Ecosystem expansion and $45M funding round boost Boba Network (BOBA) price by 30%
BOBA price booked a double-digit gain after a $45 million funding round and developer incentive program lured investors back to the network.
OMG Network price is $1.82, 아래 -12.38% in the last 24 hours, and the live market cap is $256M. It has circulating supply volume of 140,245,398 OMG coins and a max. supply volume of 140,245,398 alongside $318M 24h trading volume.
About OMG Network
OMG Network (formerly known as OmiseGO) is a value transfer network for ETH and ERC-20 tokens aiming to increase the Ethereum network's efficiency.
OMG token is the protocol's utility token.
Check the OMG current price, OMG network price chart, price statistics, OMG price history, market cap, circulating supply, total supply, max. supply, 24-hour trading volume, etc., and get updates on OMG price live data on CoinStats, one of the best crypto platforms around.
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OMG network, formerly known as OmiseGo, is a non-custodial, Layer 2 scaling solution for the Ethereum blockchain. It aims to enable high-throughput, low-cost, peer-to-peer transactions on the Ethereum network without compromising on security.
The OMG Network is the fastest and cheapest way to transfer ETH and ERC20 tokens globally without restrictions, with a throughput of thousands of transactions per second. It was created to help people build products and applications on Ethereum by facilitating faster and cheaper transactions. The network is based on a Proof-of-Stake blockchain, designed to facilitate the assets' movement between wallets in a trustless, permissionless way. The built-in trading engine enables wallet providers to make orders which can then be matched with other providers. People can use wallets to trade in crypto and fiat currencies.
The OMG network consists of three main components:
OMG tokens are the native utility tokens of the OMG network. OMG is an ERC — 20 token that can be used as one of the payment methods for the OMG Network fees. It's also the primary mode of interaction with the OMG ecosystem.
After users pay with OMG, the token is sent out to OMG Network validators that enforce smart contracts. Validators stake their OMG tokens by locking them into a smart contract. To help limit the number of tokens in circulation and maintain their value, the tokens can be taken from you if you break the rules.
OMG hit its all-time low of $0.3197 in July 2017, shortly after the ICO, and in 2018, it hit its all-time high of $28.35 – a rise of more than 8,750% from its launch six months earlier.
Jun Hasegawa and Donnie Harinsut are the OMG network co-founders. Before working at Omise, Hasegawa was Alpha-do Inc.'s director and LIFEmee Inc's co-founder and CEO.
The OMG Network team consists of over 50 employees in various locations worldwide. The current CEO is Vansa Chatikavanij, and OMG operates as a subsidiary of SYNQA — a Thailand-based fintech firm formerly known as Omise Holdings.
The OMG platform is supported by $25 million in funding obtained by selling OMG coins during its 2017 initial coin offering (ICO). OMG Network’s parent firm SYNQA additionally raised a further $80 million in Series C funding — and was supported by several major investment firms, including Toyota Financial Services Corporation and Sumitomo Mitsui Banking Corporation.
OMG Network solves the scalability issue by implementing a scaling system called More Viable Plasma (MoreVP) that considerably increases transaction throughput on the Ethereum blockchain. The OMG Foundation, in particular, bundles together Ethereum transactions, compresses them into a single transaction and verifies them on the OMG Foundation child chain. The child chain then sends back the transactions to Ethereum for blockchain confirmation.
This allows the transactions to be verified in batches ensuring higher speeds and lower-cost transactions than using Ethereum directly, thereby solving Ethereum's scalability limitations. Thanks to this bundling technique, the OMG Foundation can process thousands of transactions per second. Moreover, transaction costs are one-third of Ethereum's because gas fees (transaction fees on Ethereum) are paid on the bundled, compressed transaction rather than each individual transaction.
A decentralized set of watchers observe the child chain and the block producer to ensure it accurately confirms network transactions. Watchers check that the child chain conforms to the protocol and does not withhold blocks or tamper with transaction orders — providing the safe facilitation of assets for OMG users.
The OMG network uses the Proof-of-Stake consensus mechanism, which enables users to delegate their tokens to validators. The validators are compensated for validating the blockchain's activity, but their staked tokens will be burned if they act inappropriately, such as breaking consensus rules, etc.
The top cryptocurrency exchanges to buy and sell OMG Network stock are Binance, Deepcoin, BingX, Bybit, and OKX. The OMG Foundation also integrated with the Bitfinex exchange to allow traders to transfer, deposit, and withdraw its native stablecoin tether (USDT) via OMG.
These platforms provide detailed steps on how to buy OMG tokens on their platforms.
Decentralized applications (DApps), wallets, and exchanges can benefit from OMG's scalability benefits. Moreover, OMG aims to make it easier and safer for the unbanked population to access financial services in a trustless, permissionless way.
You're also welcome to visit our CoinStats blog to discover a broader perspective on decentralized finance and how it aims to empower people. You can also read our articles, such as What Is DeFi, explore our in-depth buying guides on various cryptocurrencies, such as How to Buy Avalanche (AVAX), How to Buy Cryptocurrency and learn more about wallets and exchanges, portfolio trackers, etc.
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