Buy OMG Network (OMG)
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.
Related Assets
Resources
Learn More About OMG Network
Frequently Asked Questions (FAQs)
What is the current price of OMG Network (OMG)?
The OMG Network price is $0.56425973 AUD, representing a +4.38% from the day prior.
Where is the best place to buy OMG Network (OMG) in Australia?
The best place to buy OMG Network (OMG) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell OMG Network (OMG) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of OMG Network (OMG)?
The trading volume of OMG Network (OMG) is $8.0M AUD in the last 24hrs, representing a +4.38% from the day prior.
How can I buy OMG Network (OMG)?
OMG Network (OMG) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of OMG Network (OMG)?
The current market cap of OMG Network (OMG) is $78.2M AUD.
Can I convert OMG Network (OMG) to cash?
Yes - With Coinstash you can convert your OMG Network (OMG) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many OMG Network (OMG) are there?
The current circulating supply of OMG Network (OMG) is 140.2M.
Is Coinstash a safe place to buy OMG Network (OMG) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling OMG Network (OMG) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.