What is the OMG Network (OMG)?
The OMG Network is an Ethereum-based blockchain ecosystem that provides investors a variety of ways to earn profits. Specifically, the OMG Network is a decentralized exchange, a liquidity provider mechanism, a messaging network, and a blockchain gateway with digital assets. The platform earned a reputation for its alternative financial and digital commerce tools. These systems work together to enable cross-chain asset transfers without the need for a crypto exchange.
From the start, it was evident the OMG Network was going to be different. Both the Bank of Thailand and the Thai Ministry of Finance gave the project a nod of approval. The project also saw support from the Ethereum camp, Vitalik Buterin, and Gavin Wood. OMG has seen considerable growth and development since its introduction. Today, the OMG Network functions as a valuable second-layer scaling solution that increases the transactional throughput of Ethereum. Specifically, the protocol enables users to bundle their Ethereum transactions to save on fees and increase efficiency.
The OMG Network – An Experienced Team
Additionally, the head developer on the project is none other than Joseph Poon. He is best known for developing both the Lightning Network and Plasma. Both of these second-layer protocols have the potential to revolutionize the market moving forward. His expertise helped make the OMG Network a unique project in the market.
Notably, the OMG Network was the first Ethereum project to exceed a $1 billion valuation. Impressively, the project secured support from a myriad of established investors early on. These investors include Japan’s Toyota Financial Services Corporation, Sumitomo Mitsui Banking Corporation, SMBC Venture Capital, and the Aioi Nissay Dowa Insurance Corporation. These developments helped to boost the confidence of individuals seeking to participate in the OMG Network.
What Problems Does OMG Network (OMG) Solve?
The OMG Network seeks to revolutionize the world through its open approach to financial services. The goal of the project is to create a more inclusive financial system. To accomplish this monumental task, the OMG Network works directly with banks to help promote more financial inclusion globally.
According to recent reports, there are 1.7 billion people in the world who lack access to basic financial services. These individuals include a wide variety of people. There are people that may live in an area that lacks the infrastructure to support banks. There are also people, such as refugees, who are unable to qualify for banking services due to a lack of paperwork.
The goal of the OMG Network is to create a product that equally benefits those who use traditional banking services and people who lack access to banking services simultaneously. It’s this philanthropic aspect that makes the OMG Network different than many other projects in the market today. It’s also one of the main reasons the platform continues to see growing adoption.
Benefits of OMG Network
The OMG Network facilitates cross-platform payments on the blockchain. This open payment platform and decentralized exchange resides on the Ethereum blockchain and provides a scalable and fully open alternative for users. OMG users enjoy low fees, fast transaction times, and cash-out options. In June, the OMG Network introduced a new scaling solution that improved transaction speed to on par with global payment processors like Visa.
The OMG Network’s team built the platform to be globally inclusive. Anyone can utilize its value transfer services. The platform operates in different currencies and asset types. In this way, users can send funds over the network without having a bank account or paying a fee.
Blockchains Work Together
At the core of the OMG Network is an interoperability protocol. The OMG Network acts as a decentralized exchange of other blockchains and between multiple blockchains directly without a trusted gateway token. Cross-chain functionality is a vital feature found in new blockchains. It reduces competition and allows purpose-built blockchains to focus on improving services rather than competition-based expenses such as marketing.
The OMG Network is extremely flexible. Users can make payments, money transfers, and handle payroll accounting. The platform supports B2B commercial trade, supply chain financing, loyalty programs, asset management, and trading. Few blockchains match the OMG Network’s capabilities at this time.
How Does the OMG Network (OMG) Work?
The OMG Network enjoys the security of Ethereum (ETH) with some advantages. The platform introduces features such as a white-label wallet, zero fees, and near-instant transaction times.
The OMG Network’s white-label eWallet is a big draw for users. This SDK wallet makes it easy for users to freely trade in fiat and cryptocurrencies. The wallet includes access to the OMG Network payment gateway. You also have a digital credit, and debit card at your disposal.
OMG is the utility token for the OMG Network project. Users and developers can utilize OMG to pay for services on the network. The token consistently ranks as one of the highest market cap ERC-20 tokens globally. Wisely, the developers set a total limited supply of just 140,245 million OMG coins. This decision ensures that OMG retains value over the coming years.
History of the OMG Network (OMG)
The OMG Network was founded by Jun Hasegawa and Donnie Harinsut. These two entrepreneurs were already well known for their role in the creation of the popular payment processing firm, Omise. In 2017, OMG Network hosted an ICO that received international coverage. OMG Network secured $25 million during the event to further develop the network.
How to Buy OMG
Finding OMG is easy to find nowadays. One of the best exchanges to find OMG is Binance. Binance is a great exchange for new users because of its simple interface and its huge selection of coins. You will need to register with the account before you can trade. Registering will require that you meet KYC requirements.
Once your account is approved, you will need to fund it. You can choose to load fiat currency, or, if you already have crypto, you can send that directly over to the exchange wallet. Now that you have some Bitcoin or Ethereum loaded, you can choose the OMG trading pair to fit your needs.
How to Store OMG
You will need to decide what your investment strategy will be to determine the best way to store your OMG. If you are casually trading to get familiar with the crypto market, and you’re not trading a lot of value in crypto, the exchange wallet will suffice.
If you seek to make a major investment in OMG or if you are planning on HODLing this crypto for long periods of time, a hardware wallet is the best option. Hardware wallets keep your crypto stored offline in “cold storage.” This strategy makes it impossible for online threats to access your holdings. The Ledger Nano S or the more advanced Ledger Nano X both support OMG Network (OMG).
The OMG Network – A Noble Cause with Big Support
The OMG Network is one of those projects in the market that help you to understand that blockchain technology has the power to make everyone’s life better. You can expect the OMG Network to see continued adoption as the token and the platform remains a favorite of investors.