OMG Network, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution developed for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is engineered to enable users to transfer ETH and ERC20 tokens significantly faster and at a lower cost than transacting directly on the Ethereum network. The network utilizes a unique scaling solution called MoreViable Plasma, which employs a sidechain architecture to group multiple transactions off-chain into a batch that can subsequently 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), compared to the 10 to 14 TPS that Ethereum 1.0 currently supports. The network is driven 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 available for staking — contributing to the network's security in exchange for rewards.

The OMG Network is currently comprised of a team of more than 50 employees located around the globe. It was established by Vansa Chatikavanij, who hails from Thailand, and functions as a subsidiary of SYNQA, a fintech company based in Thailand and formerly known as Omise Holdings. Vansa Chatikavanij, the founder of the project, earned a master’s degree in earth and environmental sciences from Columbia University in New York. Before founding OMG Network (previously OmiseGo) in 2017, Chatikavanij held various consultancy positions at notable financial organizations, including the International Finance Corporation (IFC) and World Bank Group. Chatikavanij was the managing director of the company until 2019, after which she assumed the role of CEO, a position she maintains to the present day. Additionally, Stephen McNamara, who previously led blockchain R&D strategy at Huawei Technologies, serves as the COO of OMG Network. Meanwhile, Kasima Tharnpipitchai, a seasoned engineer and consultant, operates as its CTO.

OMG Network aims to address the substantial speed and cost barriers of Ethereum that must be overcome for mainstream businesses to adopt the network for developing their products and applications. The OMG Network project is designed to enhance Ethereum's appeal to businesses and projects looking to scale efficiently while minimizing their carbon footprint. It accomplishes this through its plasma-based sidechain solution, which can reduce electricity consumption by up to 99% compared to Ethereum and lower fees by approximately two-thirds, all while ensuring asset security through the Ethereum network. The platform is backed by $25 million raised during its initial coin offering (ICO) in 2017. Additionally, OMG Network's parent company, SYNQA, has recently secured an additional $80 million in Series C funding, receiving support from several prominent investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.

Similar to many cryptocurrencies, OMG Network tokens have a fixed maximum supply, precisely set at 140,245,398 OMG, which will not increase beyond this limit. In contrast to numerous other cryptocurrencies, this entire supply has been fully minted, with the majority currently in active circulation. Out of the total supply, 65.1% of tokens were allocated to investors, while 5% were distributed through an airdrop. The remaining 29.9% is retained by the project and team. Of this 29.9%, 20% is secured in the OMG Network reserve smart contract, designated for financing future developments and network validation, and the remaining 9.9% is allocated to the founding team. Both the OMG reserve and team allocations were initially locked for a duration of one year, which has now expired.

The OMG Network mainnet is set to transition to a proof-of-stake (PoS) consensus system. This transition will enable users to stake their tokens, thereby contributing to network security and earning rewards in return. Presently, the OMG Network's child chains operate under a proof-of-authority (PoA) consensus mechanism. This method is a simplified variant of proof-of-stake and is currently managed by a single block producer—OMG Network itself—which essentially stakes its reputation to maintain honesty. The OMG Network intends to shift to a proof-of-stake model once the necessary preparations are complete. Following this transition, OMG token holders will have the opportunity to participate in the network's security and success by delegating their stake to validators.

OMG tokens offer high liquidity and are available for purchase or trade on over 200 different exchange platforms, including several of the top 10 exchanges such as Coinbase Pro and Binance. Among the most popular trading pairs are OMG/USDT, OMG/BTC, and OMG/ETH. Additionally, OMG can be traded against various fiat currencies, including U.S. dollars (USD), euros (EUR), and British pounds sterling (GBP). To learn more about purchasing cryptocurrencies with fiat, refer to our straightforward guide.

Explore Stellar — a major competitor of OMG Network. Learn more about Polkadot — a high-speed blockchain capable of handling smart contracts. Delve into Ethereum 2.0 with Eulerpool Alexandria. Keep up with the latest trends through the Eulerpool Blog.