The price OMG Network today is 13.00 USD, and the trading volume in 24 hours - 1,078,933,372 USD. The crypto asset has grown by -8.31% over the day. Currently, the coin’s market capitalization is 1,822,849,378 USD, and has 140,245,398 coins in circulation with the max supply of 106,543,270 coins OMG.
What is the OMG Network (OMG)?
OMG Network, created by a well-known payment processing company called Omise, aims to use the OMG cryptocurrency to optimize the process of issuing e-wallets and exchanging assets.
The idea is that today, digital payments mostly take place within separate payment platforms like Venmo or Alipay, meaning that money can't easily move from one platform to another.
So the idea is that payment networks like Omise could use OmiseGO to trade assets on behalf of users, obtain liquidity for transactions, and facilitate transfers on a blockchain that serves as a real-time marketplace for assets across all participating networks.
But the OMG Network blockchain is not designed to work independently. Rather, it is built on the basis of Ethereum (ETH), the assets in its network can be supported by the cryptocurrency Ethereum - ETH.
Using Ethereum and OMG Network, the project claims that e-wallet users can freely move and convert these assets, whether they are loyalty points, government currency, or new crypto assets.
Understanding how OMG Network works can be challenging, and it's important to remember that OmiseGO is still working on developing the technologies first outlined in its 2017 whitepaper.
Since 2020, OMG Network has released a public test network with verified contracts designed to interact with the Ethereum public testing platform. So, the project remains at an early stage.
Who created OMG Network?
OMG Network is developed by Omise Go Pte Ltd., a subsidiary of Omise, a payment system from Thailand founded in 2013.
The company began exploring how to apply blockchain to its business in 2015, launching the Omise Blockchain Lab for research and testing.
Then, in 2017, he created a new company that raised $ 25 million to fund development by selling 65% of its cryptocurrency offering to OMG. Through partnerships with companies such as Alipay and McDonald's, OMG has been able to attract interested investors.
Then, 20 percent of OMG's cryptocurrency offering was reserved for future network expenses, while 9.9 percent was set aside to compensate the founding team.
An additional 5% of the OMG offer was distributed to everyone who had an Ethereum wallet with more than 0.1 ETH. OmiseGO presented this as a payment to the Ethereum network, as it raised its funds by creating an Ethereum token.
What is unique about OMG Network?
Omise's vision is to integrate multiple e-wallets using the OMG Network blockchain.
Over time, as more e-wallet providers are added to the network and more crypto assets issued by them can be exchanged on the blockchain, OmiseGO believes that this can help in providing banking services to those who have been excluded from the financial system.
OMG Network is a Proof-of-Stake (POS) blockchain designed to clear and regulate the movement of assets between different e-wallets, while these e-wallets do not necessarily have to trust each other.
The OMG Network blockchain also includes a built-in trading engine where e-wallet providers can post orders and match with other parties seeking to trade various assets.
These orders can be programmed to be executed within a specific block in the Omise block chain, or can be left open depending on the available asset prices.
Not all payments need to be made on the OMG Network decentralized exchange, as OmiseGO can interact with the Ethereum blockchain and the Lightning Network, a payment technology built on the basis of Bitcoin (BTC).
How many OMG coins are in circulation?
As of January 2021, there are more than 140 million OMG coins in free circulation, and the maximum supply is 140,245,399 OMG coins.
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