### What is OMG Network?

OMG Network, previously known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. It is designed to enable fast, secure, and cost-effective transactions by mitigating Ethereum's scalability issues. Leveraging Plasma technology, OMG Network enhances transaction speeds and reduces costs while maintaining the security of the Ethereum base layer.

### How does OMG Network work?

OMG Network utilises a Layer-2 Plasma architecture known as More Viable Plasma (MoreVP) to improve scalability. Transactions are executed on an off-chain child chain and periodically bundled into a single root hash, which is then posted to the Ethereum mainnet. This architecture allows for increased throughput and reduced transaction costs. The network operates on a Proof of Stake (PoS) consensus mechanism, which is less resource-intensive than traditional consensus methods.

### What are the potential use cases for OMG Network?

The OMG Network is suitable for various applications, including:

- **Enterprise Solutions:** Providing scalable blockchain solutions for businesses, including private network solutions for specific use cases.
- **Decentralized Finance (DeFi):** Offering high-throughput transactions necessary for DeFi applications.
- **Micropayments:** Supporting industries like gaming and media that require numerous small transactions.
- **Cross-Border Payments:** Facilitating seamless global payments and promoting financial inclusion.

### What is the history of OMG Network?

OMG Network was founded in 2017 by Jun Hasegawa and Donnie Harinsut, initially backed by the Thai company Omise. It raised $25 million through an ICO in 2017. The network underwent rebranding from OmiseGo to OMG Network in June 2020, and it was later acquired by Genesis Block Ventures in December 2020. The network has formed several partnerships and has continuously evolved its technology, notably implementing MoreVP to enhance Ethereum's transaction processing capacity. As of November 2023, the governance of the OMG Network is entirely decentralised and governed by its token holders.

OMG Network

Ethereum

Cardano

Avalanche

Hedera

Polkadot

Bittensor

Aptos

NEAR Protocol

Cronos

Internet Computer

Ethereum Classic

Mantle

Kaspa

Polygon

ATOM

Sonic (ex-FTM)

Celestia

Arbitrum

Quant

OMG Network (OMG)

Similar Coins

ETH

ADA

SUI

AVAX

HBAR

DOT

TAO

APT

NEAR

CRO

ICP

ETC

MNT

KAS

POL

ATOM

S

TIA

ARB

QNT

Resources

OMG Network (OMG) Price Index

OMG Network Price

Trading volume

Market cap

Resources