What is OMG Network (OMG)? Project overview and OMG . token

• Overview of OMG Network (OMG)
• What is OMG Network (OMG)?
• How does OMG Network work?
• Outstanding advantages of OMG Network
• OMG Network project development roadmap
• Project development team and investors of OMG Network
• About OMG . token
• What is OMG token used for?
• Basic information about OMG . token
• OMG . Token Allocation
• Where to buy, sell and store OMG tokens?
• Should I invest in OMG Network?
• summary

In fact, anyone who is transacting on the Ethereum network has a big problem with gas fees. Although block confirmation times are only 10-15 seconds, during peak times these transactions can go up to hours or even days with exorbitant transaction costs. OMG Network is the project born to solve this difficult problem of Ethereum. So what is this project? Is OMG a potential token to invest in? Follow the article below of TraderH4 to find the answer!

Overview of OMG Network (OMG)

Before learning about the OMG token, let's explore and evaluate the OMG Network project in general. 

What is OMG Network (OMG)?

OMG Network formerly known as OmiseGo is a Layer scaling protocol for the Ethereum platform. The purpose of this project is to help users make transactions faster with lower costs. To accomplish this, OMG Network uses a solution called MoreViable Plasm, which uses a sidechain architecture to group the blocks that need to be verified together into a batch and executes only once on the Ethereum network. So OMG Network has the ability to scale Ethereum to thousands of transactions per second (TPS) – instead of 10 to 14 tps as it is now. 

This scaling solution uses the Proof of Stake consensus protocol, and the OMG native token is the “currency” used to pay for transaction and interaction fees in the OMG Network. 

How does OMG Network work?

As we all know, OMG Network can solve the gas fee problem by using the Childchain, MoreViable Plasma Plasma architecture. So how do these architectures work? How to group blocks and verify in one go? 

OMG Network is designed according to the Plasma architecture (Plasma Childchain, MoreViable Plasma). Thus, the protocol works by consolidating a group of off-chain transactions into a Merkle tree, before sending the roothash containing the transaction's information to be verified to the Ethereum mainnet. 

In addition, OMG Network forms a decentralized watchdog group that observes subchains and block producers to confirm and ensure the accuracy of network transactions. The task of these watchers is to check that these subchains are in compliance with the protocol. They also do not have the right to interfere with the order of transactions, move blocks to ensure this verification process takes place safely. 

Finally, the OMG Network protocol uses the PoS consensus protocol to complete this verification process. The combination of PoS and Plasma architecture helps this protocol reduce energy by up to 99% compared to Ethereum. What's more, gas fees are also reduced by up to ⅔ and transaction speed increased up to 4,000 tps.

Outstanding advantages of OMG Network

Here are the highlights of the technology and achievements of the OMG Network protocol. 

• Scalability: Built on a plasma architecture that makes it easy for OMG to aggregate transaction information in off-chain blocks into a Merkle tree that verifies once in the Ethereum network. This helps the OMG Network protocol reduce transaction costs by up to ⅔ and improve transaction speed amazingly.
•  The OmiseGO digital wallet not only stores OMG tokens, but also allows integration with debit and credit cards for cash deposit and withdrawal options, via ATM or over-the-counter.
• White-Label SDK – White Label Wallet Software Development Kit: With this technology, OMG Network has provided payment solutions for many businesses and organizations around the world. Typical are McDonald's and the Thai Government.

OMG Network project development roadmap 

Here are the important milestones in the development roadmap of the OMG Network project. 

2018

OMG Network implements several specifications on plans to build the first version using the PoC consensus protocol. 

2019

• Building a 0x1 Plasma chain: OMG Network officially released the Alpha - Ari version deployed on the More Viable Plasma (More VP) architecture in February 2019. OMG Network (at the time OmiseGo) then released Ari publicly on Ethereum's Rinkeby test network.
• Public Alpha Announcement: In May 2019, the official network deployment protocol OMG Network v0.2 (Samrong) is the public Alpha version. The upgrade from Ari has improved network uptime, Metamask transaction signing, and metadata fields for transactions (so businesses and users can include additional data points when transacting. pandemic).
• In June 2019, the May Public Alpha version was upgraded with some API improvements and improved tracking resilience.

