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Summary of OMG Network
Key Points
- OMG Network is a non-custodial, layer-2 scaling solution for Ethereum.
- It uses MoreViable Plasma technology to group transactions off-chain and verify them on the Ethereum root chain.
- OMG Network aims to scale Ethereum to thousands of transactions per second (TPS).
- The network is powered by the OMG utility token, which can be used for fee payments and will be stakable.
Founders and Team
- Vansa Chatikavanij is the founder and CEO of OMG Network.
- Stephen McNamara is the COO, and Kasima Tharnpip
About the OMG Network
Introducing OMG Network (OMG): A Revolutionary Blockchain Solution
OMG Network, formerly known as OmiseGo, is a decentralized, non-custodial, and layer-2 scaling solution specifically designed for the Ethereum blockchain. As a cutting-edge Ethereum scaling solution, OMG Network is engineered to facilitate the rapid and cost-effective transfer of ETH and ERC20 tokens, thereby surpassing the speed and efficiency of direct transactions on the Ethereum network.
The network is founded upon a pioneering scaling solution known as MoreViable Plasma, which leverages a sidechain architecture to consolidate multiple transactions off-chain into a single batch, thereby enabling verification as a solitary transaction on the Ethereum root chain. According to OMG Network, this innovative technology has the potential to exponentially scale Ethereum, facilitating thousands of transactions per second (TPS) — a significant leap from the 10 to 14 tps currently achievable by Ethereum 1.0.
The OMG Network is fueled by its native utility token, which serves as a viable payment method for fees incurred on the network, and is poised to become stakable in the future, thereby enabling participants to contribute to the network’s security in exchange for rewards.
The Visionaries Behind OMG Network: Meet the Founders
The OMG Network boasts a diverse team of over 50 professionals dispersed globally, founded by Thai-born entrepreneur Vansa Chatikavanij. As a subsidiary of SYNQA, a Thailand-based fintech company formerly known as Omise Holdings, the OMG Network leverages its parent company’s expertise to drive innovation.
As the visionary founder, Vansa Chatikavanij holds a master’s degree in earth and environmental sciences from the prestigious Columbia University in New York. Subsequently, Chatikavanij accumulated extensive experience in esteemed financial institutions, including the International Finance Corporation (IFC) and World Bank Group, where she held various consulting roles. This wealth of expertise ultimately paved the way for the founding of OMG Network (formerly OmiseGo) in 2017.
Chatikavanij held the position of Managing Director at the company until 2019, before assuming the role of CEO, a position she continues to occupy to this day. Notably, Stephen McNamara, formerly the Head of Blockchain R&D Strategy at Huawei Technologies, serves as OMG Network’s Chief Operating Officer, while Kasima Tharnpipitchai, a seasoned engineer and consultant, holds the office of Chief Technology Officer.
Unveiling the Unparalleled Attributes of OMG Network
OMG Network posits that the substantial speed and cost hurdles inherent to Ethereum must be surmounted before mainstream enterprises will contemplate constructing their products and applications on the network.
Notably, the OMG Network project is designed to enhance Ethereum’s appeal to businesses and projects seeking to scale while minimizing their environmental impact. By leveraging its plasma-based sidechain solution, it achieves a remarkable reduction in electricity consumption, slashing it by up to 99% compared to Ethereum, while also decreasing fees by approximately two-thirds. Throughout this process, assets remain securely anchored to the underlying Ethereum network.
The platform is bolstered by a substantial $25 million in funding, garnered during its inaugural initial coin offering (ICO) in 2017. Furthermore, OMG Network’s parent company, SYNQA, has recently secured an additional $80 million in Series C funding, with the backing of prominent investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.
What Is the Circulating Supply of OMG Network (OMG) Coins?
Similar to most cryptocurrencies, the OMG Network tokens boast a capped maximum supply, fixed at a precise 140,245,398 OMG, which will never be exceeded. Notably, unlike many other cryptocurrencies, the total supply has already been fully minted, with the majority currently in active circulation.
Out of the total supply, a substantial 65.1% of tokens were allocated to investors, while 5% were dispersed via an airdrop. The remaining 29.9% is retained by the project and its team. Notably, 20% of this retained portion is secured in the OMG Network reserve smart contract, earmarked for financing future developments and network validation, with the remaining 9.9% reserved for the founding team.
Notably, the OMG reserve and team allocation were subject to a one-year lock-up period, which has now expired.
The Security Architecture of OMG Network: A Robust Framework
The OMG Network mainnet is slated to transition to a proof-of-stake (POS) consensus mechanism, thereby enabling users to stake their tokens and contribute to the network’s security, while earning rewards in the process.
Until then, OMG Network child chains are secured by a proof-of-authority (PoA) consensus mechanism, which essentially constitutes a simplified variant of proof-of-stake, wherein a single block producer (OMG Network itself, for the time being) assumes the role of a trusted entity, effectively staking its reputation on maintaining integrity.
OMG Network is poised to migrate to a proof-of-stake consensus mechanism as soon as the necessary preparations are complete. Upon this transition, OMG holders will be empowered to become integral stakeholders in the network’s success and security, accomplishing this by delegating their stake to trusted validators.
Where to Acquire OMG Network (OMG) Tokens: A Comprehensive Guide
OMG tokens boast exceptional liquidity, with seamless accessibility on more than 200 prominent exchange platforms, including esteemed top 10 exchanges like Coinbase Pro and Binance. Notably, popular trading pairs feature OMG/USDT, OMG/BTC, and OMG/ETH.
OMG can also be exchanged for a variety of fiat currencies, including the U.S. dollar (USD), euro (EUR), and British pound sterling (GBP). For a comprehensive overview of acquiring cryptocurrencies with fiat, please refer to our concise guide —
here
.
Pertinent Pages
Delve into the world of Stellar, a formidable rival of the OMG Network.
Delve into the world of Polkadot, a cutting-edge, high-performance blockchain platform empowered by smart contract capabilities.
Delve into the transformative realm of Ethereum 2.0 with CoinMarketCap Alexandria, your premier guide to the future of blockchain innovation.
Remain abreast of the most recent developments and stay informed about the latest trends in the cryptocurrency landscape with the CoinMarketCap Blog.