OMG Network is an interoperable decentralized exchange built on Ethereum blockchain.
What is OMG Network?
- OMG Network is a payment gateway service without intermediaries enabling easy access to financial services. One of the project advisors is Vitalik Buterin, the founder of Ethereum and the company has raised OMG Network ICO (Initial Coin Offerings) for trading on the platform.
- OMG Network is an interoperable decentralized exchange built on the Ethereum blockchain.
- OMG Network offers a fast transaction time at low fees covering international transactions and other forms of exchanges (i.e., redeeming credit card reward points and converting them into digital assets). OMG Network uses Peer-to-Peer transactions, which reduce transaction fees from financial institutions such as banks and brokers. OMG token can be used for any transactions including converting between fiat currency and cryptocurrency.
- OMG is an ERC-20 token and can be used to pay gas fees on the network. Miners use the token for running network nodes and validating new blocks and they will earn OMG tokens in return. Stake token holders will be eligible for mining and will receive the returns from staking their tokens on the platform.
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Who is behind OMG Network?
OMG Network, founded in 2013 by Jun Hasegawa and Ezra Don Harinsut, is a payment gateway service without intermediaries enabling easy access to financial services.
One of the project advisors is Vitalik Buterin, the founder of Ethereum and the company has raised OMG Network ICO (Initial Coin Offerings) for trading on the platform.
What is the purpose of OMG Network ?
OMG Network aims to be a bridge between decentralized currency and fiat currency for easy access for users to financial transactions.
OMG Network consists of three products which are as below:
- OMG Network Blockchain integrated with decentralized exchange enabling cross-chain transactions including asset and crypto trading. The transactions on OMG Network are validated via proof-of-stake where users can verify the transactions on the blockchain.
- OMG Network acts as a Layer-2 scaling solution to Ethereum through Plasma Architecture which increases the speed and security of data processing across the Ethereum blockchain network. The OMG Network is able to process thousands of transactions, moreover, Smart Contract and DApp are also available on the network due to their data compression. OMG Network is compatible with other blockchains via Clearing House and Smart Contract and works with Collateralization Fiat Token, enabling transactions across the wallet.
- White Label Wallet, an open-source wallet, allows users to send or receive money or assets between OMG Network and other blockchains. The wallet uses a Software Development Kit (SDK) that allows developers to develop and design their own products, making it faster and reducing the working processes.
- OMG wallet can only be logged in from Ethereum wallet. Thus, if the private key or password of an Ethereum wallet is lost, users won’t be able to recover as these two wallets are connected.
- A bug in the transaction process on blockchain can cause the loss of OMG tokens or other assets.
News and Updates:
- Tether announces that users will be able to transfer USDT on OMG Network helping reduce Ethereum congestion and gas fees as transferring USDT on Ethereum Network requires quite a high gas fee.
Community & Whitepaper Links:
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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