Year 2020

Next station Samrong: OMG Network V.02.

• Launch of Testnet OMG Network v0.2 in March 2020. The official public test version shows that OMG Network is ready to deploy the project's network on Ropsten. 
• Launch OMG Network V.01 mainnet.
• Launching Mainnet V1 Beta in June 2020.

Project development team and investors of OMG Network 

OMG Network was founded and led by Omise Holdings. In which Omise - a subsidiary of Omise Holdings, is a sizable payment service provider based in Thailand. This company established the Omise Blockchain Lab in 2015 to apply blockchain technology in real-world payment solutions. 

By 2017, Omise established OmiseGO (renamed OMG Network today). The ultimate goal is to build a platform based on blockchain technology, allowing people to optimally access financial services. Not only backed by big business, but also OMG Network's strong founding team and advisory team will surely surprise you. If they are not famous figures in the blockchain space, they are also talented people with many years of experience. 

The development team of the OMG Network project

• Jun Hasegawa is the founder of Omise & OMG Network (formerly known as OmiseGO). Prior to founding Omise, Jun had nearly 20 years of experience in Japanese technology companies, mainly in e-commerce, mobile payments and payment infrastructure. Jun led the international team of engineers and salespeople at these tech empires that expanded into countries across Asia. It was his passion for providing online payment methods that catalyzed him into blockchain technology.

• Ezra Don Harinsut is COO and co-founder of Omise & OMG Network (formerly known as OmiseGO). Don has held many important positions as Managing Director in the field of international trade. Don has nearly 15 years of experience in the fields of post and telecommunications and financial technology. With a background of marketing experience and a dynamic person in startup businesses, Don has not only successfully led the company through the ups and downs, but also developed and expanded internationally to Japan, Indonesia , Malaysia and Singapore.

• Vansa Chatikavanij : CEO of OMG Network. Previously, she successfully implemented international development programs worth more than 1 billion USD in the fields of finance, infrastructure investment, environmental and social development. Currently, Vansa is an advisor to the World Bank Group, Loxley Public Company Ltd. and Sky Visual Imaging Ventures. At OMG Network, she is responsible for ensuring efficient project delivery. Besides, Vansa must also establish and realize long-term business strategy, business development and partnership.

• Kasima Tharnpipitchai is the CTO at OMG Network. Kasima has over 20 years of experience in strategy development and formulation in San Francisco, New York. Notably, he crashed the Crypto Rabbit Hole in 2014. 
• Stephen McNamara is also COO at OMG Network. 

Advisory team of the OMG Network project 

• Thomas Greco is a special advisor of the OMG Network project. He is the originator of the field of crypto-economics. Currently, Thomas deploys financial and technological value-added solutions for OMG Network. At the same time, he is also an advisor for the Cosmos platform and has also been an advisor to the Ethereum foundation. 

• Joseph Poon is the creator of the Lightning Network, a blockchain-based network that allows payments and contracts to perform high-volume transactions off-chain without leaving full management to payment institutions. maths. And this is also the core technology that has been applied to the OMG Network project. 
• Vitalik Buterin – the father of Ethereum. This is an all too familiar character in the blockchain space. Currently, Vitalik focuses on researching scaling solutions on Ethereum 2.0. 

• Vlad Zamfir – Lead Researcher of Casper (Ethereum Foundation). Vlad is a developer working on the Ethereum consensus protocol. 

• Jae Kwon is the creator of Tendermint, the Cosmos network and also the President of the Interchain Foundation. Tendermint is a strong Byzantine fault-tolerant proof-of-stake consensus protocol. This consensus protocol is widely used for other blockchains. His proof-of-stake research is primarily concerned with improving BFT, speed, and interoperability.
• Dr. Gavin Wood – co-founder of Ethereum, and also the founder of Parity & Polkadot. Much of Garvin's research focuses on the practical application of consensus technology. 

