OMG Network

The OMG Network (OMG), previously known as OmiseGo, is a network which intends to streamline the way electronic wallets exchange assets by means its own cryptocurrency OMG.

OMG tries to tackle the issue of complex money transfers from one platform to another by operating as a source of liquidity for trades, thus making transfers easier on the blockchain.

It is built on Ethereum (ETH) and, as such, assets on its network can also be backed by ETH crypto.

The Inner Workings of the OMG Network

The OMG Network is a proof-of-stake blockchain, meaning it is not distributed through the process of mining.

It aims to integrate as many electronic walles as possible. As e-wallet providers are added to it, the more crypto assets can be freely moved, exchanged, and converted. Clearing and settling asset movement can be done even without those e-wallets having to trust each other.

It features a built-in trading protocol in which e-wallet providers can post market orders which are then matched with other users who intent to take those trades.

The OMG Network also has several technical features which were designed with the intent of being compatible with the Ethereum blockchain.

By doing an OMG Network contract, the user must pay in OMG, which, in turn, is distributed between the network’s nodes which enforce contracts.

These nodes are thus often called “validators” because they stake their OMG cryptocurrency, effectively locking it temporarily in a smart contract.

The OMG token cap is 140 million.

The History Behind the OMG Network

The OMG Network is the creation of Omise Go Pte Ltd, a payment processing company from Thailand. It was previously known as Omisego and rebranded as OMG Network in June, 2020.