Remember OmiseGO?
On June 1, OmiseGo rebranded to OMG Network. In 2017’s OmiseGo had raised $25 million and its native token OMG(ERC20) hit an all time high of $28 in Jan 2018
Below is the Tweet by the official Twitter account of OMG Network about the re-brand.
What is the OMG Network and What does it do?
OMG Network is basically a Layer-2 scaling protocol for Ethereum that aims to:
(1) Increase Ethereum's 14 Transactions per second(tps) to thousands of tps
(2) It plans to do this at 1/3 cost helping to reducing high gas fees
(3) It does so by processing transactions on a separate child chain that clubs multiple transactions into batches and then pushes it on to the main ethereum network thereby improving efficiency and congestion(aka plasma technology).
The original OMG Network team (under the OmiseGO name) co-authored the original Plasma white paper with Joseph Poon
A statement by the OMG Network CTO explains the functionality “MoreVP trustlessly scales Ether and ERC20 transactions by grouping them together and sending them through a set of Ethereum smart contracts. These grouped transactions are then verified and validated by a decentralized network of watchers. Processing batched transactions enables a high throughput of thousands of tps and results in 1/3rd the transaction cost for the end user – all with Ethereum-level security.”
Here is short video explaining what OMG Network does:
https://www.youtube.com/watch?time_continue=56&v=w-tKyhA4QzE&feature=emb_logo
OMG Network launched its V1 Mainnet Beta on June 1
The protocol's token, OMG, is the primary method by which users can pay for transaction fees and interact with the network.
Even Vitalik Buterin is of the view that Layer2 solutions like OMG will help scale Ethereum and solve the problem of high gas fees
Recently Tether Stable Coin(USDt) moved to OMG Network and this move alone could reduce congestion on Ethereum by 15% and bring down gas fees, as USDt is responsible for one-third of all ERC-20 transfers on Ethereum, or 24% of total network activity.
Also, since more than 60% of Tether transactions are interactions between exchanges and their users this move will also benefit Bitfinex and all exchanges that chose to use OMG for settlement of Tether.
The move by Tether to OMG network sparked a huge rally in the OMG Token with its price rising from about $2.50 to $10 in a matter of days. Below is a chart attached of the tokens recent price performance
A look at the total number of holders of the OMG Token on etherscan reveals about 673,662 addresses which is quite impressive.
It is listed on major exchanges such as Binance, Bitfinex, Kraken and Coinbase Pro
**Links for reference: **
OMG Network Official Webstie: https://omg.network/
OMG Network Twitter Account: https://twitter.com/omgnetworkhq
OMG Network Facebook Account: https://www.facebook.com/omgnetworkhq
OMG Network Github: https://github.com/omgnetwork
OMG Network Telegram: https://t.me/omgnetwork
Thank you for taking out time to read. Remember, this is not financial advice.
Regards
Yellow @yellowdoodle
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I've seen OMG a couple of times on Binance and didn't even realise it was omisego. Might take a chance with it.
This post would have been good on leofinance.io. Your post still shows up on Hive and you earn hive engine tokens called Leo
I am happy this post clarified it to you that OmiseGO rebranded to OMG - I know about Leo Finance and HODL community and I have my own community too called "Financial Markets" https://peakd.com/c/hive-171978/created
While I was publishing the post I was confused as to where to post it. I for once thought of posting it to Leo Finance but then saw I would receive Leo tokens instead of HIVE and that actually stopped me. As then I will have to take additional steps to convert Leo to HIVE - I mean I am already way too deep in the crypto rabbit hole, I literally dont want to go down further - I am looking for simplicity.
Great article.
You might want to mention that while plasma is a more secured 2 layer, the cost of using it is that withdraw takes 7-14 days.
Nothing that hivers couldn't take ;)
aH - Thank you
and Thank you for the input!