• Martin Becze is the creator of eWASM (Ethereum Web Assembly), the Ethereum core developer. 
• Julian Zawistowski is the founder of Golem, a decentralized sharing economy of computing power sometimes called "Airbnb for computers".
• Prof. David Lee Kuo Chuen is a practicing professor of quantitative finance at the Singapore University of Social Sciences. David is still working on blockchain approaches including finance.

Partners of the OMG . project 

Currently, OMG Network is interested by many large and small funds around the world. Specifically, these funds are Advance.Fund, Asymmetry Asset Management, BlockAsset Ventures, Canvas Link Ventures, Consensus Capital, Digichain Capital, Fundamental Labs, Hash Capital, Jove Capital, Kenetic Capital, Myriad Capital Management, NueValue Capital, PECUNIO Cryptocurrency Fund , Royal Venture Capital, Solidum Capital, VB Capital, ZMT Capital, Amino Capital, Block Ventures, Blocktree Capital, Cipher Ventures, Continue Capital, Fireblue Capital, HASHED, HyperChain Capital, KR1, Kosmos Capital, Nirvana Capital, One Block Capital, Pantera Capital, Sailor Capital, The Hive Index, ValueNet Capital.

About OMG . token 

The OMG token is developed on the Ethereum platform and according to the ERC20 standard. This token is the main currency used in the OMG Network network. 

What is OMG token used for?

So what is this token used for? Here are the applications of the OMG token. 

• OMG is used as the main currency and means of payment in the OMG Network.
• OMG tokens are used to stake and become Validator.
• OMG is also used as a reward for the Validators.

Basic information about OMG . token

• Token Name: OMG Network token
• Ticker: OMG
• Blockchain: Ethereum
• Token Type: Utility token
• Token Standard: ERC20
• Circulating Supply – Circulating Supply: 140,245.398
• Total Supply – Total Supply: 140,245,398
• Contract: 0xd26114cd6ee289accf82350c8d8487fedb8a0c07

OMG . Token Allocation 

Over 140 million OMG tokens will be distributed as follows: 

• Public sale to the community 65.1% OMG.
• Airdrop 5% OMG. In October 2017, this token was automatically distributed to addresses holding more than 0.1 ETH. More than 450,000 addresses have already received OMG tokens. 
• OmiseGO Reserve: 20% OMG.
• Founder team: 9.9% OMG.

Where to buy, sell and store OMG tokens?

Up to now, there are many large and small exchanges around the world listing and supporting OMG trading. Specifically, Binance, Huobi Global, Coinbase Exchange, KuCoin, FTX, BitStamp… The number of trading pairs with OMG tokens is also quite diverse OMG/USDT, OMG/USDT, OMG/USD, OMG/EUR…

OMG is a token developed on the Ethereum platform, according to the ERC20 standard. Therefore, investors have many e-wallets to store OMG tokens as follows:

• Hardware wallets: Ledger Nano, Trezor, Jaxx…
• Soft wallets: Coin98 Wallet, MyEtherWallet, imToken, MetaMask…
• Hot wallets on the exchange have been listed and stored on cryptocurrency exchanges such as Binance, Huobi Global, Coinbase, FTX...

Should I invest in OMG Network?

The OMG token in the OMG Network project was born with the role of Payment. In particular, the demand for coin/token payment is clearly real in the market. Besides, the team of developers, advisors and investment funds in OMG Network really surprise you because it is so powerful. The core technology in this Layer 2 scaling solution of the Ethereum network is also highly appreciated by the community and experts in the world. However, the race to provide a scalable solution for Ethereum to solve the problem of gas fees and transaction speed is quite fierce. There are many projects with the same ambition as OMG Network. Specifically, some formidable competitors such as Optimism, Loopring and zkSync…

summary

The article on TraderH4 provided information about OMG Network, providing a solution to improve Ethereum scalability. The number of users on the Ethereum network is quite large and potential. Therefore, although the technology and support team are highly appreciated, OMG Network will also face fierce, uncompromising competition from competitors. to capture market share. 

Moreover, the market is still in a downtrend, so investors need to calm down and research carefully before making investment decisions. Let's accompany TraderH4 to find out other potential projects in the cryptocurrency market!