The OmiseGO is a layer-2 scaling platform that was built to solve a series of problems faced by the Ethereum network. The platform is a non-custodian-operated system whereby participants can enjoy a series of advantages. Based on its design to suit the Ethereum network, the platform allows for the speedy transfer of digital assets tied to the Ethereum network. As such, all ERC-20 platforms are sent significantly faster than other tokens available on the network.
Its system was designed following a novel scaling solution known as MoreViable Plasma. The technology makes use of a sidechain architecture which allows it to group a series of transactions into a batch off-chain. The transactions are then moved to the Ethereum root chain to be verified as a single transaction.
According to information from the designers of the technology within the Ethereum ecosystem, it will take the platform to a new level of scalability. As such, the network will be able to run over a thousand transactions every second. This will be a major leap from the 10 to 14 tips the system is currently operating with.
Who are the Founders of OmiseGO (OMG)?
The OMG network currently comprises over 50 employees and several other partners all over the globe. The platform was founded by a Thai-born blockchain and Defi enthusiast called Vansa Chatikavanij. Now, the platform is called the OMG network, after it was rebranded. However, the platform still operates under OmiseGO Holdings company, SYNQA.
Prior to founding the project, Vansa Chatikavanij obtained a degree in earth and environmental sciences from Columbia University, New York. Shortly after, Chatikavanij landed a couple of roles at major financial institutions one of which includes the World Bank Group and the International Finance Corporation (IFC).
Up until 2019, Chatikavanij held the managing director role before later transitioning into the CEO position, and she still holds the position to date. Stephen McNamara is just as experienced as Chatikavanij as he worked at Huawei Technologies as the head of blockchain R&D strategy. He serves as the company’s COO. Additionally, Kasima Tharnpipitchai serves as the company’s CTO and is equally as experienced as the other executives.
What is OmiseGO (OMG) used for?
The main goal for creating the OmiseGO platform was to increase the scalability level of the Ethereum network. In general, the ethereum network is the second most adopted cryptocurrency and as such has several other platforms under its umbrella ecosystem. OmiseGO is one of these many platforms and it offers an increased level of speed for Ethereum-based projects and regular transactions on the Ethereum network. It also takes some of the weight off the network by validating a series of off-chain transactions into a single transaction via its sidechain architecture technology.
Additionally, the network is also powered by its dedicated cryptocurrency which is called OMG, and is used to facilitate transactions within the network. It also holds value outside the network and can be traded with other cryptocurrency pairs such as Solana to earn them a profit.
What Is the Unique Point of OmiseGO (OMG)?
According to the founding team of the OmiseGO platform, the ethereum network is faced with a series of shortcomings. These shortcomings involve the time cost and transaction cost of using the platform and these hinder major corporations from using the network’s services to build their products.
Solving these problems and several others is what led to the creation of the OmiseGO network so as to make the Ethereum ecosystem more attractive. Its technology was designed to appeal to businesses that have the goal of cutting down their digital footprint and scaling. It also employs its plasma-based sidechain system which helps to cut down on electricity usage by as high as 99% compared to the norm of the Ethereum network. It also cuts transactional fees down by up to two-third while still ensuring that all digital assets remain secure by the Ethereum blockchain.
How many OmiseGO (OMG) coins are in circulation?
Just like several other cryptocurrencies supported by the Ethereum network, OMG has a capped maximum supply set at 140,245,398 OMG. The network has also been fully minted with most of the tokens currently in circulation.
In 2017, the platform was funded with around $25 million which was raised from an Initial coin offering. The parent company of the platform, SYNQA also raised an additional $80 million in funding. In addition to this, the platform was also supported by a series of big corporations including Sumitomo Mitsui Banking Corporation and Toyota Financial Services Corporation.
Out of the total token supply available, 65% was assigned to the different investors attached to the project. The following 5% was shared via raindrop and the last 29.9% were held by the project and team. 20% of the amount held by the team is locked within the network to be used to fund future projects. The leftover 9.9% was reserved for the founders of the platform.
Is the OmiseGO (OMG) Network secured?
Eventually, the OMG network has transferred under the proof of stake consensus mechanism which will allow for the staking of tokens in order to keep the platform secure.
In the past, the OMG platform is secured by a proof of authority consensus algorithm. The system is essentially a simplified version of the proof of stake mechanism. The system was operated I’m such a way that only a single block producer controlled the entire system. As such, the network staked its reputation on staying transparent.
Currently, the system is being regulated by the proof of stake consensus algorithm, as such, the participants on the network are currently part of its stakeholders as they have been delegating their sales to validators.
How do I buy OmiseGO (OMG)?
Apart from gaining massive adoption for its reduced transaction fees, the OMG network also provides speeds and scalability that are new to the blockchain industry. Participants on the network can now execute Ethereum related transactions in seconds. For these reasons, more people are clamoring for its adoption, leading to its availability across several exchanges. To buy OMG tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy OMG through your trading account.
Which Cryptocurrency Wallet Supports OmiseGO (OMG)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as OMG tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main OmiseGO wallet as it offers a simple and interactive interface, making it easy to navigate its system.