What is OMG NETWORK (OMG)?

OMG NETWORK (OMG)

OMG Network believes that the ability to transfer money globally and without restriction is a fundamental human right.

Previously known as OmiseGo, OMG Network was built on the Ethereum blockchain to solve the scalability problem of the second-largest blockchain by market cap.

The project uses a protocol called Plasma to scale up Ethereum transactions. Plasma is a forthcoming update for Ethereum that introduces a second layer to the Ethereum blockchain. A second layer is an overlaying network that lies on top of the first blockchain’s layer. Transactions are processed on the secondary layer in order to save precious block space on the Ethereum blockchain.

The OMG Network scales Ethereum from 14 transactions per second to thousands of transactions per second that cost 3x less than Ethereum. OMG relies on Ethereum’s immutable smart contract properties and is secured by a decentralized network of watchers. This Network also reduces electricity consumption by potentially 99% per transaction compared to Ethereum.
The platform is supported by $25 million in funding obtained during its ICO in 2017 and is now supported by many investors.

OMG Network has created a white label eWallet, meaning that the OMG Network can be used by many different clients who need to offer their customers financial services.

OmiseGo will allow users to transfer coins from one blockchain to another without using a traditional exchange, also allowing funds to be transferred between blockchains and traditional payment providers like VISA and SWIFT.

It is possible to store OMG in a wide variety of wallets: cold wallets like Trezor or Ledger, or hot wallets like Metamask or ZelCore.

Fun facts:

• The price of OmiseGo increased again when the founder of Ethereum and all-around crypto Rockstar, Vitalik Buterin, tweeted that it was one of his favorite cryptocurrencies.

• OmiseGo is providing payment services to McDonald’s Thailand on a trial basis.

https://www.youtube.com/watch?v=w-tKyhA4QzE
https://www.bitdegree.org/crypto/omg-coin

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Kane Dane