OMG Network

The OMG Network, formerly known as OmiseGO, is a non-custodial, Layer-2 scaling solution for the Ethereum blockchain designed to enhance the speed and reduce the cost of transactions. By leveraging a novel scaling technology called MoreViable Plasma, the OMG Network facilitates the transfer of ETH and ERC20 tokens with improved efficiency. The network batches multiple transactions into a single transaction on the Ethereum root chain, potentially scaling Ethereum to thousands of transactions per second. The OMG token is used to pay for transaction fees on the network and is intended to be stakable, which would allow token holders to secure the network and earn rewards.

• Total Supply:

• 140,245,398 OMG tokens.

• Circulating Supply:

• 100% of the total supply is in circulation.

• Allocation:

• 65.1% to investors, 5% airdropped, and 29.9% held by the project and team.

• Usage:

• Used to pay for services on the network and for staking.

• Staking:

• Intended to secure the network and earn rewards.

As of today #{today’s date}, the price of OMG Network is ₹0 INR or #{coinPriceUsd} USD, with a 24-hour trading volume of 11144250.19 USD. The market capitalization for OMG Network is 36924406.44USD. The circulating supply is 140245398.25 OMG Network, with the total supply also being 140245398.25 OMG Network.

Pros:

• Scalability:

• Offers a Layer-2 scaling solution for Ethereum, aiming to increase transaction speed and reduce costs.

• Decentralization:

• Maintains the decentralized nature of transactions while providing scalability.

• Utility:

• The OMG token has multiple uses within the network, including fee payment and future staking.

• Adoption:

• Backed by significant partnerships and has a history of collaboration with established financial institutions.

• Community:

• Strong community support and a substantial number of token holders.

Cons:

• Competition:

• Faces competition from other Layer-2 solutions and Ethereum scaling projects.

• Market Volatility:

• Subject to the high volatility inherent in the cryptocurrency market.

• Complexity:

• The technology may be complex for average users to understand and adopt.

• Dependence on Ethereum:

• As a Layer-2 solution, its success is tied to the Ethereum network.

• Regulatory Risks:

• Potential regulatory changes could impact the network’s operation and token value.

• Strong Foundation:

• Built on top of Ethereum, benefiting from its security and network effects.

• Technological Innovation:

• Utilizes MoreViable Plasma for efficient batch processing of transactions.

• Growing Ecosystem:

• Continuous development and partnerships expand the network’s utility and adoption.

• Limited Supply:

• Fixed maximum supply of tokens could lead to increased demand and value over time.

• Strategic Acquisitions:

• The acquisition by Genesis Block HK indicates confidence in the network’s potential.

• MoreViable Plasma:

• Unique scaling solution that allows for efficient transaction processing.

• Non-Custodial:

• Users retain control of their funds without relying on third parties for transaction processing.

• Real-World Integration:

• Aimed at facilitating financial inclusion and working with traditional financial institutions.

The OMG Network addresses the scalability issues of the Ethereum blockchain by enabling faster and cheaper transactions. It aims to make Ethereum more accessible for everyday use and support the network’s growing demand without compromising security or decentralization.

The OMG Network was co-founded by Jun Hasegawa and Donnie Harinsut, who were also behind the payment processing firm Omise. The team includes experienced professionals like Vansa Chatikavanij (CEO) and Kasima Tharnpipitchai (CTO), with Joseph Poon, a notable developer in the blockchain space, contributing to the project’s development.

• ICO Price:

• $0.35 per OMG token.

• Listing Date:

• 14th July 2017.

• Initial Allocated Units:

• Not explicitly stated, but the total supply is 140,245,398 OMG tokens.

• Technical Risks:

• The underlying technology is complex and may face unforeseen issues.

• Market Competition:

• Numerous other scaling solutions could outpace OMG Network’s adoption.

• Ethereum Dependence:

• Any negative developments in Ethereum could adversely affect the OMG Network.

• Liquidity Risk:

• The cryptocurrency market can be illiquid, leading to price volatility.

• Regulatory Uncertainty:

• Changes in regulations could impact the network’s functionality and token value.

The OMG Network whitepaper outlines a comprehensive vision for a decentralized exchange and payments platform built on the Ethereum blockchain. The network is designed to facilitate real-time, peer-to-peer transactions and payment services across jurisdictions and organizational silos, supporting both fiat and digital currencies. The whitepaper details the technical aspects of the network, including its use of the MoreViable Plasma scaling solution, which allows for the bundling of transactions off-chain for efficient processing.

The whitepaper emphasizes the importance of financial inclusion, aiming to provide access to financial services for those who are currently underserved by traditional banking systems. The OMG Network seeks to disrupt existing financial institutions by offering an open payment platform that is more accessible, secure, and cost-effective.

The document also discusses the role of the OMG token within the network. The token is used to pay for transaction fees and is intended to be stakable, which would contribute to the security of the network and provide rewards for token holders. The whitepaper outlines the token distribution, with a fixed supply and a portion allocated to investors, the project, and the team.

The whitepaper further explains the consensus mechanism of the network, which is a proof-of-stake system requiring validators to run the Ethereum network in parallel. This ensures that Ethereum remains a first-class citizen in terms of inter-blockchain validation.

In terms of governance, the OMG Network is designed to be self-governing, with the community and token holders playing a significant role in the decision-making process. The network’s open-source nature encourages collaboration and contribution from developers and users alike.

Overall, the OMG Network whitepaper presents a detailed and ambitious plan for a scalable, decentralized financial infrastructure that leverages the security and innovation of the Ethereum blockchain while addressing its scalability challenges.