OMG Network is currently trading at $1.2130, after a price change of 2.10% in the last 24 hours.
Ranked as cryptocurrency #7488 by capitalization today, OMG market cap is valued at $0.00000000. OMG trading volume reached $44.23 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on OMG coin price prediction page.
What is OMG Network?
The OMG network is a decentralized layer-2 Ethereum scaling blockchain. The platform seeks to achieve high settlement speed at a low cost. The protocol uses the plasma architecture for enhanced security in the deployment of decentralized applications on Ethereum chain. Plasma is a solution that seeks to enable developers to deploy smart contracts on top of Ethereum blockchain. OMG Network is secured using a proof-of-authority consensus algorithm and supported by Ethereum and an ecosystem on watcher nodes.
The elements of the OMG are OMG Network Smart Contracts, the Child Chain Application, and the Watcher application. Smart contracts are gateways that allow users to transfer funds to and from the blockchain. The Child Chain Application deals in user transactions, while Watcher application monitors Child Chain and discloses any wrong steps to subscribers. Any user can run watchers and more users mean safety.
There are 140,245,398.25 circulating OMG tokens from a total supply of 140,245,398 and a hard cap of 140,245,399. OMG is a utility token that powers all activities of the network. Holders of the token will get a chance to run validator nodes after the network migrates to the proof-of-stake consensus.
Vansa Chatikavannij founded OMG network, formerly OmiseGo, in 2017.