A user’s quick guide to Omisego (OMG)

One of the most loved features of Ethereum is that unlike Bitcoin, users can make decentralized apps (dApps) on its platform. Each of these dApps has a different function in the crypto market. Among these is Omisego or OMG. 

Decentralised apps work on blockchain or peer-to-peer networks in a way that’s somehow different from how the blockchain they’re based in. For example, OMG crypto prides itself as a value transfer network for Ethereum and ERC-20 tokens. It is also described as the first production-grade layer-2 Ethereum scaling solution. 

With a promise to provide faster, cheaper, and more secured transactions, it is a must that you learn more about Omisego crypto and discover what it’s about:

What is OMG network? 

Does the question ‘What is OMG crypto?’ pop into your head? It is a decentralized public network that allows you to make peer-to-peer transactions. Since it is an Ethereum-based blockchain, you can enjoy more ways to earn more profit with this. 

Given the fact that it is a non-custodial layer-2 scaling solution built for Ethereum, there are a lot of functions that this network can do. It works as a liquidity provider mechanism, a messaging network, and a blockchain gateway. The OMG network can also be used to make cross-chain transfers even without the need for crypto exchange platforms. It is with these functions that helped the platform establish its reputation in the digital commerce industry. 

Unlike other dApps, OMG cryptocurrency is not designed to function solely on its own. Since it works with the Ethereum network, it is still backed by Ether, its native coin. The reason behind this is that the creators wanted e-wallet users to have a platform where they can move and convert their assets. The users won’t have to worry about using a different platform for a different function since both networks are connected to one another. 

‘We are building a blockchain which hooks into other blockchains to allow for trading across token/asset classes, largely backed by ether. From the perspective of any individual chain, we are building a scalable blockchain whose contract state is bonded by the activities of the OMG chain itself’, stated by the developers of the OMG network. 

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How it started 

OMG network crypto is developed by Omise Go Pte Ltd which is a subsidiary of Omise which is a Thailand-based payment processor. This company further explored ways how they can use blockchain in their business. 

This project was initially created to allow the use of crypto in the company in 2017. With Omises’s partnerships with companies like Alipay and McDonald’s, they were able to attract a lot of investors through the creators’ initial coin offering (ICO). Three years later, the OMG network released a public testnet that has audited contracts that will help you use Ethereum’s public testing platform.                      

Currently, OMG has several teams that operate around various parts of the globe. The project is also hosted by an experienced team who has expertise in crypto. Their head developer is Joseph Poon who is both the co-developer of the Lightning Network and Plasma. With his contribution to the project, you will notice that several factors set it apart from other operating networks.                                 

Objective 

OMG was created mainly to address the issues of Ethereum’s scalability which can only handle up to 14 transactions per second. The reason for this is that the blockchain uses an intensive amount of procedures that will help verify all the data input. 

The Omisego network works with a special scaling system called More Viable Plasma or MoreVP. With this, you can enjoy using the platform smoothly as it compresses transactions, and verifies them into the OMG Foundation seamlessly. Then, all confirmed transactions will be sent back to Ethereum. 

Unlike Ethereum, what makes OMG more impressive is how it manages to process about a thousand transactions per second. In just seconds, you can send or receive funds without hassle.  

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How it uses Ethereum 

After knowing how OMG is connected to Ethereum, you may often ask ‘is OMG network a good investment?’. The answer to that is yes since it unlocks several uses that can be done with it. It also has several features that make it more compatible with the established blockchain.

For example, all the nodes that help validate the transactions on the OMG need to be set up as nodes on the Ethereum blockchain. E-wallet providers can also create new assets that are either backed by Ether (ETH) or create newer contracts that are locked on Ethereum. Should you opt for the latter, you can unlock your funds if that’s what’s stated on the conditions of the OMG network. 

By using OMG, you can trade between your Omisego wallet on high volume and have the final transactions settled on Ethereum. 

What is the OMG token 

The OMG Network’s projects have a utility token called the OMG. In a similar way where Ethereum uses Ether, OMG is used to pay for all the services being done on the network. With how impressive it is, the OMG crypto coin has managed to be one of the ERC-20 tokens with the highest market cap in the world. 

As of writing, the OMG crypto price is $2.41 and continues to rise in value. Some people often wonder ‘why is OMG network going up?’. The answer to that is how they are dedicated to reducing gas and transaction fees. 

By reading coin predictions, several crypto experts believe that OMG coin future price can continue to rise in the following months and years. Still, you will always have to keep in mind that as a crypto coin, Omisego price is also subject to volatility. 

The total supply of OMG tokens is 140,245,398 and all of them are already in circulation. A total of 65.1% of this was released to the public ICO, 5% of which was freely airdropped to Ethereum users, 20% was reserved for the OMG network, and the remaining 9.9% was reserved for the founding team. 

How the prices are determined

There are several factors that help determine OMG crypto value. Since it is a decentralized coin, it facilitates transactions between blockchains. Its cross-chain functionality helps improve liquidity and user experience. It also allows purpose-built blockchains to improve their current services. 

The main role of the token is to operate the network while facilitating better transactions. With that, users have the right to validate the blockchain and its consensus rules. This is because the token is used to pay for the services. 

Technically speaking, the network’s price fluctuates based on the value it transacts. It may also vary according to market pressures or movement. Another factor that contributes to how it is perceived in the market is the network’s partnerships with several companies. 

How to buy and store OMG 

If you want to learn how to buy OMG coin, you won’t have to struggle since it’s really simple. There are a lot of crypto exchange platforms that offer it. You only have to register and start trading and buying it. 

Here are some exchanges where you can buy OMG: 

• Binance
• Bitstamp
• Uphold
• WazirX
• KuCoin
   

After buying an OMG token, it is best to store it in a hardware wallet. It is a kind of wallet that is not connected to the internet. Thus, making them safer to use. Two OMG wallets that you can use are Ledger Nano S or X. 

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Benefits of using OMG 

There are several advantages when using OMG. Here are some of them: 

• Uses smart contracts → Like Ethereum, OMG also uses a proof-of-stake consensus algorithm. With this, the network uses smart contracts which reduces costs and promotes information transparency to all users.
• It is global → OMG is accessible in several countries as it aims to be more globally inclusive. By using their services, you can send funds without the need to pay transaction fees.
• Works as an interoperability protocol →  OMG is extremely flexible and it can be used to make payments, money transfers, and smooth payroll accounting. It can also support supply chain financing, asset management, and trading.
   

These are just some facts that you need to know about OMG network and token. By having a better idea of how it is and how it works, you will find it easier to see its potential. More importantly, it will also help you evaluate if it matches your needs or if it is something you would be interested to invest in. 

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Words: Kyra Jimenez