OMG Network, previously known as OmiseGo, serves as a non-custodial, layer-2 scaling solution crafted for the Ethereum blockchain. This solution aims to empower users with the ability to transfer ETH and ERC20 tokens much faster and at a lower cost compared to transactions directly on the Ethereum network.
The network utilizes an innovative scaling solution known as MoreViable Plasma. This technology employs a sidechain architecture to bundle multiple transactions off-chain into a single batch, which is then verified as one transaction on the Ethereum main chain. OMG Network claims that this approach can potentially boost Ethereum's capacity to thousands of transactions per second (TPS), a significant leap from the 10 to 14 TPS that Ethereum 1.0 currently supports.
Powering the network is the OMG utility token, which serves as a payment option for fees on the OMG Network. In the future, it will also be available for staking, helping to secure the network while providing rewards to those who participate.
Who Founded OMG Network?
OMG Network is supported by a global team of more than 50 employees. It was established by Vansa Chatikavanij, who hails from Thailand, and operates as a subsidiary of SYNQA, a fintech company headquartered in Thailand that was previously known as Omise Holdings.
As the project's founder, Vansa Chatikavanij earned a master's degree in earth and environmental sciences from Columbia University in New York. Before launching OMG Network (formerly OmiseGo) in 2017, she took on various consulting positions at notable financial organizations like the International Finance Corporation (IFC) and the World Bank Group.
Chatikavanij served as the managing director until 2019, after which she assumed the role of CEO—a position she continues to hold. In addition, Stephen McNamara, who formerly led blockchain R&D strategy at Huawei Technologies, is the COO of OMG Network. Kasima Tharnpipitchai, an experienced engineer and consultant, fulfills the role of CTO.
What Distinguishes OMG Network?
OMG Network is convinced that the existing speed and cost challenges of Ethereum must be addressed for mainstream businesses to consider developing their applications and products on the network.
To this end, OMG Network is designed to enhance Ethereum's appeal to businesses and projects looking to scale while reducing their environmental impact. Its plasma-based sidechain solution can cut electricity usage by up to 99% compared to Ethereum and reduce fees by about two-thirds, all while keeping assets secure via the Ethereum mainchain.
The project secured $25 million in funding through its initial coin offering (ICO) in 2017. Additionally, its parent company, SYNQA, recently raised $80 million in a Series C funding round, supported by prominent investors including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.
How Many OMG Network (OMG) Tokens Are in Circulation?
OMG Network has a capped total supply, set at precisely 140,245,398 OMG, which will not be increased. Unlike many other cryptocurrencies, this entire amount has already been minted, with most of it actively circulating.
Of the complete supply, 65.1% of tokens were distributed to investors, while 5% were allocated through an airdrop. The remaining 29.9% is retained by the project team. Out of this, 20% is secured in the OMG Network reserve smart contract for future development and network validation funding, while 9.9% is reserved for the founding team.
Both the reserve and team allocations were locked for one year, a period that has now elapsed.
How Is OMG Network Secured?
Eventually, the OMG Network mainnet will adopt a proof-of-stake (POS) consensus model, allowing users to stake their tokens to contribute to network security and earn rewards.
In the meantime, OMG Network's child chains are safeguarded using a proof-of-authority (PoA) consensus mechanism. This is a streamlined variant of proof-of-stake, currently managed by a single block producer—OMG Network itself. The network, in essence, relies on its reputation to ensure honesty.
The transition to proof-of-stake is planned as soon as the network is ready, enabling OMG holders to become stakeholders in the network's success and security by delegating their stake to validators.
Where Can You Acquire OMG Network (OMG) Tokens?
OMG tokens are highly liquid and can be acquired or traded on more than 200 different exchange platforms, including major exchanges like Coinbase Pro and Binance. Popular trading pairs include OMG/USDT, OMG/BTC, and OMG/ETH.
Additionally, OMG can be traded against several fiat currencies, such as U.S. dollars (USD), euros (EUR), and British pound sterling (GBP). For more information on purchasing cryptocurrencies with fiat, you can check out our straightforward guide—here.
