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OMG Network OMG

Rank #426

$ 0.63177500 -8.61%

OMG Network Price (OMG)

OMG Network to USD Price Chart

OMG Network Statistics

Market Rank #426
Market Cap $ 88.6M
Volume 24h $ 20.0M
Circ. Supply 140.2M
Total Supply 140.2M
Max Supply 140.2M
Genesis Date 6/7/2017

What is the current price of the OMG Network (OMG)?

The current price of the OMG Network's native coin (OMG) is approximately $ 0.63177500. It has decreased by -8.61% over the past 24 hours.

What Is the OMG Network (OMG)?

The OMG Network, previously known as OmiseGO, is a value transfer network for Ether (ETH) and ERC20 tokens. It essentially provides a scaling solution for Ethereum, aiming to improve its efficiency and lower its transaction costs. This is achieved by using a technology called More Viable Plasma, which allows for rapid, low-cost transactions by bundling multiple payments together.

Who Created the OMG Network?

The OMG Network was initially created by the payment services company, Omise, which was established in 2013. However, the development of the project was primarily led by its parent organization, SYNQA (formerly Omise Holdings). Omise spotted the potential of blockchain technology and saw a way to solve some fundamental issues in the financial sector. Hence, they created the OMG Network.

How Does the OMG Network Work?

The OMG Network enables high throughput, low-cost transactions by using a Layer-2 scaling solution called More Viable Plasma (More VP). More VP allows for multiple transactions to be bundled together and processed at once, leading to more efficient use of Ethereum’s computational resources. It further utilizes a proof-of-stake mechanism for consensus and network security.

What Makes OMG Network Unique?

The unique aspect of the OMG Network resides in its successful implementation of the MoreVP protocol. By aggregating transactions, the OMG Network can considerably increase Ethereum's scalability, all while preserving its security and decentralization. This is what makes it an attractive solution for businesses and developers who want to build applications with high transaction volumes.

How does More Viable Plasma Work on OMG Network?

More Viable Plasma (MoreVP) is a Layer-2 scaling solution employed by the OMG Network to increase throughput, reduce costs, and enhance the scalability of the Ethereum network. MoreVP bundles many Ethereum transactions into a single batch. These batches are then verified and confirmed on the Ethereum mainnet, thereby drastically reducing fees and increasing speed.

What is the Current Market Cap and Circulating Supply of OMG Network?

As of now, the OMG Network's market cap is approximately $ 88.6M, ranking it at #427 in terms of its total value. The circulating supply of OMG tokens is 140.2M, out of a total supply of 140.2M tokens.

Where Can You Buy OMG Network (OMG)?

OMG tokens can be purchased on a variety of exchanges, including OceanEx, Bibox, Bitbank, BTCTurk, DigiFinex. Please do your own research before making a purchase to ensure the exchange is reputable and secure. Also, remember to consider the associated transaction fees and the platform's usability.

How Can I Store OMG Network (OMG) Safely?

Like any other cryptocurrency, the security of OMG tokens relies heavily on how they are stored. Users should preferably store their OMG in wallets where they control their private keys. Options for such wallets includes hot wallets (online), cold wallets (offline), and hardware wallets. Always remember, the key to safe storage is to maintain the privacy and security of your wallet keys.

How Can the OMG Network impact The Future of Transactions on Ethereum?

Many believe that the OMG Network can potentially revolutionize transactions on the Ethereum network by increasing its overall capacity. Through its unique use of the MoreVP protocol, the OMG Network allows for a significant reduction in transaction costs while boosting transaction speeds, making it a promising solution for Ethereum's scalability issues.

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