course, this does not mean that the price of the token will grow indefinitely, because OMG, like Ethereum, is the digital fuel for the platform.
And if the fuel is too expensive, customers will leave for another service. But the technology itself is very promising, the main thing is that the developers are able to finish it and attract as many partners as possible.
However, it is impossible not to notice that after the conclusion of the partnership agreement with Enya, all joint efforts of the developers of both teams are aimed at promoting the Boba Network blockchain project . In addition, the digital currency OMG has much less practical use than its main competitor, Stellar Lumens.
Further promotion of the coin largely depends on the successful implementation of the Ethereum 2.0 update. Until the new and old Ethereum networks merge, OMG will not be able to develop. Meanwhile, competitors are also taking over the market by promoting real developments. Therefore, the future of the project is still very uncertain. However, the OMG cryptocurrency is traded on many popular exchanges, including Binance , and it takes a fairly high 97th place in the Coinmarketcap rating. And if you decide to add the OMG token to your investment portfolio, do not forget to diversify the risks.
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