Previously known as OmiseGo, the OMG Network is a layer-2 scaling solution designed specifically for the Ethereum blockchain. It serves as a scaling solution for Ethereum, enabling users to conduct faster and more cost-effective ETH and ERC20 token transfers than the Ethereum network itself.
The OMG utility token serves as the network’s backbone network backbone, enabling users to pay fees within the OMG network. In the future, users may also be able to stake the OMG token.
This article delves into various aspects surrounding OMG Coin, including an in-depth review of the cryptocurrency, its availability on the Binance platform, predictions for its future, and insights on purchasing OMG Coin.
OMG Network Coin: What Is It?
The OMG Network Coin serves as a utility token for the associated project. OMG Network acknowledges the necessity of addressing the substantial challenges of Ethereum’s speed and cost limitations to encourage mainstream businesses to develop their products and applications on the platform.
Hence, the OMG Network initiative aimed to enhance Ethereum’s appeal among enterprises and ventures seeking network scalability while mitigating its environmental impact. The platform achieves this by implementing a plasma-based sidechain system, which effectively minimizes electricity consumption by approximately 99% compared to Ethereum.
Additionally, it significantly reduces fees by around two-thirds. Despite these improvements, the platform maintains asset security by relying on the Ethereum network as a foundation.
The platform is backed by a substantial $25 million raised during its initial coin offering (ICO) in 2017. Furthermore, the parent company of OMG Network, SYNQA, recently secured an extra $80 million in Series C funding. This financial boost has been facilitated by prominent investment firms such as Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.
In due course, the OMG Network mainnet will transition towards a Proof of Stake (POS) consensus mechanism, enabling users to stake their tokens for network security and the opportunity to receive rewards.
Before that period, the OMG Network sidechains utilized a consensus mechanism known as authority proof (PoA) to ensure security. This mechanism relied on a simplified explanation of collateral and was primarily overseen by a sole block producer, the OMG Network.
Once fully developed, the OMG Network intends to shift towards a Proof-of-Stake (POS) consensus mechanism. This transition will enable OMG holders to delegate their stakes to validators, transforming into stakeholders who contribute to the network’s prosperity and safeguarding.
Review of the OMG Network
When discussing OMG Network, it is expected to come across remarks concerning the potential trajectory of the OMG coin in various reviews. Investors widely regard the OMG token as a promising cryptocurrency with significant potential. While it may lead to short-term losses, it is believed to be a lucrative option for long-term investment strategies.
Furthermore, there is a prevailing belief that OMG coin is poised to undergo a substantial surge in value after implementing the ETH 2.0 upgrade, potentially leading to unprecedented price milestones.
A Chart of OMG Coins
Upon examining the OMG Coin charts, it is evident that the cryptocurrency is currently being traded for $3.17 and 0.00024093 BTC as of the moment this piece was composed. Furthermore, based on the data presented in the charts, the OMG token experienced its lowest point at $0.3196 on July 16, 2017, while reaching its peak at $28.35 on January 8, 2018.
Additionally, based on the information provided by CoinMarketCap, the OMG token holds the 36th position in terms of market ranking, boasting a market capitalization of 444,203,913 USD. Moreover, it is worth noting that the circulating supply of OMG tokens currently stands at 140,245,398. The exact quantity of OMG coins in circulation remains undisclosed.
Buying OMG Network: Where Can I Do It?
OMG tokens can be conveniently acquired via Binance, the leading cryptocurrency platform renowned for its extensive trading volume.