OMG Network OMG

1. Summary

Ranks

Liquidity

96

Developer

40

Social

67

Momentum (beta)

19

Stack Rank™

18

Price

$0.67 -5.0%

Market Cap

$94.42M (#461)

Supply

140.25M / 140.25M

Tags

Smart Contracts Ethereum Ecosystem Alleged SEC Securities

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Price
52W High price	$2.35
52W High date	20th Mar 2023 (1 year ago)
All Time High (ATH) Date	13th Jan 2018 (6 years ago)
ATH Price	$25.62
% From ATH	-97.48%
All Time Low (ATL) Date	13th Mar 2020 (4 years ago)
ATL Price	$0.35
% From ATL	84.17%

Supply & Trading Volume
Trading Volume (24h)	$15.98M
Total Supply	140.25M
Max Supply	140.25M
Circulating Supply	140.25M

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Description

Before we discuss the OMG Network, it is important to note that previously it was known as OmineGo. It is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. It is created to allow users to transfer ETH as well as any ERC-20 tokens quicker and cheaper than when transacting directly on the Ethereum Network.

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Before we discuss the OMG Network, it is important to note that previously it was known as OmineGo. It is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. It is created to allow users to transfer ETH as well as any ERC-20 tokens quicker and cheaper than when transacting directly on the Ethereum Network.

In 2020, the OMG Network released their public testnet with audited contracts which were designed to interact with Ethereum’s public testing platform.

The OMG Token Explained

All of the users on the OMG Network have to buy OMG cryptocurrency in order to pay for work completed by the blockchain. Every time you use an OMG Network contract, you’ll have to pay in OMG. This OMG is then distributed to the nodes on the network which enforce contracts according to the specified rules.

The OMG Blockchain is actually maintained by these nodes. They are known as validators that stake their OMG cryptocurrency, and this is done by locking it in a smart contract for a specific period of time.

Furthermore, any user that creates contracts can actually lock their OMG in the contracts, and if they attempt to break any of the rules or fail to deliver, the OMG is taken away and sent to an address where it cannot be spent as a result of those actions.

Features of OMG Network

The OMG Network is essentially a proof-of-stake (PoS) blockchain that is intended to clear and settle the movement of assets between different e-wallets without them having to trust each other. It also has a built-in trading engine where the e-wallet providers can publish orders and be matched with other parties that seek to trade various assets. These orders can then be programmed and completed within a block on the Omise blockchain or can be left open-ended.

Keep In mind that not every single payment out there has to take place within the network’s decentralized exchange. It is interoperable with Ethereum and the Lightning Network as well.

Furthermore, all of the nodes that validate the transactions on the blockchain have to be set up as nodes on the Ethereum blockchain. The e-wallet providers can also create new assets that are backed by Ether, or can create contracts that lock Ether on Ethereum, pending conditions on the OMG network. When and if the contracts execute, the funds can be unlocked and returned to the original owners.

Founders of OMG Network (OMG)

Discussing the founders of the OMG Network, it was founded by Vansa Chatikavanij and is a subsidiary of SYNQA, which is a fintech firm based in Thailand that was formerly known as Omise Holdings.

Vansa Chatikavanij previously had several consulting roles at financial institutions such as the World Bank Group and the Finance Corporation (IFC) before founding the OMG Network which was formerly known as OmiseGo in 2017. Before she filled the role of the CEO, as she does today, she was a managing director at the company until 2019.

You also have Stephen McNamara who is the COO at the company and was formerly a blockchain R&D head of strategy at Huawei Technologies. Last but not least you have Kasima Tharnpipitchai who is an engineer and consultant and fills the role of the CTO.

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