OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and cheaper than when transacting directly on the Ethereum network.
The network is based on a novel scaling solution called MoreViable Plasma, which uses a sidechain architecture to group several transactions off-chain into a batch, which can then be verified as a single transaction on the Ethereum root chain. According to OMG Network, this technology has the potential to scale Ethereum to thousands of transactions per second (TPS) — instead of the 10 to 14 tps Ethereum 1.0 is currently capable of.
The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stakable — helping to secure the network in return for rewards.
At OMG Network, they believe that having access to financial services can create economic opportunities and improve lives. They see a world where anyone with a mobile phone and access to the internet is able to store, send and exchange any type of digital value.
How We Do It
Through the one-of-a-kind plasma technology, we’ve created the OMG Network: the leading value transfer network for ETH and ERC20 tokens. Using the, individuals and businesses can transact on a financial infrastructure that’s several times faster, 1/3rd the cost, and as secure as the Ethereum Network — while retaining full autonomy over their funds and keys. The Network scales by centralizing transaction processing and remains safe by decentralizing security.
Ethereum Scaling is Here
The OMG Network is a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum
Payments and Settlements
Reduce the cost of transactions between entities by leveraging blockchain-based digital values. Automatically trigger payments along your supply chain or offer real-time payments to your customers.
Rewards and Loyalty Points
Issue and manage loyalty points and rewards across your business and through your partner networks. Shorten time-to-market while reducing development, fraud, and operation costs.
Open-banking and Finance
OMG Network Create digital financial services and easily connect with third-party providers to offer value-add solutions. Meet current open banking requirements while on-boarding customers with future-oriented needs.
OMG Network at a Glance
The allows you to access, manage, and transact with digital assets that are kept securely on the blockchain.
Transfer ETH and ERC20 tokens with a throughput of thousands of transactions per second.
Operate your business or project at 1/3rd the average cost of the Ethereum Network.
OMG Network Ethereum-level security supported by a decentralized watcher network and smart contract adjudicators.
Reduce electricity usage by potentially 99% per transaction compared to Ethereum.
Build apps, dApps, developer tools and more on an open and permissionless network.
Your assets remain secure on the Ethereum Network and are fully recoverable
Your business layer, on top of Ethereum
The OMG Network scales Ethereum, making it enterprise-ready – a core differentiator from other protocols.
They are the only production-ready scaling solution for the Ethereum blockchain.
The implementation partners provide a complete Enterprise Plasma solution.
They ecosystem of integration partners provide end-to-end business solutions.
They develop and optimize API-suites to meet the evolving needs of enterprise use cases.
Built with Developers in Mind
Integrate with the OMG Network to build extremely efficient applications on top of the Ethereum Network.
How Is OMG Network Secured?
The OMG Network mainnet will eventually move to a proof-of-stake (POS) consensus system, which will allow users to stake their tokens to help secure the network and earn rewards.
Until then, The child chains are secured by a proof-of-authority (PoA) consensus mechanism, which is basically a simplified form of proof-of-stake which is controlled by a single block producer (the itself) for now — which essentially stakes its reputation on staying honest.
The plans to transition to proof-of-stake as soon as it’s ready, following which OMG holders will be able to become stakeholders in the success and security of the network, by delegating their stake to validators.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.